CDZ IL or CA and Why

[william the wie]

IL is tiptoeing to junk status and has been doing so for decades. CA is refusing to spend money for safety, is raising taxes and already has one of the worst out migration rates of any of the 50 States 5-15 states were in fiscal trouble under Obama and the Trump tax bill made the trouble worse starting today. IL or CA are the most likely triggers for 5-15 states being pulled into really deep trouble ranging from bond down grades to insolvency. So, IL or CA and 5 or 15 states getting into deep trouble. What's your call?

 

[Asclepias]

Where are you getting your stats? Real estate is going up here in Cali.

 

[BradVesp]

I could re-post the reason it can't be Illinois. Basically, there's no mechanism for the state legislature, judiciary, or governor to declare insolvency nor bankruptcy.
(honestly, though, there's a lot I don't know)

 

[TheOldSchool]

If Trump's tax cuts really do cause states to default, then the national debt will take a massive hit. Slashing tax revenue at the same time as bailing out a bunch of states is going to be ugly.

 

[depotoo]

For bankruptcy, true. Not for insolvency, according to Prof Giertz-
"States can't go bankrupt, but they can become insolvent since they can't pay their bills. The question then is, what do you do then?" Giertz said.
Professor J. Fred Giertz, an economist who is director of the University of Illinois' Institute of Government and public Affairs.
State can't declare bankruptcy

I could re-post the reason it can't be Illinois. Basically, there's no mechanism for the state legislature, judiciary, or governor to declare insolvency nor bankruptcy.
(honestly, though, there's a lot I don't know)

 

[Wyatt earp]

Where are you getting your stats? Real estate is going up here in Cali.

You never even bother to pay attention to your own state politics?


https://www.usnews.com/news/best-states/rankings/government/fiscal-stability



Best States for Fiscal Stability
Fiscal Stability Rank State
#1 ND
#2 WY
#3 TX
#4 NC
#5 SD
#6 VT
#7 TN
#8 IN
#9 UT
#10 FL
#11 VA
#12 ID
#13 DE
#14 GA
#15 WI
#16 IA
#17 MD
#18 WA
#19 SC
#20 NH
#21 MO
#22 NY
#23 NE
#24 CO
#25 AK
#26 OK
#27 MN
#28 AR
#29 MA
#30 WV
#31 MI
#32 AZ
#33 MT
#34 AL
#35 OR
#36 KS
#37 RI
#38 ME
#39 NM
#40 PA
#41 HI
#42 OH
#43 CA
#44 NV
#45 MS
#46 LA
#47 CT
#48 KY
#49 NJ
#50 IL

 

[Ridgerunner]

Illinois residents are fleeing the state. When people leave, they take their purchasing power, entrepreneurial activity and taxable income with them. For more than 15 years, residents have left Illinois at a rate of one person every 10 minutes.

Still leaving Illinois: An exodus of people and money | Illinois Policy

 

[Asclepias]

Where are you getting your stats? Real estate is going up here in Cali.

You never even bother to pay attention to your own state politics?


https://www.usnews.com/news/best-states/rankings/government/fiscal-stability



Best States for Fiscal Stability
Fiscal Stability Rank State
#1 ND
#2 WY
#3 TX
#4 NC
#5 SD
#6 VT
#7 TN
#8 IN
#9 UT
#10 FL
#11 VA
#12 ID
#13 DE
#14 GA
#15 WI
#16 IA
#17 MD
#18 WA
#19 SC
#20 NH
#21 MO
#22 NY
#23 NE
#24 CO
#25 AK
#26 OK
#27 MN
#28 AR
#29 MA
#30 WV
#31 MI
#32 AZ
#33 MT
#34 AL
#35 OR
#36 KS
#37 RI
#38 ME
#39 NM
#40 PA
#41 HI
#42 OH
#43 CA
#44 NV
#45 MS
#46 LA
#47 CT
#48 KY
#49 NJ
#50 IL

Did you actually read it? CA is #23 on the Best states list.

From your link.

"California, the most populous state in the nation, is home to Hollywood’s stars, Silicon Valley’s technology, Napa Valley’s wines and ancient Redwood and Sequoia forests. The Golden State also is one of the country’s wealthiest and most socially and politically influential, and has been since it became a state nearly 170 years ago."

 

[william the wie]

For bankruptcy, true. Not for insolvency, according to Prof Giertz-
"States can't go bankrupt, but they can become insolvent since they can't pay their bills. The question then is, what do you do then?" Giertz said.
Professor J. Fred Giertz, an economist who is director of the University of Illinois' Institute of Government and public Affairs.
State can't declare bankruptcy

I could re-post the reason it can't be Illinois. Basically, there's no mechanism for the state legislature, judiciary, or governor to declare insolvency nor bankruptcy.
(honestly, though, there's a lot I don't know)

Insolvency occurs when the bondholders refuse to roll over the debt. Then they, the non IL resident bond holders sue in federal court under the takings cause and Caterpillar and the commodities markets move elsewhere. That is when the state finds a way to get into Chapter 3 come hell or high water.

 

[Wyatt earp]

Where are you getting your stats? Real estate is going up here in Cali.

You never even bother to pay attention to your own state politics?


https://www.usnews.com/news/best-states/rankings/government/fiscal-stability



Best States for Fiscal Stability
Fiscal Stability Rank State
#1 ND
#2 WY
#3 TX
#4 NC
#5 SD
#6 VT
#7 TN
#8 IN
#9 UT
#10 FL
#11 VA
#12 ID
#13 DE
#14 GA
#15 WI
#16 IA
#17 MD
#18 WA
#19 SC
#20 NH
#21 MO
#22 NY
#23 NE
#24 CO
#25 AK
#26 OK
#27 MN
#28 AR
#29 MA
#30 WV
#31 MI
#32 AZ
#33 MT
#34 AL
#35 OR
#36 KS
#37 RI
#38 ME
#39 NM
#40 PA
#41 HI
#42 OH
#43 CA
#44 NV
#45 MS
#46 LA
#47 CT
#48 KY
#49 NJ
#50 IL

Did you actually read it?

From your link.

"California, the most populous state in the nation, is home to Hollywood’s stars, Silicon Valley’s technology, Napa Valley’s wines and ancient Redwood and Sequoia forests. The Golden State also is one of the country’s wealthiest and most socially and politically influential, and has been since it became a state nearly 170 years ago."

What does that have to do with bad fiscal management by the state? What you never paid attention that California has a huge Unfunded Union pension bubble ready to burst?

 

[william the wie]

Illinois residents are fleeing the state. When people leave, they take their purchasing power, entrepreneurial activity and taxable income with them. For more than 15 years, residents have left Illinois at a rate of one person every 10 minutes.

Still leaving Illinois: An exodus of people and money | Illinois Policy

IN and WI will steal every job possible.

 

[Dont Taz Me Bro]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

 

[Asclepias]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

How so? CA could break off and be its own country. If it did so the rest of the US would probably go under.

 

[Dont Taz Me Bro]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

How so? CA could break off and be its own country. If it did so the rest of the US would probably go under.

Yeah, a very insolvent country and the US would chug along just fine. California is becoming a state that is so over taxed and over regulated that only the rich are able to afford to live there comfortably. The middle class has been getting squeezed out and fleeing in droves and the rest of the state is lower income immigrants struggling to get by.

 

[Asclepias]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

How so? CA could break off and be its own country. If it did so the rest of the US would probably go under.

Yeah, a very insolvent country and the US would chug along just fine. California is becoming a state that is so over taxed and over regulated that only the rich are able to afford to live there comfortably. The middle class has been getting squeezed out and fleeing in droves and the rest of the state is lower income immigrants struggling to get by.

I havent noticed many middle class people complaining about being able to afford living out here. There has always been lower income immigrants struggling to get by. They are the life blood of the economy which is why no one is actually going to kick them out like what happened in GA and all the crops rotted.

 

[william the wie]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

Bananas can grow in CA? Desert tolerant bananas is something I want to buy into.

 

[Shrimpbox]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

How so? CA could break off and be its own country. If it did so the rest of the US would probably go under.

Do it. Just do it.

 

[Dont Taz Me Bro]

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

How so? CA could break off and be its own country. If it did so the rest of the US would probably go under.

Yeah, a very insolvent country and the US would chug along just fine. California is becoming a state that is so over taxed and over regulated that only the rich are able to afford to live there comfortably. The middle class has been getting squeezed out and fleeing in droves and the rest of the state is lower income immigrants struggling to get by.

I havent noticed many middle class people complaining about being able to afford living out here. There has always been lower income immigrants struggling to get by. They are the life blood of the economy which is why no one is actually going to kick them out like what happened in GA and all the crops rotted.

Then you don't know anybody living in California because just about everyone I know has complained about it. I work with a lot of people in California and many of them are considering leaving and/or actively looking. Vegas is full of people from California who have moved here to escape the cost of living there.

Leaving California? After slowing, the trend intensifies

Roughly 5 million people left California in the last decade. See where they went

California Losing Ground: Nestlé, Other Businesses Flee

 

[leftwinger]

Ill will collapse first. Two reasons, weather and CA has more Mexicans. Mexicans will actually work when the freebies run down. I am not a racist. Forgot, more and more Asians too in CA. They always seem to have a job and money.

 

[depotoo]

Do you understand that has nothing to do with the states financial bearing?
California’s $400 billion debt worries analysts

Where are you getting your stats? Real estate is going up here in Cali.

You never even bother to pay attention to your own state politics?


https://www.usnews.com/news/best-states/rankings/government/fiscal-stability



Best States for Fiscal Stability
Fiscal Stability Rank State
#1 ND
#2 WY
#3 TX
#4 NC
#5 SD
#6 VT
#7 TN
#8 IN
#9 UT
#10 FID
#13 DE
#14 GA
#15 WI
#16 IA
#17 MD
#18 WA
#19 SC
#20 NH
#21 MO
#22 NY
#23 NE
#24 CO
#25 AK
#26 OK
#27 MN
#28 AR
#29 MA
#30 WV
#31 MI
#32 AZ
#33 MT
#34 AL
#35 OR
#36 KS
#37 RI
#38 ME
#39 NM
#40 PA
#41 HI
#42 OH
#43 CA
#44 NV
#45 MS
#46 LA
#47 CT
#48 KY
#49 NJ
#50 IL

Did you actually read it?

From your link.

"California, the most populous state in the nation, is home to Hollywood’s stars, Silicon Valley’s technology, Napa Valley’s wines and ancient Redwood and Sequoia forests. The Golden State also is one of the country’s wealthiest and most socially and politically influential, and has been since it became a state nearly 170 years ago."

Where are you getting your stats? Real estate is going up here in Cali.

Real estate is going up pretty much everywhere, but California is turning into a banana republic.

How so? CA could break off and be its own country. If it did so the rest of the US would probably go under.