On a more serious note than I'm used to posting about, we have the sad state of Illinois. The state I was born in and spent 24 years of my life now has $251 billion just in pension liabilities and is going on three years without a budget! WHAT???
I was lucky to have moved out of the state over two years ago. (probably one of the best decisions I've ever made.) However, I'm not in the clear. I have a rental property in Northern Illinois, and I admittedly have great renters, but this news is worrisome to say the least.
A Proposal of What Could be Done With the State of Illinois (Chicago Tribune)
Could this be what the Midwest looks like in the future? I doubt it, but Illinois needs to get their finances in order, and fast. One has to chuckle over Rahmonia, named after terrible Chicago mayor Rahm Emanuel, and Taxwinkletopia, different sectors of Chicago.
How did the state's finances get to be so reckless? One word: overspending.
Illinois's state debt is $127 billion with 100% of the state's income going out to pay Medicaid! Some people, such as Greg Hunter from USA Watchdog urge Illinoisans to watch out for huge tax increases for everything in the state.
Even lottery business Powerball has left the state of Illinois because the state told winners they would have to wait for their winnings!
Is the entire state of Illinois the next Detroit? Well, entire U.S. states cannot declare bankruptcy (yet).
This will be interesting folks. We shall have to wait and see what happens in Chiraq and the rest of Illinois. If you live in the state, I would sincerely think of leaving before things get much worse, or hold onto your hat!.
Thanks for stopping by,
