According to media sources a third city –San Bernardino- in the State of California has filed for bankruptcy, all within a two-week period. Considering the disastrous state of the Illinois economy under constant mismanagement by Illinois legislators , past and present – are we seeing in California a dark omen for the future of the State of Illinois! According to the Sunshine Review, as of July 2012, Comptroller Judy Baar Topinka said the state has a backlog of 160,000 bills to be paid totaling $8 billion. Illinois’ financial situation was said to be worse than any other state in the country according to a study by the National Conference of State Legislatures, with the state’s budget situation called “tenuous at best.” There is an old adage that states -You reap what you sow. In the case of Illinois that may be true as voters continue to vote the same clueless and/or corrupt and/or repackaged political clones back into office – at state and federal levels.
The Illinois legislation – long held in an unbreakable strangle-hold by the Democrat Party- combined with severely-deficient leadership from both Democrat and Republican Governors has rarely met a piece of pork legislation, they couldn’t justify passing. Yet the State is in backlog in financial pledges to City and County governments as well as untold businesses. And when explaining away their actions, our legislators resort to Orwellian Doublespeak. Who will pay for all this financial mess? Why the people most in need; the poor, the needy and Seniors are already feeling the bite. And when creditors finally force push-comes-to-shove, the taxpayers will be forced to pay-up through higher taxes or watch as their financial legacies are devalued through bankruptcies similar to what we are seeing in California. I am also sure that their are lawyers and legislators from California, Illinois and numerous other financially strapped States -currently combing through law books- searching for some type of legalese that would allow them to pursue bankruptcy without calling actually it bankruptcy.
And yet still the voters of Illinois, California and other cash-strapped States will again trudge to the ballot box this fall and vote back in office, political dinosaurs like Michael Madigan, whom will continue to play Lets Make a Deal. The trouble is unless you are part of their closed-nit circle, they are all busy handing out Zonks instead of luxury vacations and fabulous prizes. And as Monty Hall aptly put it – once you make the deal you are stuck with it. 😥
- State finds 420 Illinois inmates getting unemployment benefits (illinoisreview.typepad.com)
- Illinois about to lose 1,374 more jobs (illinoisreview.typepad.com)
- Behind Bars and Collecting Unemployment (stlouis.cbslocal.com)
- Illinois Services Threatened As Pension Hole Grows (wnyc.org)
- San Bernardino Becomes Third California City Seeking Bankruptcy (economicpolicyjournal.com)
- The Failure of Socialism