When voters do not pay attention and legislatures have a sixth grade education, then you are doomed. Here the legislature wants to guarantee all future local tax income goes to bond holders first, the idea being that the legislature can order a cheesecake now while dooming all the little browns of Illinois later.
My suggestion to the little browns, elect a Redneck now and then to protect your ass from Kanosian forced migration.
WirePoints: Consider what the story of House Bill 2584 says about how our General Assembly works. The bill would give a massive windfall to existing bondholders that they didn’t bargain for. But the real story is about how such a bad bill could get as far as it has, unquestioned, and what that shows about how Illinois operates. The bill would retroactively slap a blanket mortgage on all future tax revenue and fee income to secure repayment of all bonds issued by Illinois towns and cities, both bonds already issued and those to be issued in the future. Why is that important? Because every cent of your local tax money will go to bondholders if needed to pay bonds, not towards government services. And for countless Illinois municipalities that are insolvent or headed that way, bondholders indeed may have to use that mortgage to seize tax dollars to get paid. For those places, if the bill passes, no tax revenue would ever be available for services until bonds get paid in full.
We have that problem in California. The day after secession, our legislature will immediately give everything to George, a 100% guarantee.
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