Illinois is nearly $15 billion behind on its bills with no method to pay up. It has the lowest credit rating of any state. It might very well become the first state ever to get a “junk” rating on its debt. That would make borrowing next to impossible. The deficit is $6 billion and the pension liability has skyrocketed to $130 billion.
Democrats in the state Legislature want to tax their way out of the crisis. The Republican governor wants meaningful reform measures.
Some foolishly suggest a federal bailout (Please God, no).
Columnist John Kass of the Chicago Tribune has a plan:
Dissolve Illinois. Decommission the state, tear up the charter, whatever the legal mumbo-jumbo, just end the whole dang thing.