Chicago attorney sees lots of 'hooey,' little hope in General Assembly
The General Assembly’s spring session was inconsequential in terms of legislation and disastrous in terms of the state’s mounting debt, according to Chicago attorney Eugene Keefe.
“We want our readers to understand the Illinois/Chicago anomaly – they are both approaching 'bankruptcy' when neither can actually end up in Federal Bankruptcy Court – federal law would have to change to allow a State to declare bankruptcy,” Keefe, a partner with Keefe, Campbell, Biery & Associates, wrote on the law firm's website. “Basically, the State of Illinois can stiff its creditors indefinitely without ever having to worry about it.”
According to Keefe, the General Assembly passed workers’ compensation legislation that is “hooey” and will not make it past Gov. Bruce Rauner’s desk. More importantly, the state’s ever-mounting pension debts – now at $130 billion – have not been addressed, he said, adding that Illinois also has $14.5 billion in unpaid bills, with an annual interest cost of $800 million.
“As silly as this all might seem, it is tragic for every one of our Illinois readers and basically anyone in this sorry State,” Keefe wrote. “Our taxes are unquestionably going to have to skyrocket and our legislators are certain to levy lots of new taxes on things that have never been taxed before…Please don’t shoot this messenger but be forewarned and forearmed.”