I assume you have been following the story.
Illinois is now grappling with $15 billion of unpaid bills and an unthinkable quarter-trillion dollars owed to public employees when they retire.
This would be the third year in a row that America’s fifth-largest state has failed to pass a constitutionally required budget.
The U.S. government, too, can only pay its bills with borrowed money. The U.S. government, too, has an unthinkable level of unfunded liabilities–I believe it is close to $80 trillion. The U.S. government, too, is unable to pass a real budget.
Politicians love to borrow other people’s money. They don’t know how to cope with paying it back.
If you want to see how the political process functions when confronted with unpleasant reality, watch Illinois.