Puerto Rico’s rolling bankruptcy crisis is just a taste of the fiscal storm that lies ahead if American state and local governments can’t find a way to bring their own gaping pension shortfalls under control.
Illinoisans don’t like how they’re being disrespected by their politicians – paying ever-higher taxes for ever-fewer services. So they leave.One of those people leaving is a North Shore neighbor of mine moving to Colorado. For him, the calculus was simple. Stay and pay more and more for a government he trusts less and less, or leave and save $1 million dollars.