Such states, particularly Illinois, are teetering on the edge of default for many of the same reasons as Puerto Rico; these include accelerating pension costs, crumbling infrastructure, deindustrialization and the migration of younger workers.
Vulture capitalists fight over pickings from bankrupt Puerto Rico
22 May 2017
AMERICAN DEMOCRACY.... A NATION RULED AND PLUNDERED BY WALL STREET!
BLOG: HALF THE POPULATION OF CA LIVES BELOW THE POVERTY LINE!
Rahm’s latest plan to stave off Chicago financial collapse under fire – from Dems
Under fire for authorizing a “payday loan,” Mayor Rahm Emanuel on Friday defended his plan to let the Chicago Public Schools borrow $389 million secured by late block grants owed by the state.“You have a situation…created by the state of Illinois to create a maximum amount of pressure on the public schools, specifically Chicago,” Emanuel said.“It’s a short-term solution to a short-term problem created consciously, woefully by the governor to create political pressure. That’s how we’re handling it. That’s the most appropriate way to deal with it.”Aldermen don’t see it that way. They likened it to the skipped pension payments that got CPS into this mess and Emanuel vowed to end.“Daley didn’t pay pensions. This is borrowing instead of not paying. You’re still robbing Peter to pay Paul and putting a Band-Aid on it,” said South Side Ald. Anthony Beale (9th).“We’re borrowing money hoping that, eventually, the state comes through. If the state doesn’t come through, we’re gonna be in worse shape tomorrow than we are today. It’s gonna cost to borrow money. Taxpayers are still losing.”
Chief Financial Officer Carole Brown said the short-term loan will be limited to $389 million because the school system’s “lending partners” were willing to finance only about “85 percent of the outstanding receivable” of state grants. The rest will come from savings generated by mid-year budget cuts, Brown said, with a hazy explanation that raised more questions than it answered.
California: Will the Mexican Welfare State Fall Into Bankruptcy and Cut State Pensions?
The sick man of the United States…. A STATE UNDER MEX OCCUPATION!
OPEN BORDERS: The Democrat Party’s Weapon of Mass Destruction on the American Worker
"Los Angeles saw all crime rise in 2015: violent crime up 19.9 percent, homicides up 10.2 percent, shooting victims up 12.6 percent, rapes up 8.6 percent, robberies up 12.3 percent, and aggravated assault up 27.5 percent," Landry said.”
By Arthur Schaper
MEXICO ANNOUNCES CONTROL OF CALIFORNIA ACCOMPLISHED.
California State Senate President Pro Tem Kevin De Léon (D-Los Angeles) said last Tuesday that “half his family” was in the country illegally, using false documents, and eligible for deportation under President Trump’s new against “sanctuary” jurisdictions.
“Our entire crony capitalist system, Democrat and Republican alike, has become a kleptocracy approaching par with third-world hell-holes. This is the way a great country is raided by its elite.”
Karen McQuillan THEAMERICAN THINKER.com