Brutal article that hammers home both how bad off Illinois is, and who is to blame:

Illinois’ bonds are currently priced like they are junk-rated.

The political impasse between Republican Gov. Bruce Rauner and Democrat House Speaker Mike Madigan is a colossal clash of personalities and resources. But the political clash masks an underlying reality.

Illinois is facing a reckoning for decades of foolish decisions.

The Land of Lincoln has flouted the basics of good governance for more than a generation. Long-term planning was set aside in favor of short-term political escapes. Politicians ignored and then denied the impossible math associated with out-of-control debt and spending promises.

Now the reckoning has come. Illinois is set to be America’s first junk-rated state on or after July 1 because its debts are too large and it is increasingly unlikely that these debts can ever be repaid.

Illinois’ bonds are currently priced like they are junk-rated. It’s only a matter of time before the rating agencies make it official by declaring Illinois to be America’s first junk-rated state.

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