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Seriously? Proposal calls for DISSOLVING bankrupt Illinois

One pundit has a solution for the Venezuela of the Midwest

(National SentinelStates: The Land of Lincoln ought to be a case study in how runaway Marxist socialism never works, even when you try to overlay it with American-style federalism.

Why? Because the state is so broke – and its political system so paralyzed by Left-wing Democratic partisanship – that many observers have now come to believe it is beyond salvaging.

So what to do? One pundit has a solution (of sorts): Just dissolve the state.

Seriously.

John Kass of the Chicago Tribune writes:

Illinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper.

But before we run out of the essentials, let’s finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people’s money.

Those “other people” include taxpayers who’ve abandoned the state. And now Illinois faces doomsday.

So as the politicians meet in Springfield this week for another round of posturing and gesturing and blaming, we need a plan.

And here it is:

Dissolve Illinois. Decommission the state, tear up the charter, whatever the legal mumbo-jumbo, just end the whole dang thing.

We just disappear. With no pain. That’s right. You heard me.

The best thing to do is to break Illinois into pieces right now. Just wipe us off the map. Cut us out of America’s heartland and let neighboring states carve us up and take the best chunks for themselves.

Kass goes on to note that the people who will kick and scream loudest are “the political class,” but then again, they are the ones who got the state into such a financial mess to begin with.

Republican Gov. Bruce Rauner ran on a platform of reforming the state’s spendthrift habits and getting it’s massive pension debt either restructured, cut or otherwise reformed.

The Democrats who control much of the Legislature – and who passed lavish, unsustainable pension plans as a sop to supporters and big-labor unions over the decades – won’t budge.

So now Illinois is in a fiscal death spiral.

“We’re like a banana republic. We can’t manage our money,” said Rauner, as reported by CBS News, after the legislature failed to pass a full 2017 budget earlier this month.

Moody’s Investor Service, a ratings agency, downgraded Illinois’ general obligation bonds earlier this month to the lowest rating, referencing the state’s growing pile of unpaid bills and skyrocketing pension debt. The state has the lowest credit rating in the entire country; low credit ratings make borrowing money even more expensive because riskier bets mean higher interest rates.

“Legislative gridlock has sidetracked efforts not only to address pension needs but also achieve fiscal balance, allowing a backlog of bills to approach $15 billion, or about 40 percent of the state’s operating budget,” Moody’s noted in an analysis.

Kass writes:

Illinois hasn’t had a state budget for years. The state continues to spend money it doesn’t have, and the state’s credit ratings have dropped, increasing the cost of borrowing more money we don’t have to keep the rotten shebang going.

Bills pile up; Moody’s Investor Service says taxpayers are on the hook for $251 billion in unfunded public union pension liabilities.

Boss Mike Madigan, king of the Democrats who control things, wants tax increases but no real structural reform to bring stability to The Venezuela of the Midwest.

Yes, indeed, things are getting desperate in the Land of Lincoln – so bad some are now even suggesting it cease to exist altogether. More likely, though, federal taxpayers will someday be on the hook to save the United States’ failed experiment with Marxist socialism.

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