ILLINOIS IS BROKE! CAN'T PAY IT'S BILLS 7-1-2010

This is what happens to states who rely heavily on Federal Reserve Notes from the Private Federal Reserve Bank. "Stop Spending" T-shirts @ http://executees.net/mens.html

For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. 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.

Even by the standards of this deficit-ridden state, Illinois's comptroller, Daniel W. Hynes, faces an ugly balance sheet. Precisely how ugly becomes clear when he beckons you into his office to examine his daily briefing memo. ... at the end of June, the backlog of unpaid bills and fund transfers in the illinois office of the Comptroller (ioC) stood at $4.712 billion.

The state is broke. This is about 15% of the entire revenue picture, which is roughly $30 billion. Note that revenues only declined about 1.2 billion from FY09 to FT10, but the shortfall is four times that amount.

If this was a corporation and you were a creditor you'd be in bankruptcy court with an involuntary petition.

Nobody in their right mind should be extending one penny of credit to the state. If you do, and fail as a consequence, including physicians and hospitals, you deserve what you get.

You've been told in blunt facts and figures that the state is insolvent. Anyone with a brain demands cash on the table prior to shipment or delivery of goods and services until all backlog is caught up and the state demonstrates through at least a three year time period that it can perform "as agreed."

Net 30 means Net 30, not "we'll pay you when we feel like it, and we will intentionally and knowingly order goods and services we do not have the funds to pay for, nor do we have any reasonable expectation that we will be able to pay as agreed."

PS: If the economy is recovering why are sales tax receipts down 6.9% from last year - the supposed "bottom" in the recession?

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[ANTIDALLARD]

When was this report made ? Anyone ?

[traynickel]

@ANTIDALLARD 7-1-2010

[rulesforrebels]

this dirtbags son recently got a dui driving a state senate car. while he drives business out of illinois and rapes the citizens his son is cruising around wasted on our tax dollars. it wasnt a mistake either, it was his third dui. i hope the kid hits a telephone pole next time instead of myself, my friends or my family or some other innocent illinois citizen.

[aviomaster]

Fuck the USA eat your own shit and chaos and evil you have caused ...

Fuck you all

[n310ea]

The citizens of Illinois better start buying guns if there's going to be a cut on public safety.

[ConservativeRuleinUS]

California is a precursor of things to come for these other states, if they don't get smart and deport these illegal aliens. California has refused to deal with the real problem. The illegal Mexicans are draining that state. The USA had better deport these illegals fast. Think of the immediate savings and jobs left open!!!

[BishiSab]

I know you are young and i hope you get to be famous and rich. But i dont understand why you give so easily to mis information agents... Be more Clever than that. Understand that they are like a satan with 10000 heads. One of them is divide and roll and many of them we dont know yet because we are not EVIL....Wake up

[Anothercoilgun]

Anyone notice how all the ant-gun states go broke first? CA, IL, NY, you name it.

[aguantevito]

there's supposed to be only 4 that are not bankrupt right? anyone knows which ones?

[swiftrecon]

@TheNRA4ever No worries. Illinois just #3 on the list. adding to the list: California: -$53.7 billion Arizona: -$4 billion Nevada: -$1.2 billion Illinois: -$9.2 billion New York: -$17.9 billion Alaska: -$1.35 billion New Jersey: -$8.8 billion Oregon: -$4.2 billion Vermont: -$278 million Washington: -$3.6 billion Connecticut: -$4.1 billion