The cost of Rauner's loose bankruptcy talk

When it comes to leading a country or a state, words matter. They can be the difference between war and peace and between bankruptcy and prosperity.

Unfortunately, neither Donald Trump nor Illinois Gov. Bruce Rauner have learned this simple lesson.

In May, Trump announced, "I would borrow, knowing that if the economy crashed, you could make a deal." Trump implied the United States should declare bankruptcy to refinance the national debt.

Trump's plan rattled investors across the globe. Conservatives and liberals alike condemned Trump's reckless rhetoric. Michael Strain, an economic policy expert at the conservative American Enterprise Institute, said, "This is the bond market equivalent of 'We're going to build a wall and have Mexico pay for it.'"

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