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Old 01-02-2010, 10:34 PM
 
32 posts, read 66,846 times
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Article from Business Insider:

Gartman: Illinois Is The New California

Illinois is following down Californias path, as well as Michigan and probably some other states soon to follow. Hopefully this is turning around soon.
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Old 01-03-2010, 12:23 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,345 posts, read 55,148,798 times
Reputation: 15415
It is absolute delusion to count out California.

Its population is growing, not shrinking, its economy is growing, not shrinking.

Please, get over it.
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Old 01-03-2010, 10:28 AM
 
Location: Florida
4,186 posts, read 10,299,394 times
Reputation: 1589
California didn't fail. All major states in the US have major problems, its part of being major. CA, TX, NY, FL are the most successful states in the US not the failures. They're the ones that contribute the most to the US economy.
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Old 01-03-2010, 10:35 AM
 
479 posts, read 779,613 times
Reputation: 449
Illinois isn't really #2. What happened was that at their last budget meetings they couldn't really decide anything, so they deferred dealing with much of their budget deficit for several more months, and borrowed a lot of money for the short term. So Moody downgraded their credit. But this doesn't mean Illinois is the next California, although it creates some new problems for them. Most lists of states with budget disasters put Illinois in the top ten, but not the top five. So while Illinois has a budget mess, so do many states.
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Old 01-03-2010, 10:51 AM
 
11,172 posts, read 22,369,908 times
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Quote:
Originally Posted by 18Montclair View Post
It is absolute delusion to count out California.

Its population is growing, not shrinking, its economy is growing, not shrinking.

Please, get over it.
The article deals with the state government, not the population.
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Old 01-03-2010, 10:55 AM
 
Location: Phoenix metro
20,005 posts, read 69,400,887 times
Reputation: 10115
IL, like most every other state, has a budget issues. If youre going to include IL and CA, might as well include every other state.
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Old 01-03-2010, 05:18 PM
 
11,172 posts, read 22,369,908 times
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^ no, I think Illinois truly is up there with California as far as the "royally screwed" status. Illinois has been funding through debt for far too long to solve the problem quickly. It will take lots of tax hikes, pension reductions and spending cuts.

Moving from Iowa I slowly realized how healthy the Iowa government is compared to many states. Iowa has a constitutional amendment that the state must balance budgets. Therefore it's more traumatic during downturns because the state has to layoff and adjust spending to match revenues. On the flip side though, it can pull through the downturns and be in a much better situation when the economy picks back up. Illinois on the otherhand doesn't go through hell with bad budgets, it usually just takes out hundreds of millions of dollars in debt to fund anything it wants. What that leads to is the state slowly drowning in its debt to support its operations. Interest payments are starting to eat up a pretty huge % of Illinois' obligations.
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