July 16, 2019

Illinois Drowning

Timothy Birdnow

Illinois isn't just in ruins at the State level; the Democrats have run municipalities into economic ruin as well.

According to this article

With $196 million in assets and $326 million in liabilities, according to its Dec. 31, 2018 financial statement, Bridgeview is technically insolvent.

That it has not filed for bankruptcy, and instead is able to continue borrowing and borrowing to make ends meet is a function of Illinois’ political predicament.

Municipalities are prohibited from filing for bankruptcy without permission from the Illinois legislature. And this one, controlled by Chicago Democrats who would rather see property taxes rise and home values fall than be required to restrain government spending, isn’t granting it.

The option of running out of money, versus continuing to borrow more to fund structural deficits or underperforming ventures like Landek’s Bridgeview stadium, is one House Speaker Michael J. Madigan (D-Chicago) knows would weaken the negotiating positions of his party allies, namely public employee unions.

Get that? This village is bankrupt but Mike Madigan won't allow them to go into bankruptcy because it would hurt his public sector union thug friends. So what will happen? In the end it will wind up becoming a Federal bailout.

Bridgeview may be an outlier, but I'll bet it isn't much of one. Illinois is a state with the philosophy "eat, drink, and be merry for tomorrow you die". They are unconcerned about the looming catastrophe, on the simple theory that somebody else can pay for it. Oh, and they think the average joe is just going to keep ponying up. But it doesn't work that way, and Illinois is losing people.

The state should be dissolved and segmented to other states.
 
Hat tip; Warner Todd Houston.

Posted by: Timothy Birdnow at 10:21 AM | No Comments | Add Comment
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