But proponents say some states are so burdened that the only feasible way out may be bankruptcy, giving Illinois, for example, the opportunity to do what General Motors did with the federal government’s aid.But let's not put the unions first. Because they are the problem. The bottom line is Illinois is still increasing spending, not cutting. So unless we repeal this death spiral tax bill and restructure our crushing pension liabilities at every level of government, the piggy Dem pols in Springfield will be back smashing us up for more.
Some citizens have already said Sayonara. And they ain't goin to NY.
...Weekly Standard article referenced:Time for a State Bankruptcy Law? Professor David Skeel thinks so.
More. Newsalert: Illinois Unpaid Bills Will Soon Double Despite Tax Increase