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Illinois' credit rating downgraded after pension reform failure
Chicago Tribune ^ | August 30, 2012 | Monique Garcia

Posted on 08/30/2012 5:26:52 AM PDT by Zakeet

Illinois' credit rating was downgraded by Standard & Poor's on Wednesday, a move that came after Gov. Pat Quinn's inability to persuade lawmakers to cut costs in the state's debt-ridden public employee pension system.

The agency lowered the state's credit rating from A+ to A, citing a "lack of action" on changes aimed at decreasing the pension system's unfunded liability, which could hit $93 billion by next summer if nothing is done. Standard & Poor's also gave Illinois a "negative outlook," saying the state's budget future remains uncertain.

It's unclear what impact the new rating will have on Illinois' pocketbook, but it is likely that it will cost the state more to borrow money to finance construction projects including new schools, roads and bridges.

Only California is ranked lower than Illinois by the S&P, with a credit rating of A-. But unlike Illinois, California has been given a "positive outlook." Illinois already has the lowest credit rating in the nation from Moody's Investors Service, which has warned that another downgrade is possible unless something is done to address the state's growing pension liabilities.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Illinois
KEYWORDS: chicago; debt; downgrade; illinois; unions

This is where I learned all about fiscal responsibility ... from the great corrupt blue state unionized Rat stronghold of the Democratic People Republic of Illinois!

1 posted on 08/30/2012 5:26:54 AM PDT by Zakeet
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To: Zakeet
They left something out of the story ......

Governor Pat Quinn, Democrat

2 posted on 08/30/2012 5:31:32 AM PDT by MissMagnolia (Being powerful is like being a lady. If you have to tell people you are, you aren't. (M.Thatcher))
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To: Zakeet

So the people of Illinois will pay more to get less. That’s the Democrat way.


3 posted on 08/30/2012 5:33:09 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: MissMagnolia

You’re absolutely right. Had a Republican governor been mentioned in an article related to him not doing his job well, his first name might as well be “Republican”.


4 posted on 08/30/2012 5:37:14 AM PDT by winner3000
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To: Zakeet

California and Illinois are our nation’s future with Obammy reelected.


5 posted on 08/30/2012 5:39:50 AM PDT by Unam Sanctam
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To: All

Karen Lewis: Here at the Chicago Teacher's Union, we're going to do our part to help the state with its fiscal crisis ... so we've decided to go out on strike in a few days ... until we get more pay and better pensions ... and to hell with you pathetic, evil rich taxpayers!

6 posted on 08/30/2012 5:40:10 AM PDT by Zakeet (Debtors prison ... the perfect solution to politicians who incur debts we can't repay)
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To: blueunicorn6
So the people of Illinois will pay more to get less. That’s the Democrat way.

Ill-Annoy has institutionalized the concept of "corruption tax". The leadership of The Combine should be institutionalized. Blame lies on both sides of the aisle. The stage can't be set, with the current leadership, for a Wisconsin-Indiana-style Renaissance. Conservatives have been systmatically chased out. RINOs and Combiners have assisted in tanking the state, partnering with the Dem-Chicago-Springfield-Union machine.

7 posted on 08/30/2012 5:42:38 AM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: Zakeet

She makes Medusa look good.


8 posted on 08/30/2012 5:49:52 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Zakeet

ha ha


9 posted on 08/30/2012 5:58:24 AM PDT by yldstrk (My heroes have always been cowboys)
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To: Zakeet

The blame falls squarely on the voters of Illinois. They elected a Dem governor with strong Dem majorities in the legislature. They knew that the Dems’ position was increase spending and raise taxes and protect government workers. Now the bill has come due. Until the voters throw these bums out, the state will continue to swirl down the toilet just like Detroit.


10 posted on 08/30/2012 6:00:00 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: DuncanWaring
She makes Medusa look good.

That's an understatement!

You should see her full profile and hear her screech a speech. It's a wonder to behold!

11 posted on 08/30/2012 6:01:21 AM PDT by Zakeet (Debtors prison ... the perfect solution to politicians who incur debts we can't repay)
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To: Zakeet
The agency lowered the state's credit rating from A+ to A, citing a "lack of action"

so if they had engaged in a little smoke and mirrors kabuki theater like Jerry Brown they'd still be A+?


12 posted on 08/30/2012 6:03:06 AM PDT by Buckeye McFrog
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To: Unam Sanctam
California and Illinois are our nation’s future with Obammy reelected.

The formal bailout requests would be on his desk by 8AM on January 21.


13 posted on 08/30/2012 6:04:37 AM PDT by Buckeye McFrog
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To: Opinionated Blowhard

Now, now, no painting with a broad brush. I live in DuPage County, in a suburb about 30 miles from Chicago, that is the most conservative County in the State of IL. Chicago always votes solidly Dem thus overpowering the downstate areas which too often split Conservative vs. RINO in their vote. Happens all the time. The Pubs split their vote, and the Dem gets in. Sickening.


14 posted on 08/30/2012 6:16:54 AM PDT by flaglady47 (When the gov't fears the people, liberty; When the people fear the gov't, tyranny.)
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To: Zakeet

Illinois is a dem run State - it’ll look like Detroit soon... Is anyone surprised a corrupt dem union state is going bankrupt? Not shocked ...


15 posted on 08/30/2012 6:17:12 AM PDT by GOPJ (Homeland Paranoid Insecurity: Making the country safe for liberal elites...)
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To: blueunicorn6
So the people of Illinois will pay more to get less. That’s the Democrat way.

And corrupt dems will skim some of that - that makes it the Chicago Way...

16 posted on 08/30/2012 6:18:44 AM PDT by GOPJ (Homeland Paranoid Insecurity: Making the country safe for liberal elites...)
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To: GOPJ
And corrupt dems will skim some of that

Case in point, the donations which have been pouring in for families of the victims of the Colorado Theater Shooting. Those families are now complaining that Gov. John Hickenlooper is diverting that money to "various nonprofit groups". The Brady Bunch anyone?


17 posted on 08/30/2012 6:30:10 AM PDT by Buckeye McFrog
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To: Opinionated Blowhard
The blame falls squarely on the voters of Illinois.

And specifically the voters of Chicago and Cook County. Quinn won those and three counties downstate. Of those three, he squeaked by in the Democratic strongholds of St. Clair and Jackson Counties. Everything else went strongly Republican. In the legislature, the geographic mix is considerably less lopsided, and party affiliation is less a factor than where the person is from in the state. There are plenty of southern Illinois Democrats who are preferable to northern Illinois Combine RINO's.

18 posted on 08/30/2012 6:30:52 AM PDT by Southside_Chicago_Republican (If liberty means anything at all, it means the right to tell people what they do not want to hear.)
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To: MissMagnolia

This is a DISASTER!

And it would never have happened if only Romney would have released his tax information. (sarc)


19 posted on 08/30/2012 6:34:41 AM PDT by RavenATB
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To: Zakeet

I cannot imagine the overwhelming sense of entitlement that Jabba the Hut look-a-like must have.

It is truly frightening.


20 posted on 08/30/2012 6:44:03 AM PDT by reagan_fanatic (Worst. President. Ever.)
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To: Buckeye McFrog
...is diverting that money to "various nonprofit groups"

Non-profit groups are staffed and manned by elite liberals. These places are one more way they 'feed their own' - full employment centers for liberals...

All of us need to stop giving to charities and "United Way" etc. Until we can establish conservative charities all we're doing is subsidizing liberal causes.

21 posted on 08/30/2012 6:49:23 AM PDT by GOPJ (Homeland Paranoid Insecurity: Making the country safe for liberal elites...)
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To: Opinionated Blowhard
The blame falls squarely on the voters of Illinois.

The blame falls squarely on the voters of Chicago, Springfield, and a handful of north-Illinois blue cities.
22 posted on 08/30/2012 6:55:33 AM PDT by AD from SpringBay (We deserve the government we allow.)
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To: Southside_Chicago_Republican

You got that right, it was a sickening outcome and the first order of business to oust that pathetic slime
Mike Madigan!


23 posted on 08/30/2012 8:37:35 AM PDT by AllAmericanGirl44 (Fluck this adminstration of misfits.)
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To: AllAmericanGirl44
You got that right, it was a sickening outcome and the first order of business to oust that pathetic slime Mike Madigan!

Yes, but the way things are, I'm afraid he'll give up the Speaker's gavel only when they pry it from his cold, dead hand.

24 posted on 08/30/2012 10:04:39 AM PDT by Southside_Chicago_Republican (If liberty means anything at all, it means the right to tell people what they do not want to hear.)
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To: Zakeet

Another Illinois Corp in trouble.

Navistar to cut jobs, fiscal 3Q profit falls

Posted: 9/6/2012 12:26:31 PM

CHICAGO (WLS) - Troubled engine and truck maker Navistar International Corp. said Thursday it will reduce its salaried workforce as it announced its fiscal third quarter profit plunged 94 percent from a year earlier to $84 million, including a $196 million tax benefit. Shares of Navistar soared nearly 15 percent in morning trading, rising $2.77 a share to $23.18.

http://www.wlsam.com/Article.asp?id=2527749


25 posted on 09/06/2012 10:48:36 AM PDT by KeyLargo
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