Illinois is in a "death spiral"

That's according to this blogger in his post, "My Condolences to governors to-be." He lumps Illinois in with California and New York--states that did not

Daley head.jpg

Daley: He knows when to get out.

quinn head.jpg

Quinn: He doesn't

participate in the Republican wave. "But in short order, the Democrats who won may not feel like winners," he said. He continues:

Illinois's race had the thinnest margin of the three, and yet the "winner", Gov. Quinn, calls this a mandate to raise taxes. Oooooookay.

So what's up in Illinois as of right now? As noted in a prior post, there are signs of a death spiral -- cashing out of assets. In lieu of scraping up necessary cash, they've been working on =borrowing= the necessary contributions.
But it's stalled. It could change, but I'm not hopeful. When the
"responsible" move is to put an IOU in the pension fund....this is not a
good sign.

As I noted before, Daley is getting out of Chicago
right before all the money is gone. Too bad Quinn is too stupid to see
the signal. Maybe Rahm will get lucky and find residency requirements
preclude him from running. Oh darn.

Good post.

Comments

Leave a comment
  • Howdy Dennis -- this is Meep from POWIP -- thanks for the kudos!

    (and I'm a she...)

  • Thanks, Meep. Next time I'll read the bio so that I know when I'm talking about a colleen. Keep up the great work.

  • Howdy Dennis -- I have another post - this time on the state of Chicago pensions:
    http://powip.com/2010/11/chicago-pensions-why-daley-is-leaving-his-sinecure/

Leave a comment

  • Advertisement:
  • Advertisement:
  • ChicagoNow is full of win

    Welcome to ChicagoNow.

    Meet our bloggers,
    post comments, or
    pitch your blog idea.

  • Visit my new website

    I'm a freelance writer, editor and author. I can help you with a wide variety of projects. Check out my new website at www.dennisbyrne.net

  • Subscribe to The Barbershop

    Enter your email address:

    Delivered by FeedBurner

  • Dennis Byrne’s Facebook Fan Page

  • Like me on Facebook

  • Our National Debt

  • Twitter

  • Tags

  • Recent Comments

  • /Users/dennisby/Desktop/trailer.mp4
  • Latest on ChicagoNow

  • Advertisement: