Skip to comments.Illinois' credit rating downgraded after pension reform failure
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 ...
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!
Governor Pat Quinn, Democrat
So the people of Illinois will pay more to get less. That’s the Democrat way.
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”.
California and Illinois are our nation’s future with Obammy reelected.
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!
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.
She makes Medusa look good.
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.
That's an understatement!
You should see her full profile and hear her screech a speech. It's a wonder to behold!
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.
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 ...
And corrupt dems will skim some of that - that makes it the Chicago Way...
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.
This is a DISASTER!
And it would never have happened if only Romney would have released his tax information. (sarc)
I cannot imagine the overwhelming sense of entitlement that Jabba the Hut look-a-like must have.
It is truly frightening.
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