Illinois must file for bankruptcy

The state legislators are ignoring the best solution to our financial problems. It will reduce costs, get us back to financial stability and avoid our dysfunctional political process. We need to accept the claim made by several state legislators — Illinois is broke. Given that, the state of Illinois must file for bankruptcy.

There are many benefits to this solution. First, we take the decision away from the politicians (you’ll recall they are the ones who caused this mess) and then turn it over to a bankruptcy court. Second, the budget deficit can be erased because all vendors and suppliers, including pensions, would be required to accept lower payments. Third, bondholders, such as banks and other financial institutions (they caused the financial meltdown) would need to accept less than face value.

Corporations use bankruptcy as a means to solve their financial problems, and often recover and prosper afterward. If you disagree with this approach, then I’m afraid you are missing the point — Illinois is bankrupt. We need to accept it, file for bankruptcy and deal with the consequences.

Kevin O’Neill

North Aurora