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Illinois in danger of entering financial 'death spiral'

Illinois' budget crisis has become so dire that the state is in danger of entering a financial "death spiral," as a prominent ratings agency threatens to downgrade the state's credit score to "junk" status. 

Doing so would increase the cost of borrowing, worsening the deficit and making it even harder for taxpayers to dig out of the hole. 

“We’re in a death spiral—Illinois has the worst pension crisis in the nation and needs the boldest reforms,” Ted Dabrowski, Illinois Policy Institute’s vice president of policy, told Fox News. “There is no doubt that junk bond rating is on its way.”

DYI:  Who is kidding who?  Illinois is already at junk status alongside Puerto Rico only a year or two when the politicians and rating agencies finally get around to admitting the reality.  The realities are already known as business owners plus enlighten Illinois citizens pack up and LEAVE!  Over promising pension benefits that anyone with a minor amount of math skills would have known to be impossible to attain became standard method to vote buying among State employees.  Chicago or soon to be $hitcago is the epicenter along with a long history of fraud, corruption, and gross mismanagement.  Austerity is coming soon as there will be no other way for the state and cities to dig themselves out of the hole.    

DYI