Fiscal Meltdown Continues
We all better start sampling cat food or looking at other states for retirement options:
- Though Illinois took steps in the last year to address its fiscal crisis, including a temporary hike in the corporate and personal income tax rates, the steps did not lift the ratings on its debt.
As the state prepares to take $800 million in general obligation bonds to market next week, two of the three major credit rating agencies kept their ratings the same and one downgraded its rating a notch, which means Illinois continues to lag most other states. The bond issue will help finance school, transportation and other capital projects.
Moody's on Friday downgraded the state's rating from A1 to A2, still investment grade, but in the middle of that range.
Nothing about this inspires confidence in anything coming out of Springfield.
Labels: money questions
posted by SCC at 12:02 AM
24 Comments:
Way to go democrats......
Number 1 worst state to retire:ILLINOIS per AARP
State in worst financial crisis in U.S. ILLINOIS
Just remember one thing.
Those rating agencies rated all that junk that the banks rolled up together in order to create mortgage investments and credit swaps with...that stuff was rated triple A safe too.
And the truly screwed thing is that states CAN NOT default on their debt; they can be, and will be, forced to liquidate assets and raise taxes, by the USSC acting in an executor role. And while the IL Constitution pretty much bulletproofs current pensioners, it doesn't protect against the taxing of those pensions or the extortionate tax rates which would be required to keep spending at current levels.
The state of IL is absolutely gridlocked in stupidity. Nobody has the balls to cut anything; these are soft people who can't tell a motherfucker "no." The "catered to" assholes are loud and shrill and shamelessly use the courts and media to keep the money flowing. The chance of IL politicians doing anything before it comes off the rails is about the same as God coming down right now and making me Master of the Universe.
Dumb-ass dumocrats driving this state and country into the f'ing ground.
trust me this is not good. we may joke about it here but if the state of illinos goes broke and files for bankruptcy we are all fucked. Say good bye to any hopes you had for retirement and a pension.
Wisconsin is not known as a retirement friendly State, but gasoline is usually 15-20 cents a gallon cheaper than in Chicago, they don't charge sales tax on most food items and a recent survey shows food costs there to be below the national average.
Particularly attractive is the fact that they now have carry concealed in case someone tries to rob you of your grocery money!
http://www.chicagotribune.com/news/local/
sns-ap-wi--foodprices,0,6491725.story
Here's another gem passed by our esteemed Illinois legislators. If you want to purchase Drano to clean your clogged pipes, you have to show a photo ID effective 01Jan2012. This is so stupid of a law, so meaningless and such a good example of the incompetence of our law makers that Jewel Food Stores took Drano off their shelves and will no longer sell it. All of this because some guy somewhere in the State of Illinois threw some kind of caustic acid in a womens face awhile ago. This is how they respond to it. The level of incompetence by the Illinois legislators unequalled anywhere else in the world.
Speaking of a meltdown. I wonder how much more bad paper these sobs have floating around.
Illinois Lottery bounces 85 checks to winners
SPRINGFIELD, Ill. (AP) – The Illinois Lottery bounced dozens of checks written to winners, many for scratch-off tickets worth $1,000.
Lottery spokesman Mike Lang says the mistake happened when a computer file wasn't sent on time to the lottery's bank. He says lottery officials didn't key in the required security verification for the checks.
The lottery wrote 311 checks on Dec. 28. Of those checks about 85 bounced. Lang says the lottery offices were short staffed because of the holidays. The affected checks totaled about $159,000.
Lang says the lottery will pay for any bank fees that occurred because of the checks. The lottery also is apologizing by sending free scratch-off tickets to those affected.
http://www.usatoday.com/news/nation/story/2012-01-07/lottery-checks-bounce/52427880/1
I keep asking why corrupt bastards like Madigan and Cullerton are not in jail. These are the two standouts of corrupt poltics in this state. It was going on well before these two fuck heads came on the scene but when is it going to stop. Daley failed to make pension payments into our fund and now we are left with the disaster that is sure to come. How the fuck did these corrupt bastards get away with shorting the pensions? It is going on today and will not stop until there is a taxpayer revolt.
The most scary new thing on the horizon is allowing governments in this country to declare bankruptcy. It is already being tested in a few places and might catch on here. Politicians could chase the wolf away by taking our pensions.
This is what 40 years of one-party rule will get you.
Let the finger pointing begin. We're good at catching blue collar crimes, but how about all them white collar crimes that go on all around us? Maybe we need a new unit... we can call it... MSF, that just targets high crime areas like city hall and the alderman's offices.
Anybody that vote for an incumbent in Chicago and the State of Illinois needs their head examined.
They say you don't need term limits because you have the right to vote them out. That doesn't address the criminal state this State is in. The current group of criminals have a voting block bought and paid for with YOUR money. This guarantees them re-election.
It is up to us to VOTE THEM ALL OUT.
Here are the 10 worst states for retirement, with No. 1 being the lowest ranked, according to TopRetirements.com:
Worst States for Retirement
Why You Should Think Twice
1) Illinois
Poor fiscal health
2) California
Expensive, and its finances are in disarray
3) New York
Very high taxes, including property taxes
4) Rhode Island
Worst-off state in the Northeast from a financial viewpoint; high taxes
5) New Jersey
Highest property taxes in the United States; has pension funding issues
6) Ohio
High unemployment and cold winters
7) Wisconsin
High property taxes and frigid weather
8) Massachusetts
High cost of living and high property taxes
9) Connecticut
Taxes Social Security and has high property taxes
10) Nevada
Foreclosure capital of the world
Anonymous said...
Just remember one thing.
Those rating agencies rated all that junk that the banks rolled up together in order to create mortgage investments and credit swaps with...that stuff was rated triple A safe too.
1/07/2012 12:32:00 AM
Lehman Brothers bonds were rated top notch days before the oldest mortgage bank in the country went bust.
Same with Fannie Mae and Freddie Mac. High rated right into the teeth of collapse.
Rahm got his money however. And the prick Emanuel has the nerve to yell at us and try to cut our jobs and pensions to pay for the mess.
Geez... if my history class served me corectly,(I'm dating myself here cause they don"t teach history as it happened now)
Didn't the founding fathers draw out certain rules or something like that to allow us to hold in check a repressive government...?
I think it was something called the Constitution, Bill of Rights.... and if my memory serves me they were trying to free themselves from a tyranical government..... but hell, that was then and this is now... some say that is "out dated".
How far can these [corrupt] politicians push people before they rise up.... We work the street, we hear these folks every frigin day and the tone is changing... for the worse.
Time will tell...
Bottom line is the "free give away" programs are bankrupting the liberal states. I beloi8eve that some folks do need help, also some people can not work anymore...
But the big goal in life for these shitheaads are to get that SSDI check every month, do some menial tasks for cash....WTF Ive dealt with one family were the whole frigin family is on SSDI, their gang banging son is on it cause he claims he's ADD prevents him from working....bullshit, just a dog ass who rather do nothing but bang.
Well gotta run to my second side job....gotta do my part so I can "spread the wealth" and support these dreads.....
Even the damn Lottery Winning Checks Bounced!
What Da FUCK!
I'm going to Las Vegas, to lose my money!
Illinois is worse than Mississipi!
Golly! Damn!
Does This Mean Liza Does Not Want To Be Governor Anymore ?
I Heard A Nasty Rumor That She Does Not Want To Be Governor.
She Will Settle For Senator.
Wait, How About A Cabinet Position ?
Yea, A Nice Safe, Cabinet Position.
How About, The Minister Of Consumer Affairs ?
See, How Everything Works Out, When You Are A Loyal Democrat.
Thanks Dad, Your Swell.
Blago, Quinn, Madigan, Cullerton. Fucking democrats. Thieves.
And yet we still encourage illegals to flock here, steal our jobs, and drain our treasury with free everything merely so our career politicians can assure their re-election. Absolutely sickening.
Still no talk of trimming the fat from the link and illegal crowd.
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