This is a red alert economic collapse update. The stat of Illinois is now on fiscal death watch after a District Court ruling on Friday demanded that the state pay back its debtors at an accelerated rate.
"Friday’s ruling by the U.S. District Court takes the state’s finances from horrific to catastrophic,” Comptroller Susana Mendoza, a Democrat, said in an emailed statement after the ruling. "Payments to the state’s pension funds; state payroll including legislator pay; General State Aid to schools and payments to local governments will likely have to be cut.”
Illinois has racked up more the $15 BILLION in debt after years of over spending, and now the reaper must be paid.
As the Health Ranger Mike Adams warned just days before this new ruling, Illinois pensioners should expect as much as a 70 percent reduction in monthly pension payments as the unfunded promises can no longer be kept.
And the imminent bankruptcy of the state of Illinois is just the tip of the iceberg. Like Puerto Rico recently did, we can expect to see other troubled states following suit. The next to fall? If you live in New Jersey, Florida or California consider what's happening in Illinois right now to be fair warning. Because your mismanaged state it likely next.
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