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Illinois credit rating worst in
the nation after downgrade

Chicago Tribune, by Ray Long*

Original Article

Posted By:markinalpine, 1/26/2013 1:23:29 PM

Springfield - Illinois fell to the bottom of all 50 states in the rankings of a major credit ratings agency Friday following the failure of Gov. Pat Quinn and lawmakers to fix the state´s hemorrhaging pension system during this month´s lame-duck session. Standard & Poor´s Ratings Service downgraded Illinois in what is the latest fallout over the $96.8 billion debt to five state pension systems. The New York firm´s ranking signaled that taxpayers may pay tens of millions of dollars more in interest when the state borrows money for roads and other projects. "It's absolutely bad news for taxpayers,"

Comments:
*with Monique Garcia
Welcome to Zippyland!
Must be the Republican State Treasurer, that the Trib made sure to include party affiliation

      


Post Reply  

Reply 1 - Posted by: mabeldog, 1/26/2013 1:34:26 PM     (No. 9140761)

Illinois better watch out or soon they will be ranked 57th. And just wait until Rahmbo is forced to close 100 plus Chicago Public schools to close that $1 billion budget gap. All hail Obamaland

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Reply 2 - Posted by: lotsamojo, 1/26/2013 1:48:24 PM     (No. 9140780)

Like California, this happens when the majority of the politcians are owned by the unions, particularly public sector unions - no bending or we will buy another politician - budgets and ratings be da**ed! It looks like Illinois may be a potential test tube baby on the results of a state going bankrupt.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: Ida Lou Pino, 1/26/2013 1:50:57 PM     (No. 9140784)

At this point - - what difference does it make?

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Reply 4 - Posted by: SheikYerBooty, 1/26/2013 2:08:32 PM     (No. 9140811)

Don´t move to Texas when you flee IL, we´re full!

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Reply 5 - Posted by: krause, 1/26/2013 2:15:05 PM     (No. 9140824)

I wonder how many Illinois residents realize it´s THEIR money the politicians are blowing.

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Reply 6 - Posted by: NorthernDog, 1/26/2013 2:19:07 PM     (No. 9140833)

If the fiscal extravagance isn´t stopped by the voters, it will eventually be stopped by the markets. The public union pension funds want their little nest eggs protected and making huge ROI!

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Reply 7 - Posted by: FunOne, 1/26/2013 2:23:37 PM     (No. 9140838)

Show me a state that consistently has expenditures at 100 times their revenue, and I´ll show you a blue state.

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Reply 8 - Posted by: Grambo, 1/26/2013 2:29:41 PM     (No. 9140843)

In related news, the WSJ, in an editorial today points out that Rahm Emanuel is planning on adding billions of dollars more to the federal debt by dumping the city’s pension fund health care obligations onto the national taxpayer via Obamacare, once again showcasing the socialist penchant for tapping OPM, other people’s money. These Dem’s are real sweethearts.

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Reply 9 - Posted by: Thos Weatherby, 1/26/2013 2:52:45 PM     (No. 9140883)

Agree with #4 but you can Move to Montana. Bring the bees.

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Reply 10 - Posted by: judy, 1/26/2013 3:18:57 PM     (No. 9140929)

This can´t be true they raised taxes 75%...

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Reply 11 - Posted by: Kansas Conservative, 1/26/2013 3:44:43 PM     (No. 9140972)

Liberalism is indeed a mental disorder! Blue states are terribly - they are a clear and present danger to any honest taxpayer.

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Reply 12 - Posted by: reefdiver, 1/26/2013 3:46:55 PM     (No. 9140978)

Since when does an organized crime family care about credit ratings?

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B-G1


 
Reply 13 - Posted by: BadgerBill, 1/26/2013 4:04:14 PM     (No. 9141004)

For decades IL´s fiscal, and basically all policies, start and end with Mike Madigan in Springfield.

To me, he´s the main culprit.

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Reply 14 - Posted by: blackops, 1/26/2013 4:12:55 PM     (No. 9141012)

But they had plenty of time to vote on giving illegal aliens drivers licenses. Even 11 Republicans, some in leadership positions, voted to approve that legislation. Also had time to waste on gun control legislation. But they ran out of time to consider finance and pension issues.

It is obvious from corresponding with Reps and State Senator that none of them have any thing between the ears and really have lost touch of reality.



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Reply 15 - Posted by: fleetusa, 1/26/2013 4:28:41 PM     (No. 9141033)

Go to front page of ChicagoTribune website. This is only mentioned in one headline near the bottom!!!



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Reply 16 - Posted by: JHHolliday, 1/26/2013 4:51:38 PM     (No. 9141054)

I am afraid #8 is correct. The rest of the country will also be asked to bail out California in the not-so-distant future.

After all, it´s only ´fair´ that all us taxpayers pay for Democrat failures and corruption.

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Reply 17 - Posted by: Spidey, 1/26/2013 5:44:03 PM     (No. 9141122)

Notice how this is bad news for the taxpayers in the state.What about all the welfare recipients,illegal aliens and government workers? Why do the escape their fair share on fixing the problem? How many more taxpayers and business will they chase out of the state making it worse?

It´s really a microcosm of what Obama´s doing to the entire country. Both are running out of money to finance entrenched liberal schemes and payola.

If immigration reform passes will have millions more raiding welfare,disability and free Obamacare.

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R_DBL_B
  


 
Reply 18 - Posted by: Nevadadad46, 1/26/2013 6:18:39 PM     (No. 9141166)

Well, at least in The Land ´O Lincoln they won´t have to worry about the unions losing out. hahahhahhaha!

God, I do love Wisconsin for showing the way and the Union voters for being so blatantly stupid!!

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Reply 19 - Posted by: bob913, 1/27/2013 3:14:24 AM     (No. 9141678)

California Jerry Brown praised the unions in his state of the state speech. The unions wrecking the California economy.

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Reply 20 - Posted by: Trigger2, 1/27/2013 5:36:37 AM     (No. 9141737)

This must be a special demonrat program for the race to the top. IL first, folowed by NY, CA, and NJ. Who will win the bankrupt prize?

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