Bankrupt State to Spend $200 Mil on Obama Center
What better way could there be to celebrate Obama’s legacy than bankrupting a bankrupt state for the greater glory of Barry?
Illinois now has the worst credit rating in the municipal bond market. Moody’s Investment Services pegs Illinois’ debt at Baa3, and it could further downgrade that credit rating later in 2018.
The State of Illinois incurred deficits reaching nearly $15 billion in 2017, and those deficits are projected to double to $30 billion in 2018. Illinois has also accumulated hundreds of billions in unfunded liabilities in public sector pension and health-care plans. This has exposed local jurisdictions to the risk of default or bankruptcy. In response, Illinois has issued large bailouts, further weakening the finances of the state’s government. The courts have exacerbated this problem by ruling the Illinois Constitution mandates state bailouts for public sector pension and health plans
Do you know what’s going to make it all better? A big, giant Obamaville!
Public works projects around the Obama Presidential Center in Chicago could cost Illinois taxpayers nearly $200 million, The Washington Examiner reported Saturday.
Illinois approved a $224 million legislature budget earlier this month that included $174 million for road work near the presidential center and $50 million to for the Garfield Gateway rail project two miles away, the report said. About $200 million of that total budget would come from state taxpayers. Half of the $50 million is funded through a 2016 Transportation Department grant.
Don’t call it spending, it’s an investment. You know like all of those Obama investments that took the national debt high while keeping the economy low.
Pensions are less of a priority than another useless center glorifying the 21st century’s worst president.