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Illinois Bankrupt?

Is the state of Illinois bankrupt?  Well, if Illinois is not totally broke already it is certainly well on its way.  The state government has now quit paying even the most essential bills.  It spends three dollars for every two dollars that it takes in.  The state of Illinois now ranks eighth in the world in possible bond-holder default.  That is actually one spot ahead of the state of California.  As much of a mess as California is (as we have previously detailed at length), Illinois is in even worse shape.  Every major rating agency has downgraded Illinois debt, and Illinois now pays millions of dollars more to insure its debt than any other state in the nation.  So yes, the state of Illinois is a complete and total basket case.  For a long time, many analysts had expected California to be the first state to go "belly up" financially, but now Illinois seems to be the favorite.  Not that Illinois is alone.  Thousands of state, city and local governments across the United States are facing massive debt problems.  All of the borrowing that was done to push communities towards achieving the American Dream is now coming back to haunt localities with a vengeance.  Debt is a very seductive and yet very cruel master, and the government of Illinois is rapidly finding out just how painful it can be to drown in a sea of debt.  (Read More.....)

Tags: , | Category: Economic Crisis | 13 comments

California Bankrupt?

Is the state of California bankrupt?  Well, an increasing number of politicians and economic analysts are answering that question in the affirmative.  The truth is that California is a complete and total economic disaster area.  The state government of California is projected to have a budget deficit of at least 19 billion dollars this year, and next year the budget gap is projected to grow to 37 billion dollars.  To put that in perspective, the entire budget for the government of California is only about $125 billion per year.  Already, California's credit rating is the lowest of all 50 states, and there are persistent rumors that it is about to go lower.  If California's credit rating is slashed, it will be very expensive for them to borrow the money that they desperately need.  Once upon a time, the state of California was the poster child for the American Dream, but now it is on the leading edge of America's rapidly unfolding economic nightmare.  (Read More.....)

Tags: , , | Category: Economic Crisis | 21 comments