Illinois has the worst credit rating of any state.
It has $8 billion in outstanding bills and a $3.2 billion deficit in just next year's budget.
But the worst part is the $250 billion they need to pay their state pensions…
When you or I have debt, the first thing we have to do is tighten the belt. We save money and cut expenses.
But imagine if instead you could just waltz up to your boss and demand a raise. And not because you're doing more work, or because you hit a home-run with last quarter's goals… just because you got yourself into debt.
If Illinois was an employee, they would have been fired by now. They haven't hit any of their goals and continuously fail to deliver on the promises they have made.
But the taxpayers will once again face tax increases in order to pay for more government, more promises, and more mismanaged policy.
The Governor recently proposed a graduated income tax to raise rates on the highest earners.
This will bring in more revenue they say… when have they been wrong before?
Meanwhile, 137,000 net residents have left the state since 2013.
Somehow I'm guessing their estimates for revenue are going to be just as wrong as their pension and budgeting calculations.
Never do governments even remotely consider that the solution is to spend less.
And never does anyone ask, what about the outcome?
Why would more money solve these problems when the government has spent so much money already, and still failed to execute on their promises?
It's the same in business. We just went through a decade of low-interest rates, which meant easy money for stupid investments. People sunk money into terrible ideas that never got executed, and destroyed value.
The difference is it destroyed value for a very select group of people: investors and business owners.
And those people made the choice to put their own money into those businesses.
Raising the money is the easy part. Show me ONE TIME a government program did what it said it was going to do.
The war on drugs, Great Society to end poverty, the war on crime, the war on terrorism…
And yet the newest crop of socialist politicians say right up front that results don't matter.
When it came to fighting for a cleaner environment, Alexandra Ocasio-Cortez said:
The power is in the person who is trying, regardless of the success. If you're trying, you've got all the power, you're driving the agenda…
Like, I just introduced Green New Deal… and it's creating all this conversation, why? Because no one else has even tried…
Some people are like, oh it's unrealistic. Oh it's vague. Oh, it doesn't address this little minute thing. I'm like, you try. You do it. Cause you're not. So until you do it, I'm the boss, how about that?