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The race to the bottom has started. Now that Illinois is about to stiff their creditors, the poor taxpayers will suffer most.  Brace yourself for another round of tax hikes.

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SARTRE is the pen name of James Hall, a reformed, former political operative. "Populism" best describes the approach to SARTRE's perspective on Politics. 



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BATR RealPolitik Newsletter

MMXVII Vol. 197 - July 13, 2017



State Of Illinois Ready To Go Broke


Could Illinois be the first state to file for bankruptcy?
 
At the moment, it's impossible for a state to file for bankruptcy protection, which is only afforded to counties and municipalities like Detroit. 

Chapter 9 bankruptcy protection could be extended to states if Congress took up the issue, although Stanford Law School professor Michael McConnell noted in an article last year that he believed the precedents are iffy for extending the option to states. Nevertheless, Illinois is in a serious financial pickle, which is why radical options such as bankruptcy are being floated as potential solutions. 

The situation has prompted comparisons with Puerto Rico, which earlier this year announced a historic restructuring of some of its $70 billion in debt through courts after negotiations with bondholders failed.

Like Puerto Rico, Illinois has a massive pension crisis. Its unfunded pension liability for the state's five major plans grew 25 percent alone in one year, reaching $251 billion, according to Moody's. On a per-household basis, the state's pension debt burden stands at $27,000, according to the conservative-leaning Illinois Policy Institute. 
Illinois on the Verge of Bankruptcy

The state has had six years to reform its financial structure since its crisis began in 2011. Would a clean slate really help the situation? Consider the quote above from the Fiscal Times. Experts want the state to file for bankruptcy to protect pension programs and health insurance. These kinds of ballooning government welfare programs are what are at the heart of the financial woes plaguing Illinois—not to mention dozens of other cities and municipalities across America—and yet lawmakers want to file for bankruptcy so they can protect those programs from cuts.

This is the reality facing America: It is hooked on debt and socialist government welfare programs. And as we’ve seen in Detroit, and as we’re seeing in Illinois, that always leads to ruin. Lawmakers can talk about bankruptcy like it’s no big thing, but consider all the factors. Think of the loss of credibility. What does it say about the people managing that state? What company would want to invest or do business in that state knowing that they might never receive payment if the state defaults again? Consider the bond value of the state. Who’s going to invest their money into the state? Consider the mass exodus of people out of the state. Who are they going to tax for more money when for the third year in a row the state’s population has shrunk and is now the smallest it’s been in a decade?



Illinois Will COLLAPSE! Guess Who Is Next! Say Goodbye to Your Pension Fund
Gov. Rauner suggests bankruptcy for towns to fight pension woes

Gov. Bruce Rauner wants to give cities, towns and counties the authority to file for bankruptcy protection, a move that could give local governments a stronger foothold when negotiating with local police and fire officials over costly pension obligations.

The governor made no mention of the idea during his State of the State speech Wednesday, instead burying the concept in a list of talking points the administration distributed to lawmakers. Rauner aides would not elaborate on how it might work.

But the single sentence calling for the state to "extend to municipalities bankruptcy protections to help turn around struggling communities" mirrors a proposed law introduced last month by state Rep. Ron Sandack, R-Downers Grove. Sandack said his aim was to give cities more tools for getting their financial affairs in order, including a "level field" when negotiating over pensions.

The debt levels of many municipalities have ballooned after Illinois loosened the rules in 1970 on how much towns can borrow without seeking voters' approval. The latest recession gutted the investment portfolios of towns' police and fire pension funds, and a new state law forced towns to pay more to stabilize those funds.

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As Friday drew to a close, Illinois law makers failed to come to a resolution regarding the budget.

The state  has been without a budget since mid-2015. The 5th most populous state in the U.S now faces the real possibility of obtaining a junk status rating as credit agency S&P warned almost one month ago. The reaction has been apt, according to news reports from Bloomberg, Illinois House Speaker Michael Madigan went to task on Friday in attempt to dissuade credit ratings from adjusting their ratings for the distressed state. She pleaded that the rating companies should withhold judgment until the lawmakers could come to decision.

While the state embraced the prospect of the loss of its credit ratings because of failure to pass a budget by the midnight deadline, a federal judge in Chicago has ordered Illinois to pay millions owed in Medicaid payments. The state, which doesn’t have any money to make these payments, was ordered to make $586 million in monthly payments (from the current $160 million) as well as another $2 billion because of backlog payments of $3 billion.


RESISTING THE AMERICAN PEOPLE: Senate Democrats have decided to obstruct President Donald J. Trump's Administration, and the American people, by refusing to confirm qualified nominations.

— Democrats in the Senate have delayed crucial appointments made by President Trump in an attempt to obstruct the will of the American people and the President's agenda.

— Of the 197 Presidential nominations to agencies, the Senate has only confirmed 48.

— Only 2 of President Trump's 23 judicial nominations have actually been confirmed by the Senate.

— Democrats in the Senate have shown they are willing to break irresponsibly with tradition that allows a President to choose his own appointees in a timely fashion.

— Less than a month away from the August recess, the Senate has confirmed only 23 percent of President Trump's 216 nominations.

— By the first August recess during President Obama's first term, the Senate had confirmed 69 percent of his 454 nominations.


 
 
California Communists at War with America
 
There has always been a distinct California disconnect from the heartland. Anyone who has travelled the lower 48 knows that the allure of El Dorado panned out when the gold mines ran out of bullion. That appeal transformed into a fantasy stargaze that has little to do with the values and traditions of our long history as a nation. In order to understand the query, California Dreaming or a Nightmare?; one needs to appreciate the reasons why the population migration has shifted over time.
 
 
Transnational Opposition to Russian Sanctions

The vast gulf between corporate economic interests and political gamesmanship is vividly made clear with the calls for sanctions against Russia. Now that the Crimea referendum has resulted in a ninety-six plus desire to join the Russian Federation, the politico chess players in the West are eager to make Putin suffer. Former Soviet chess master Garry Kasparov, anti-Putin critic and activist said, “even if the West doesn’t want to be in a fight with Russia, Putin has already decided to start one.”

Read the entire article "Corporatocracy" archives

 
Move Over IMF for the BRICS Development Bank

The International Monetary Fund is an extortion financier’s outfit for a gang of exploiter banksters. The colonists of global mercantilism operate on extending credit with strings attached and assets targeted for attachment. Poor and underdeveloped economies beg for roll over extensions of old debt in an endless circle of currency debasement and resource transfer. So why anyone would get excited over a competing banking house, seems to escape implications within the news publications.
 


Committing Treason and Benghazi Murder Cover-up

Take off your partisan hat and open your minds to the actual uninterrupted high treason that is part of the foreign policy establishment. Party politics is often just a show that plays to their respective bases. However, the tract and direction of extending the transnational empire just continues on a global scale. The full-blown treason committed by every administration that practices the internationalist vision of democracy domination is really a masquerade for worldwide dominion. Presidents are mere temporary talking heads for the oligarchy that actually rules. Murdering their own diplomats and hired help is incidental, when 1,455,590 Iraqi deaths since the U.S. invasion are ignored and dismissed.
 


Philosophy of the New World Order

All the Statesmen are dead. The worst of society rise to the top of the food chain. Habitual liars run for civic office and the most skilled prevaricator gain seniority. The shyster class runs roughshod over the jurisprudences for the benefit of the enablers of the corrupt criminal syndicate. Alas, public meetings still start with the pledge of allegiance, but the words no longer have meaning – the Republic is officially dead. The emperor in chief needs no consent to wage war; he is above all sanction. Mourning over the corpse will only get you on the no fly list.

Read the entire essay from the "Solitary Purdah" archives


Subscribe or read the twice daily updates from the newsletter online

                                                   

Thanks to the internet and the courage and integrity of writers and editors on a growing number of sites presenting news and comment, people who choose to make even a modest effort can be better informed that they have been by past reliance upon the MSM.

The mainstream media seems unable to grasp this reality. Hence the calls for Google or Facebook to subsidise their failed business model and a dangerous desire by politicians and others to “control” the internet. If we are to have a real democracy where access to real information can be used to hold the politicians and others to account, then an unfettered flow of information and analysis offers the best hope.


De Blasio’s trip was approved for ‘city purpose’ of bashing Trump

Asked what city purpose was achieved by de Blasio giving the keynote speech at a G20 protest rally in Hamburg, spokesman Eric Phillips cited Hizzoner’s self-appointed role as a progressive foil to the president.

“He was representing New York City and our values, and providing an alternate American viewpoint to the deeply problematic vision of President Trump,” Phillips said.

 

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While state bankruptcy might not be written in the constitution, state default is written clearly in our history. The point is they are possible, even if there is nothing in the United States Code providing for a federal bankruptcy judge to hear the case.

Only 14 states have 100 percent funding for their pension plans, leaving 36 at risk for potential default. Illinois is just the first state sliding toward default on their unfunded promises.


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Illinois Completely COLLAPSING as Pension Fund CRASHING & Needs BAILOUT!
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