An important story from Illinois is now making national headlines. The state is broke and can’t service its debt or fully fund a variety of other basic services. There’s a budget impasse between the Republican Governor and Democrat legislators that prompted Moody’s and S&P to downgrade them to essentially junk bond status. It’s important to keep in mind this infighting is not to restore fiscal sobriety. It’s to pass a budget that enables the state to continue servicing its debt so that it can borrow more money. No long term solution that achieves sustainability can arise from the current miasma. Of course, they’ll eventually reach a deal, politicians always do. However, it will only guarantee even worse problems down the road. This downgrade is unprecedented for a US state, and a harbinger of things to come all across this once great land of ours. At least a 3rd of all states are facing similar crisis to Illinois at some point in the near future.