"BLUE MODEL CRISIS: The Illinois Meltdown".
Years of cascading fiscal crisis and insoluble political gridlock have driven the Land of Lincoln to the edge of the abyss. . . . The collapse of governance in America’s fifth-largest state is on a different scale from the problems (and there are many) in other indebted state capitals.
The Illinois official responsible for paying the state's bills is warning that new court orders mean her office must pay out more each month than Illinois receives in revenue.
As frugal as Jerry Brown is, if his own money were at risk I can’t imagine that he would not grasp the difference between (i) using his own discretionary cash to pay down his obligations and (ii) borrowing from a family member to speculate on stocks in the hope of reducing future costs relating to his obligations.
California is widely celebrated as the fount of technical, cultural and political innovation. Now we seem primed to outdo even ourselves, creating a new kind of socialism that, in the end, more resembles feudalism than social democracy.