Illinois is facing bankruptcy and a junk-bond level credit rating crisis

Shutterstock Illinois has long been the poster child for a dysfunctional state fiscal policy. The state's Republican governor, a formerly wealthy businessman, and the Democratic-controlled legislature have been perpetually locked in a race to the bottom as the Land of Lincoln has repeatedly flirted with near- bankruptcy and junk-bond level credit ratings. Last week, the state marked the second full year in which Gov. Bruce Rauner and a combative Democratic legislature were unable to agree on a n...