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

[madville]

Source: WGN News

Illinois’ credit rating has taken another hit. Standard & Poor’s Ratings Service downgraded the state from an “A” rating to “A-minus”, making it the worst in the country.

The New York ratings firm’s ranking means taxpayers may have to pay tens of millions of dollars more in interest when the state borrows money for roads and other projects.

The downgrade is the latest fallout over the $96.8 billion debt to five state pension systems. The downgrade now ties Illinois with California, but California has 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 issue $500 million in bonds within days.


Read more: http://wgntv.com/2013/01/26/illinois-credit-rating-downgraded-state-drops-to-worst-in-the-nation/

[Paulie]

1. We're number 1! We're number 1!

Just think, 40 plus years underfunding pensions and now it's hard to pay the bills....


Ghost of pension past:
http://www.wbez.org/news/ghosts-illinois-pensions-past-104467

Ghost of pension yet to come:
http://www.wbez.org/news/politics/ghost-illinois-pensions-yet-come-104489

And the reports going back decades:
http://www.wbez.org/news/illinois-pension-problems-go-back-decades-104454

[littlemissmartypants]

2. Isn't that where the Windy City lives? The irony. eom

[chuckstevens]

3. IFT Member

As an IFT member, I'd like to point out to Illinois politicians that the TEACHERS in Illinois were not the ones who:

A. Did not properly fund the pension plan the way they were supposed to.
B. Borrowed against our pensions
C. Mismanaged our pensions by making risky investments and use bad Wall Street banks.

Also, WE DO NOT GET ANY SOCIAL SECURITY! The TRS Pension is our ONLY retirement plan. Don't you DARE steal what is rightfully ours because your ineptness caused the unfunded pension liability in the first place! The downgrade is not the teacher's and other state employee's fault; It's YOURS!

[Lurks Often]

4. It's not your fault, but you're the ones that are going to suffer.

When do politicians EVER take responsibility for their poor choices.

[mopinko]

6. do you think these workers ought to get into the social security program?

doesn't mean that you shouldn't have a separate pension or 401k type accounts.
but i would want to be in ss. maybe part of the solution would be to make a big payment to ss to cover these people. perhaps the pension guarantee program could step in. it isn't just illinois.

all that said, pat quinn, please step aside. you are a good guy. honest and hard working, frugal, all that. but you are so over your head. we need someone who can multitask, and who can kick asses when needed.
also someone who could make some mincemeat of mike madigan. i hope he knows that no one in their right mind will vote for lisa unless he retires.

[Rain Mcloud]

5. Trickle Down Economics.

I wish to personally thank all the dumfucks who voted for reagan and the bushes.
If you had paid attention in American history then you would know that Robber Barons use(d) the same playbook then and now.
Unfortunately,the last time that the people bothered to take the country back was a time of 25% unemployment and impending World War which was necessary because the rich had taken all the money out of the economy and stashed it in Switzerland then not being satisfied with that,tried taking entire countries.
Ah but you were passing notes with Mary Jane Rottencrotch,so thanks.
Good Job Teatardos!

Maybe next time you will speak up when they come for your job and your house,but don't expect me to do it for you.
You cheered them on,when they came for mine.

[donnasgirl]

7. All politicians

Are at fault,President Clinton was also at fault when he signed the free trade agreement that Daddy Bush wrote,free trade agreement are what is sinking our ship,but technology is also taking a massive amount of work away from our people.Rain Mcloud i agree with everything you wrote,as a matter of fact all the comments are some what correct in there meaning,it is time for everybody to stop pointing fingers and fix this fucking mess once and for all.

[Rain Mcloud]

8. Welcome to DU

Thanks.
Bill screwed everyone with NAFTA,but to the north american third world,it was vicious.
Since its inception it is estimated that 6,000,000 farmers in mexico alone have lost their farms,some in the family for generations.

I love Bill Clinton but it seemed he reached across an aisle too far.
[link:http://oaxacalibre.org/index.php?option=com_content&view=article&id=1655&catid=29:informacion&Itemid=62|

[madrchsod]

9. we are the next state to go "right to work"

[madville]

10. Why do you say that?

I doubt the Chicago area is gonna dump unions in mass in order to save the state pension funds.