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Illinois Credit Rating on Its Way to Junk Status

schiffgold.com / BY SCHIFFGOLD / JUNE 26, 2017

Illinois’ credit rating is on its way to “junk” status.

According to an AP report, S&P Global Ratings recently warned it will likely lower Illinois’ creditworthiness to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year.

Analysts […]

100 Million Dead In US

market-ticker.org / by Karl Denninger / 2017-06-21

Go ahead folks, read this one.

Accordingly, I must communicate to you at this time the full extent of our dire fiscal straits and the potential disruptions that we face in addressing even our most critical core responsibilities going forward into the new fiscal year. My Office […]

Major Gerrymandering Decision Heads to Supreme Court: Illinois and Wisconsin in the Spotlight

mishtalk.com / Mike “Mish” Shedlock / June 20, 2017

In case that could shape future US elections, the Supreme Court will consider the legality of electoral maps purposely doctored to favor one political party.

The case regards Wisconsin but Illinois will provide a more startling change should the court rule against the practice.

[…]

The Worst Financial Nightmare In Illinois History Erupts As State Comptroller Declares ‘We Are In Massive Crisis Mode’

theeconomiccollapseblog.com / By Michael Snyder on June 18th, 2017

Margaret Thatcher once said that the big problem with socialist governments is that “they always run out of other people’s money”, and unfortunately we are witnessing this play out in a major way in the state of Illinois right now. At this point, the Illinois […]

Welcome To The Third World, Part 23: Illinois Death Watch

dollarcollapse.com / John Rubino / JUNE 16, 2017

It’s been a long time coming, but Illinois’ slow-mo financial disaster is now front page news. A few recent examples:

Roadwork Could Shut Down Across Illinois Due To Budget Impasse

(Chicagoist) – Roadwork across Illinois may grind to a halt at the end of June due […]

Unable to Pay Bills, Illinois Sends “Dear Contractor” Letter Telling Firms to Halt Road Work on July 1

mishtalk.com / Mike “Mish” Shedlock / June 14, 2017

The state of Illinois has not passed a budget for close to three years.

Arguably it’s just as well because Illinois budgets for decades have been nothing but a moth-eaten collection of lies, one time deficits repeated endlessly, and financial wizardry statements designed to […]

Costs & Consequences Of Illinois’ Budget Crisis

zerohedge.com / by Kevin Hoffman via RebootIllinois.com / Jun 7, 2017

Illinois has been operating without a state budget for two years.

In that time, the state’s credit rating has been downgraded eight times, the backlog of unpaid bills has surpassed $14.5 billion, more than 1,500 employees at public universities and community colleges have […]

ILLINOIS MAN JUMPS INTO MOVING CAR, RESCUES DRIVER WHO WAS HAVING A SEIZURE

thedailysheeple.com / WILL PORTER / JUNE 5, 2017

An Illinois man risked his life on Friday when he jumped through the window of a moving car to save the driver, who was having a seizure.

The man was identified as Randy Tompkins, who quickly recognized something terrible was happening when he saw a sedan […]

The Frightening Ghost of Illinois Future

financialsense.com / INDEPENDENT INSTITUTE / 05/12/2017

When the US territory of Puerto Rico filed for bankruptcy last week, we took the opportunity to identify the most likely candidates among US states to follow the new legal precedents that are now being set by its example. The editorial board of a leading newspaper in one […]

Watch: The Moment A Driver Shoots And Kills Gunman Who Randomly Attacked Him At Illinois Gas Station

shtfplan.com / Mac Slavo / May 11th, 2017

A man pumping gas in Illinois was randomly confronted by a gunman who approached his car, drew his weapon and attempted to kill him.

Police say a man dressed in the orange jacket in the video below is Ronald Morales. After apparently staring down the driver […]

OREGON STATE SENATOR PROPOSES LAW THAT WOULD ALLOW GUN CONFISCATION WITHOUT DUE PROCESS

thedailysheeple.com / DANIEL LANG / APRIL 19, 2017

California has done it, Illinois is trying to do it, and Oregon may be next. These are the states that have laws, or have attempted to pass laws that make gun confiscation very easy. These laws basically allow any police officer or civilian to ask a […]

Illinois Revenue Freefall: Fiscal Year-to-Date -8.1% and Worsening

mishtalk.com / Mike “Mish” Shedlock / April 4, 2017

Illinois’ fiscal condition is in bad shape and worsening. Jim Muschinske, Revenue Manager, notes a “February Freefall“.

Compared to last year, February income taxes are down 12.1%; Sales taxes are down 7.5%, and public utility taxes are down 34.3%.

For fiscal 2017, general revenues are down […]

Illinois Revenue Freefall: Fiscal Year-to-Date -8.1% and Worsening

mishtalk.com / Mike “Mish” Shedlock / April 4, 2017

Illinois’ fiscal condition is in bad shape and worsening. Jim Muschinske, Revenue Manager, notes a “February Freefall“.

Compared to last year, February income taxes are down 12.1%; Sales taxes are down 7.5%, and public utility taxes are down 34.3%.

For fiscal 2017, general revenues are down […]

This Is How Fast It Happens: Watch As Security Guard Shoots and Kills Bank Robber

shtfplan.com / Mac Slavo / March 20th, 2017

When Laurence Turner entered the Rockford Bank in Illinois he thought he’d be walking away with a bag full of cash.

He thought wrong.

READ MORE

Illinois State Pension Has $130 Billion in Unfunded Liabilities Versus $78 Billion Funded

wallstreetexaminer.com / by Anthony Sanders / March 14, 2017

Just so Californians don’t feel totally let down by their state and local governments, Illinois is also in fiscal hell.

According to Illinois Policy.org, Illinois’ interest on their pension funds is $9.1 billion per year. And with $130 billion in unfunded liablilities (versus $78 billion […]

Illinois General Assembly Retirement System Only 13.52% Funded: Overall, Illinois Pension Debt Interest Hits $9.1 Billion Per Year

mishtalk.com / Mike “Mish” Shedlock / March 14, 2017

Despite a massive rally in the stock market, Illinois public pension liabilities continue to grow.

GARS, the Illinois General Assembly Retirement System, is only 13.52% funded, down from 17% funded in 2013. How long can GARS last?

Meanwhile, Illinois has accrued a combined net pension […]

Illinois Lawmakers Consider Massive, Regressive Tax Hike On Low-Income Families (a.k.a “Soda Tax”)

zerohedge.com / by Tyler Durden / Jan 13, 2017 7:00 PM

To our complete lack of surprise, lawmakers in the State of Illinois are considering following in the footsteps of Philadelphia by imposing a 1 cent per ounce “soda tax” on all sugary beverages.

And while it’s being done under the guise of “improving […]

Explaining Dysfunctional Illinois in One Word, One Idea, One Person

mishtalk.com / Mike “Mish” Shedlock / January 9, 2017

One Word: Corruption

One Idea: Public Unions

One Person: House Speaker Mike Madigan

On Saturday, union servitude came to an end in Kentucky: State Kills Prevailing Wages, Passes Right-to-Work

No such chance exists in Illinois despite the fact that corruption, prevailing wages, pension disasters, […]

Illinois Is Losing 1 Resident Every 4.6 Minutes

zerohedge.com / by Michael Lucci / Dec 21, 2016

Illinois has record loss of 114,000 residents to other states in 2016 as population shrinks by 37,500.

Imagine the entire population of Peoria, Illinois’ seventh-largest city, all picking up and moving across state lines in one year, never to work, pay taxes or create […]

US Population Grows At Slowest Pace Since The Great Depression; Residents Flee Illinois Again

zerohedge.com / by Tyler Durden / Dec 20, 2016 10:30 PM

According to data released by the US Census, in 2016 the U.S. population grew at the lowest rate since the Great Depression, while the state of New York shrank for the first time in a decade. The biggest loser, again, was Illinois which shrank […]

Illinois Pension Funding Ratio Sinks To 37.6% As Unfunded Liabilities Surge To $130 Billion

zerohedge.com / by Tyler Durden / Nov 16, 2016

As we’ve noted before, Defined Benefit Pension Plans are, almost by definition, a ponzi scheme. Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities: classic Ponzi. But unlike wall street and corporate ponzi schemes […]

Illinois Capital Flight Explained (In 4 Simple Charts)

zerohedge.com / by Michael Lucci vis IllinoisPolicy.org / Nov 16, 2016 6:05 PM

IRS data show the average income of taxpayers leaving Illinois surpassed the average income of taxpayers entering the state by $20,000 in 2014, a record loss for Illinois in the wake of the 2011 income-tax hike.

Politicians enacted Illinois’ 2011 income-tax hike […]

Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike

zerohedge.com / by Tyler Durden / Aug 27, 2016 10:26 AM

Earlier this week, we reported of an daunting predicament facing the dramatically underfunded Illinois Teachers Retirement System (TRS), the state’s largest pension fund which is only 41.5% funded: cut its existing future returns assumption from 7.5% to 7.0% (which was previously lowered from […]

ILLINOIS INSTITUTES CHILLING NEW MANDATE FOR SCHOOLS TO TEACH CHILDREN HOW TO SUBMIT TO POLICE

thedailysheeple.com / by Matt Agorist, THE FREE THOUGHT PROJECT / AUGUST 8, 2016

The police state apparatus will now condition children to prostrate themselves before their masters as they are extorted during traffic stops. Illinois drivers education now includes instructions on how to properly allow police to generate revenue.

The bill signed into law […]

Illinois Obamacare Co-Op Goes Bust Leaving Tens of Thousands at Risk

libertyblitzkrieg.com / Michael Krieger / Friday Jul 15, 2016

The fact that Obamacare is a gigantic train wreck barreling uncontrollably into a brick wall is pretty much undeniable at this point. I’ve covered this reality from several angles in 2016, with one of the more popular posts being, The Health Insurance Scam – “Coverage” […]