Illinois Budget Crisis - Will They Be the First State to Go Broke?

[Jim Bob]

Just kill education like Louisiana, what could go wrong?

They better cut something and do it fast!

 

[Jorge Luis Borges]

That's piss poor management of state funds.

You and I fully agree on this.

 

[Jorge Luis Borges]

Just kill education like Louisiana, what could go wrong?

An unconstructive comment. They have to kill something. Spending $600 million a month you don't have is not to go on forever. If they run out of money to pay teachers, that will kill education.

 

[Falsedawn]

An unconstructive comment. They have to kill something. Spending $600 million a month you don't have is not to go on forever. If they run out of money to pay teachers, that will kill education.

It wasn't unconstructive, that's literally what Louisiana did to fix their budgetary issues. Tongue in cheek maybe, but definitely based in reality.

 

[Jack V Savage]

There's no actual debt problem at the national level (short or long-term), and the TS was caught lying about the issue last time she discussed it. Also, she must have flunked civics if she thinks that debt levels are related to the president. Illinois does appear to have a legitimate problem, but it's the only state that does.

Good analysis of their issues here:

https://www.chicagofed.org/~/media/publications/chicago-fed-letter/.../cfl365-pdf.pdf

 

[Islam Imamate]

There's no actual debt problem at the national level (short or long-term), and the TS was caught lying about the issue last time she discussed it. Also, she must have flunked civics if she thinks that debt levels are related to the president. Illinois does appear to have a legitimate problem, but it's the only state that does.

Good analysis of their issues here:

https://www.chicagofed.org/~/media/publications/chicago-fed-letter/.../cfl365-pdf.pdf

That link is broken or dead.

 

[Jack V Savage]

That link is broken or dead.

Try this (and it has a link to the other doc):

https://www.chicagofed.org/publications/chicago-fed-letter/2016/365

BTW, here's debt interest to GDP on a national level:

You can see that we actually had a bit of an issue with debt in post-Reagan years, which is why there was a bipartisan movement to bring it down that was successful. We haven't had anything close to a short-term problem since, though pre-ACA, it did appear that there was a looming long-term issue. Because of the ACA, that's no longer the case.