Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Illinois’ credit rating downgraded; state drops to worst in the nation

  1. #1
    Banned
    Join Date
    Nov 2012
    Last Seen
    02-18-14 @ 08:18 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    5,660

    Illinois’ credit rating downgraded; state drops to worst in the nation

    A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money.

    What state did Obama represent as a senator? We can almost predict our path from his past behavior.



    Read more: Illinois’ credit rating downgraded; state drops to worst in the nation | WGN-TV
    Read more at Illinois’ credit rating downgraded; state drops to worst in the nation | WGN-TV

  2. #2
    Sage

    Join Date
    Oct 2007
    Location
    New York
    Last Seen
    12-13-17 @ 12:40 PM
    Gender
    Lean
    Centrist
    Posts
    11,691

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by Rocketman View Post
    A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money.

    What state did Obama represent as a senator? We can almost predict our path from his past behavior.


    Not surprising and, IMO, a well-deserved downgrade. Several points:

    1. President Obama was not governor of Illinois.

    2. Illinois has a balanced budget amendment. Illinois' finances are evidence that when it comes to fiscally profligate states, such amendments are essentially meaningless gimmicks.

    3. IMO, Illinois should have been downgraded further. The State has made little meaningful progress on its major fiscal challenges despite the end of the recession. Given its weak fiscal position, Illinois should adopt a robust austerity program aimed at eliminating its unfunded pension and health liabilities over the long-term. Both tax hikes and aggressive operating budget savings will likely be needed. In the near-term, Illinois should commit to achieving a balanced budget within a fixed period of time (more than a year but less than five) as a starting point, define a balanced budget as being balanced in total (inclusive of operating, capital and health/pension pre-funding), peg its commitment to the timeframe it sets forth (not arbitrary requirements that have been routinely ignored), and provide monthly progress reports to the State's major creditors and to the general public. Once the budget is balanced, the State should push aggressively ahead with reducing its unfunded health and pension obligations.

  3. #3
    Sewer Rat
    Risky Thicket's Avatar
    Join Date
    Apr 2011
    Last Seen
    Today @ 12:55 PM
    Gender
    Lean
    Independent
    Posts
    23,803

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Illinois spends a large amount of its tax dollars on housing former Illinois politicians in Illinois state prisons.










    "When Faith preaches Hate, Blessed are the Doubters." - Amin Maalouf

    When trouble arises and things look bad, there is always one individual who perceives a solution and is willing to take command. Very often, that person is crazy. ~Dave Barry



  4. #4
    Banned
    Join Date
    Nov 2012
    Last Seen
    02-18-14 @ 08:18 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    5,660

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by donsutherland1 View Post
    [/SIZE][/B]

    Not surprising and, IMO, a well-deserved downgrade. Several points:

    1. President Obama was not governor of Illinois.

    2. Illinois has a balanced budget amendment. Illinois' finances are evidence that when it comes to fiscally profligate states, such amendments are essentially meaningless gimmicks.

    3. IMO, Illinois should have been downgraded further. The State has made little meaningful progress on its major fiscal challenges despite the end of the recession. Given its weak fiscal position, Illinois should adopt a robust austerity program aimed at eliminating its unfunded pension and health liabilities over the long-term. Both tax hikes and aggressive operating budget savings will likely be needed. In the near-term, Illinois should commit to achieving a balanced budget within a fixed period of time (more than a year but less than five) as a starting point, define a balanced budget as being balanced in total (inclusive of operating, capital and health/pension pre-funding), peg its commitment to the timeframe it sets forth (not arbitrary requirements that have been routinely ignored), and provide monthly progress reports to the State's major creditors and to the general public. Once the budget is balanced, the State should push aggressively ahead with reducing its unfunded health and pension obligations.
    My mother and stepfather lived there in a typcial ranch house in an 80's neighborhood. Their taxes 5 years ago were 4 times what mine were with my house being brand new and appaised at 3 times the value of theirs. Illinois has no idea how to manage a budget.

  5. #5
    Iconoclast
    DaveFagan's Avatar
    Join Date
    Mar 2011
    Location
    wny
    Last Seen
    Today @ 02:07 PM
    Lean
    Conservative
    Posts
    7,302

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by Rocketman View Post
    A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money.

    What state did Obama represent as a senator? We can almost predict our path from his past behavior.

    . bbbbbbbb



    Read more: Illinois’ credit rating downgraded; state drops to worst in the nation | WGN-TV
    Read more at Illinois’ credit rating downgraded; state drops to worst in the nation | WGN-TV
    Obama represented Illinois as a Senator. GWShiiteForBrains represented failed businesses on a Texas scale. His consistency and constituency is currently recognized on a National scale!

  6. #6
    Banned
    Join Date
    Nov 2012
    Last Seen
    02-18-14 @ 08:18 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    5,660

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by DaveFagan View Post
    Obama represented Illinois as a Senator. GWShiiteForBrains represented failed businesses on a Texas scale. His consistency and constituency is currently recognized on a National scale!
    I would take the Texas economy over the Illinois economy any day of the week.

  7. #7
    Sit Nomine Digna
    Carjosse's Avatar
    Join Date
    Jul 2012
    Location
    Montreal, QC, Canada
    Last Seen
    Today @ 03:04 PM
    Gender
    Lean
    Liberal
    Posts
    11,200

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by Risky Thicket View Post
    Illinois spends a large amount of its tax dollars on housing former Illinois politicians in Illinois state prisons.
    "If your in a place with than one former Illinois politician, chances are you are in prison." - I forget probably Jon Stewart

  8. #8
    Sage

    Join Date
    Oct 2007
    Location
    New York
    Last Seen
    12-13-17 @ 12:40 PM
    Gender
    Lean
    Centrist
    Posts
    11,691

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by Rocketman View Post
    Illinois has no idea how to manage a budget.
    On this, we strongly agree. The credit ratings downgrades in recent years are the result of the State's inability to budget effectively.

  9. #9
    Sage
    ksu_aviator's Avatar
    Join Date
    Nov 2010
    Location
    Fort Worth Texas
    Last Seen
    Today @ 10:30 AM
    Gender
    Lean
    Very Conservative
    Posts
    6,688
    Blog Entries
    10

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Quote Originally Posted by donsutherland1 View Post
    [/SIZE][/B]

    Not surprising and, IMO, a well-deserved downgrade. Several points:

    1. President Obama was not governor of Illinois.

    2. Illinois has a balanced budget amendment. Illinois' finances are evidence that when it comes to fiscally profligate states, such amendments are essentially meaningless gimmicks.

    3. IMO, Illinois should have been downgraded further. The State has made little meaningful progress on its major fiscal challenges despite the end of the recession. Given its weak fiscal position, Illinois should adopt a robust austerity program aimed at eliminating its unfunded pension and health liabilities over the long-term. Both tax hikes and aggressive operating budget savings will likely be needed. In the near-term, Illinois should commit to achieving a balanced budget within a fixed period of time (more than a year but less than five) as a starting point, define a balanced budget as being balanced in total (inclusive of operating, capital and health/pension pre-funding), peg its commitment to the timeframe it sets forth (not arbitrary requirements that have been routinely ignored), and provide monthly progress reports to the State's major creditors and to the general public. Once the budget is balanced, the State should push aggressively ahead with reducing its unfunded health and pension obligations.
    Illinois amendment isn't the problem, bad assumptions are. You can "balance" a budget as long as you assume that tax increases will generate new revenue or the economy will be more robust than normal and in the end you will still run a deficit. So the problem is the way we budget. Rather than setting a dollar amount, Illinois should set a percentage of the revenue to go to each expenditure. That way you never deficit.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  10. #10
    Haters gon' hate
    MarineTpartier's Avatar
    Join Date
    Nov 2011
    Last Seen
    01-04-16 @ 04:58 AM
    Gender
    Lean
    Independent
    Posts
    5,586
    Blog Entries
    8

    Re: Illinois’ credit rating downgraded; state drops to worst in the nation

    Well, at least they're safe in Chicago..........
    “Mr. Speaker, I once again find myself compelled to vote against the annual budget resolution for a very simple reason: it makes government bigger.” ― Ron Paul
    Timid men prefer the calm of despotism to the tempestuous sea of Liberty. – Thomas Jefferson

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •