The mismanagement of Illinois by government bureaucrats and politicians have plunged the state into a dire economic abyss. But SGTReport is predicting that other states will fall just as quickly, and you won’t be surprised in the least when your hear which ones are doomed to suffer an economic collapse soon.
Illinois could be expected to slash pensions to 30 cents on the dollar to help stave off the harsh reality of nanny state policies and socialist promises. But problems with finances began when the state failed to realize that a stranglehold on the economy spells disaster and political promises are failures waiting to happen. The mass exodus of property owners began when the land of Lincoln decided to jack up property taxes in an attempt to cover for their awful Ponzi scheme mismanagement, and the spiral into an almost $15 billion debt crisis began.
According to the video below by SGTReport, the situation is worse than we are being told. The mainstream media is almost coddling the public over the “red alert” created by the socialist policies in Illinois. And California and New Jersey are most likely next thanks to the government awarding pensions they cannot pay for. The suggestion? Invest in gold or silver because Illinois will soon look like Venezuela and the dollar will be all but worthless.
The state of Illinois doesn’t have a monopoly on ignorant, power hungry, or corrupt politicians, and that’s why the warning is going to California and New Jersey. Since the end of World War II, those ignorant politicians have been promising American Baby Boomers more and more entitlements while never collecting nearly enough money (stealing enough from others in the form of taxation) to cover them all, and it all began with the Ponzi scheme of social security. Although most media outlets will try to do mental gymnastics to explain why social security’s non-voluntary participation is not a Ponzi scheme, the facts remain.
As Zerohedge has noted frequently before, some of the largest of the many entitlement “scams” used to seduce voters and bring about communism through making socialism palatable in this country, are America’s public pension funds. Up until now, these public pensions have been covered by stealing money set aside for future generations to cover current claims. It’s a Ponzi scheme of epic proportions, and one that’s non-optional to participate in.
Chicago has already been dubbed the murder capital of the United States, so one can only imagine how horrific life in the inner cities will be post economic collapse. This is not a “maybe” scenario. It will happen, and it will happen quickly and soon.
This should be a wake-up call to every individual in the United States. Left-leaning policies, such as communism and it’s little cousin, socialism always fail because eventually, politicians run out of other people’s money. People also want to be free, and those in Illinois are quickly discovering that instead of freedom, they have government promises and intervention laced with massive taxation (theft).
Force and coercion will always eventually end the same way. Freedom of association is the only way human beings were meant to interact. Until government worship ends, and succession is more prevalent, society will continue to face collapse thanks to the failures of government and those who seek to make it bigger. Power always corrupts.