God bless Mish Shedlock, he always has something good to share.
This editorial from the January 3 Chicago Tribune is especially sobering.
It addresses the Illinois voter bluntly:
You're a deadbeat, an astonishing $4.9 billion overdue in paying your bills. You owe much of that for services that were provided many months ago by people who, day in and day out, care for your ailing, handicapped and often helpless fellow citizens.
You're also -- sorry to be blunt -- inept. You repeatedly spend more than you earn and borrow to fill the gap. This year you'll outspend your income by some $12 billion.
In the process you've embraced debts that could plague your descendants after you're dead and gone. Examples: You've bizarrely promised your workers some $80 billion more in pension payouts than you can afford. What's more, you've promised them additional billions that you don't have for their health care after they retire.
And that's just the opening bits!
But, as we watch this drama unfold in Illinois, once the envy of the world, as it experiences the slow-motion car wreck of a state headed toward bankruptcy, it is a moment to reflect:
Where do The People In Charge hail from?
Who sat in the Illinois Senate a few years ago and helped hasten the day the state now faces?
Why did we turn governance of this country over to the people who created this disaster in Illinois?
What were we, collectively, thinking?
What should we, collectively, do next?
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