Looks like I lose a bet with a buddy, because Illinois beat California to the punch. Well maybe Connecticut can go right after California, so I win that bet. From the letter of the comptroller of the now bankrupt state of Illinois:
See attached letter sent to elected officials from across the state this morning.
As Illinois’ Chief Fiscal and Accountability Officer, my Office is responsible for managing the state’s financial accounts as well as providing the public and the state’s elected leadership with objective and timely data concerning the state’s difficult fiscal condition. As you are quite aware, I have been very vocal regarding these issues and the budgetary impasse since assuming office six months ago; however we are now reaching a new phase of crisis.
Accordingly, I must communicate to you at this time the full extent of our dire fiscal straits and the potential disruptions that we face in addressing even our most critical core responsibilities going forward into the new fiscal year. My Office has very serious concerns that, in the coming weeks, the State of Illinois will no longer be able to guarantee timely and predictable payments in a number of areas that we have to date managed (albeit with extreme difficulty) despite an unpaid bill backlog in excess of $15 billion and growing rapidly.
We are effectively hemorrhaging money as the state’s spending obligations have exceeded receipts by an average of over $600 million per month over the past year.
My cause for alarm is rooted in the increasing deficit spending combined with new and ongoing cash management demands stemming from decisions from state and federal courts, the latest being the class action lawsuit filed by advocates representing the Medicaid service population served by the state’s Managed Care Organizations (MCOs). As of June 15, the MCOs, and their provider networks, are owed a total of more than $2.8 billion in overdue bills at the Comptroller’s Office. There is no question that these obligations should be paid in a more timely manner and that the payment delays caused by the state’s financial condition negatively impact the state’s healthcare infrastructure. We are currently in court directed discussions to reach a workable and responsive payment schedule going forward, but any acceleration of the timing of those payments under the current circumstances will almost certainly affect the scheduling of other payments, regardless of other competing court orders and Illinois statutory mandates.
Heh, they ran out of other people’s money! Now if Hillary was president, the productive tax payers would just be told to grab their ankles and bail out these yokels, but with Trump-Putin, that is unlikely to happen. No wonder so many blue staters are losing their fucking minds and hoping to reverse the election results. They had banked on their girl saving them from their own ineptness, and now they are stuck with that debt they ran up figuring someone else would end up paying it anyway
I eagerly await your response as to next steps for furthering this discussion.
How about cut your nanny state fucking spending?
Must be why Obama chose to not return home and stayed in D.C…..