The liberal state of Illinois is grappling with a full-fledged financial crisis and the only answer is to declare bankruptcy, break up the state and dissolve it into neighboring states, according to the Chicago Tribune.
Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by liberal Illinois standards, Gov. Bruce Rauner warning the state has entered “banana republic” territory.
“We’re like a banana republic,” Rauner said earlier this month, after the General Assembly failed, for the umpteenth time, to pass a budget package by the regular session deadline. “We can’t manage our money.”
But the problems are years in the making, caused in large in part by the state’s long-term liberal policies — which led Moody’s Investors Services to downgrade Illinois’ credit rating to the lowest of any state.
“Illinois is like Venezuela now, a fiscally broken state that has lost its will to live,” according to the Chicago Tribune.
“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.
‘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.
“The group that will scream the loudest is the state’s political class, who did this to us, and the big bond creditors, who are whispering talk of bankruptcy and asset forfeiture to save their own skins.”
“Since our neighboring states are doing better, taking Illinois jobs and businesses and Illinois workers and taxpaying families, they might as well just take the rest of Illinois, too, dammit.
Wisconsin can have Chicago and begin calling it “South Milwaukee.”
Reports have suggested the state could be the first to attempt to declare Chapter 9 bankruptcy — but under the law, that’s impossible unless Congress gets involved.
U.S. Sens. Dick Durbin and Tammy Duckworth, both Democrats from Illinois, have so far refused requests for comment on whether they would consider getting involved in introducing a measure allowing state bankruptcy.
“Illinois is the fiscal model of what not to do,” Rep. Peter Roskam, R-Ill., told Fox News, while not commenting on the bankruptcy question. “This avoidance in behavior toward dealing with our challenges is what leads to the devastating impacts we are seeing today.”
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