S&P Downgrades Illinois' Credit Rating | Fox BusinessStandard & Poor's Ratings Services on Wednesday downgraded Illinois' credit rating by one notch to A from A-plus, citing the state's large budget imbalance and an $83 billion unfunded pension liability.
The action affecting the state's general obligation bonds comes less than two weeks after a special Illinois legislative session on pension reform ended without a solution to rein in costs for the state's five pension funds.
Investors in the $3.7 trillion U.S. municipal bond market have been demanding higher yields for Illinois debt as the state's fiscal problems fester. Many states are struggling with budgetary constraints and pension liabilities, but the fiscal problems in Illinois predate the 2007-2009 recession and have continued to worsen.
It also keeps Illinois as the second lowest-rated U.S. state after California, which is rated A-minus by S&P.
Powerful Democratic House Speaker Michael Madigan allowed his chamber to take up a bill curbing only the pensions of state lawmakers that was not called for a final vote. Senate Republican leader Christine Radogno and House Republican leader Tom Cross called for immediate action to craft comprehensive pension legislation instead of a piecemeal approach.
governor quinn failed, his and speaker madigan's half-assed reform went nowhere
illinois and california are the last holdouts, apostles of yesterday's tired old liberalism, stuck in head-in-the-sand denial, bought and paid for lackeys of their omnipotent public union masters
in very recent days speaker madison deposited TWO separate hundred thousand dollar donations from the slavemaster seiu
forward is chris christie and scott walker and john kasich and mitch daniels, bobby jindal and rick snyder and susana martinez and even andrew cuomo
jerry brown and dirty downtown chicago are the last stubborn vestiges of the now thoroughly spent and exhausted hope and change of so long ago
the muni's will go elsewhere, to redder states, and the price for the land of lincoln to borrow, upon which meeting daily payroll precipitously depends, will become as unsustainable as everything else associated with illinois (and the ditto headed disciples on pennsylvania ave)
illinois raised income taxes 66% in january, 2011---with ZERO inland empire republican ayes
Illinois Income Tax Increase: Legislature Approves 66% Tax Hike
tax the rich, anyone?
what went wrong?
let's talk more about what FORWARD actually means
when your record is 100% negative, everything backfires
obama stumps the students all week raising education to high campaign awareness
independent thinkers immediately see that what obama is actually pushing is only more of the same tired old investment---in teachers unions
and the teachers in the nation's third largest school district, serving 400,000 children (when they're not killing each other) announces thursday they intend to go on strike
obama jumps on todd akin, abruptly shifts his entire convention focus to social issues---and americans can't help but observe that the president's wildly out-of-the-mainstream views on partial birth and live birth legislation are nothing short of socially divisive
moodys downgraded illinois, as well---in january