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Wall Street’s best predictor of a recession has reared its ugly head and Illinois is nowhere near ready for a slowdown. In fact, Illinois is the nation’s least-prepared state for an economic downturn. When that recession finally comes, Illinoisans should expect to get hit hard.
The last time U.S. interest rates predicted a downturn? It was 2007, right before the Great Recession.
Course - Guarantee - Recession - Time - Parts
Of course, there’s no guarantee of when the next recession will come. It may take time since many parts of the national economy are still humming. We also don’t know how deep the next recession will be. Most recessions are short, but it’s the long ones that do real damage.
Nevertheless, the market signal should serve as a stark warning to Illinoisans. An economic downturn is inevitable and their politicians are doing nothing to prepare the state for it.
States - Economy - Tanks - Funds - Slack
Most well-run states are prepared for when the national economy tanks. They have rainy-day funds and slack in their budgets,which allows them to prioritize what must be spent and what can be delayed.
Illinois has none of that. Quite the contrary.
Moody - Example - Rates - Illinois - Finances
Moody’s, for example, rates Illinois’ finances and governance the worst in the nation, just one notch above junk. The U.S. News and World Report places Illinois dead last in fiscal stability nationwide and next to last when looking just at short-term indicators. Only New Jersey was worse. And the Mercatus Center also finds Illinois worst in terms of fiscal stability nationwide.
Many Illinoisans have yet to recover from the...
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