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Obama's Illinois "Stops Paying Its Bills, but Can’t Stop Digging Hole" sound familiar?

 
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07/05/2010 12:48 PM
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Obama's Illinois "Stops Paying Its Bills, but Can’t Stop Digging Hole" sound familiar?
" ...Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.

Then there is the spectacularly mismanaged pension system, which is at least 50 percent underfunded and, analysts warn, could push Illinois into insolvency if the economy fails to pick up.

States cannot go bankrupt, technically, but signs of fiscal crackup are easy to see. Legislators left the capital this month without deciding how to pay 26 percent of the state budget. The governor proposes to borrow $3.5 billion to cover a year’s worth of pension payments, a step that would cost about $1 billion in interest. And every major rating agency has downgraded the state; Illinois now pays millions of dollars more to insure its debt than any other state in the nation. ..."

Didn't Obama come from Illinois?

and... can I just quit paying my credit cards and other bills as our leaders seem able to do?

and... didn't some of Obama's cabinet appointees refuse to pay taxes yet were appointed anyway? Geithner? Isn't he the one pushing for a new world currency at the expense of the US dollar?

Sheesh

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