Illinois is around $15 billion in debt after two years without a state budget. Thanks to overspending, the state debt may be downgraded to junk level by debt assessors.
The chalkboard came out as Glenn Beck explained how Illinois is everyone’s problem on Thursday’s “The Glenn Beck Radio Program.”
Glenn remembered predicting back in 2008 or 2009 that states would have “massive issues” with debt because of pensions promised to state workers. Money that states owe in pensions will take 100 percent of their budgets, so what will happen?
“The outcome will be ‘dump it into the lap of the federal government,’” Glenn said.
The other obvious "solution" will be to take more money from taxpayers to cover the difference; higher-income taxpayers will foot the bill, a quick fix that will ultimately disrupt the economy even more.