Illinois is broke with $15 Billion in unpaid bills and $251 Billion in future pension obligations. Is Illinois the first of many dominos to soon fall?

The state of Illinois is on the verge of bankruptcy. $15 Billion in unpaid bills and no budget plan going on 3 years running. The state legislature in Illinois has worked out a budget deal that’s suppose to pull the state back from the brink but it won’t! The budget bill doesn’t reform the pension problem in a meaningful way and it’s the underfunding of state pensions that has largely led to this debt in Illinois. The future obligation to pensions in Illinois is $251 billion!  The state legislature thinks raising $5 billion in taxes by increasing the state income tax by 32% is a good idea!  When will these politicians learn?