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Obama´s Illinois Downgrade
Makes It America´s Greece

Investors Business Daily, by Staff

Original Article

Posted By:Desert Fox, 1/28/2013 7:43:35 PM

State Budgets: Inability or unwillingness to fix the state´s hemorrhaging pension system and curb union power has led a major credit rating service to downgrade the Land of Lincoln´s rating to the lowest in the nation. On Friday, the bond rating agency Standard & Poor´s downgraded the state´s credit level again, to A-, putting Illinois´ on par with California. No, actually below California, for S&P gives California a positive outlook. Illinois´ fragile overall financial status netted it a negative outlook, putting it behind California overall. The ratings came out now because Illinois plans to

      


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Reply 1 - Posted by: FunOne, 1/28/2013 8:10:16 PM     (No. 9145213)

And the guy from Illinois who lives in the White House brought those same irresponsible fiscal plans with him.





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Reply 2 - Posted by: KTWO, 1/28/2013 8:21:44 PM     (No. 9145226)

The US is Amerca´s Greece. We can´t pay our bills except by borrowing. The people living entirely on entitlements steadily rises. And the economy is in the doldrums.

Which of those differs from Greece? Technically US can just print money. Greece can´t print Euros. But we have a Federal Reserve and Greece has the ECB.

And do you notice how much better Washington solves our problems than the EU is handling Greece´s?

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: FL_Absentee_Voter, 1/29/2013 12:56:45 AM     (No. 9145503)

...for S&P gives California a positive outlook.

And CA tax-free bond funds keep chugging along at ~10% annual yield. I can´t explain it.



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Reply 4 - Posted by: fleetusa, 1/29/2013 3:27:30 AM     (No. 9145558)

It is wrong to call Illinois the "Land of Lincoln".

Sometime in the 20th Century - maybe when Ron Reagan left Illinois - Lincoln left Illinois permanently.

Illinois has been run by Choom types ever since.

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Reply 5 - Posted by: pineledger, 1/29/2013 4:27:31 AM     (No. 9145563)

I can´t understand it either, 3, but I´m not buying them.

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Reply 6 - Posted by: pineledger, 1/29/2013 4:31:38 AM     (No. 9145564)

Sorry, but I´m old enough to remember (and been burned by) the WPPSs (Washington Public Power Supply System) default in 1983, the largest municipal bond default in US history. Had some held by a unit trust, fortunately, not a direct hold.

So don´t say it can´t happen. (And just think what Zippy did to the Chrysler bond-holders.)

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Reply 7 - Posted by: Spidey, 1/29/2013 6:40:48 AM     (No. 9145648)

An A- rating for Illinois is being over generous.But what it does represent is the american left being perpetually stuck in tax and spend failed policies of the past. They´ll never look at next door states that have balanced budgets without raising taxes because morons in these blue states actually expect tax increases to keep the largess going to government workers and the welfare class.Meanwhile Obama wants to dump 11 million more welfare recipients on states that are already buried in red ink and won´t give them any federal bailouts.

Of course knowing Obama he shuttles them money through the backdoor under things like community development which has already failed in Chicago with mixed housing projects.

the left keeps trying to lure white taxpayers back into their dilapidated cities to improve their property tax intake.So you had all these city condo projects left unsold or converted to HUD housing projects.

They try to snooker the public with a label such as a private/public project. The private people are crooked developers who take and give bribes to grease the wheel of business getting done.The culture of kickbacks is like the sun coming up.

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Reply 8 - Posted by: mickturn, 1/29/2013 10:22:00 AM     (No. 9146196)

Liberal Utopia!

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