IL Credit Rating Gets Worse
- A major investor ratings service further lowered Illinois' worst-in-the-nation credit rating today following lawmakers' inability to agree on money-saving reforms to the public employee pension system.
Fitch Ratings dropped Illinois bonds from an "A" rating to "A-" after lawmakers could not pass changes to a public pension system approaching $100 billion in debt.
But it will get better, right?
- Democratic Gov. Pat Quinn said he plans to meet with Madigan and Cullerton on Tuesday and called the downgrade "no surprise."
But....it WILL get better?
- It noted the state’s temporary 67 percent increase in the personal tax rate is slated to start dropping off in 2015, and the state will be “faced with a significant budget balancing decision to make permanent the tax increases, make severe expense reductions, or identify new revenues.”
Anyone know the odds of that "temporary increase" actually staying temporary? We heard "slim" and "none" and "slim" just left town.
Labels: state politics
posted by SCC at 12:05 AM
43 Comments:
Plain and simple, they are all crooks and they keep getting elected. Why complain, I never voted for any of them. So the majority of you did.
"From lowest in the nation to...well, still the lowest"
They'll be touting this as a win because the rating didn't go any lower.
At least Illinois is consistent.
rb
All this and yet nary a whisper about diminishing the entitlements heaped upon those who don't contribute a fucking thing towards making the motor hum.
Civil unrest be damned! Declare a 20% cut across the entitlement spectrum and give the military and law enforcement throughout the country the "Shoot To Kill" order when the catered-to constituents take to the streets to loot, riot and pillage in protest. Dropping natives engaged in local savagery would yield benefits on so many levels.
It's not their money..it's not their pension money....they don't give shit about their responsibility to the people...so they'll just change the rules at the end of the game and all you unimportant 'voters' can go pound sand. Need I translate this into 'Spanglish?'
11 of 20 credit rating drops are directly caused by the PotatoHead himself,He owns them him madigan and tiny have pushed us into being a DeathSpiralSanctuaryState. we are in what bomber pilots call a "graveyard spin" no way of pulling out. we are broke what do they do? push a tax increase thet will effect 85% of us into a increase of like 10% more than we pay now
You can't keep coddling rif raff and illegal immigrants and think the budget will be ok. They are takers and Illinois can't keep giving free stuff to these people.
It costs $50k per shooting incident and add welfare for illegals on top of that its costing the state billions. No news ever wants to talk about this. No other state operates like Illinois.
Where is that turd Andy Shaw and BGA on this?
It's getting sooooo bad in Illinois that the former mayor of Chicago, Richard M. (Meters) Daley's brother BILL is considering a run for Governor. He wants change!! Or whatever is left in your pockets......
There isn't a bigger fuck up than Pat Quinn roaming the earth, but in fairness to him the entire state of Illinois is devoid of any leadership so he's not alone. Thanks to all the mindless idiots that continue to vote these assholes into office despite passing some of the worst policies in the history of the US.
Not to worry, Bill Daley coming to the rescue.
Regulate link cards with a picture on it and drug testing for participants. Fine stores who violate link card rules. Fine criminals if they are convicted of a crime. Fine criminals for their transport, along with "victims" who dun need no report but need that ride. Fine those who sign complaint for an arrest but do not show up in court. Fine parents for multiple curfew violations. No obama phone. No cease fire. Cut off unemployment benefits sooner then they do now, currently there are more than 150,000 jobs in illinois, but some make more by getting unemployment checks. Cut benefits (medical, education, government assistance, housing, etc) for non-citizens. Make cannabis legal and tax it. Pay cuts and 0 benefits for aldermen, its a part time job. Charge for taste of chicago and fence it off then 1.5 pay for officers who are working it and charge vendors and visitors for it. Seize vehicles for having excessive amount of parking tickets and auction it off, then charge for processing the auction. Raise impound fees and tow fees. Raise parking ticket fees. Sell off seized guns, cars, and other inventories which aren't claimed. Fine citizens who's claim of police misconduct is unfounded and remive it from the record. No more link at Costco or Sam's club. Cut benefits (not pay) for government
employees and make it reflect that of the top
official. Take protesting groups to court for the extra public services given if there was crime committed. Really, stop link at costco or sam's club. My family signed up just to be away from savages and now they are whipping out that card from their fancy purses as they hold a key to a nice cadillac in the other hand, it's disgusting. Down south this system has worked and continues to work well. Some departments are run only with revenue generated by themselves, it also works great. Damn, this is the price my family has to pay for me wanting to be the real police once upon a time. We are screwed.
First thing to go? Pensions.
Mad Max Beyond ThunderDome is com ing!!!!!!
I also read that pensions were a major cause of the downgrade. Darn working man and his modest pension. Also reported was that the downgrade has nothing to do with all of society's leaches who don't work and get money from the taxes of the working man and also the slime ball politicians who steal money from the pensions among other places have nothing to do with it. It is all the fault of the working stiff who pays his mortgage, taxes, and other debts.
pension change.....tick tock....
Enjoy Clouted Aholes your house and ours are crashing down
Viva La Revolution
Thank Madigan and Lisa Lisa Lisa
Illinois should be declared a federal disaster area--- almost 50 percent of the state's population is on some form of government assistance--- the 100 billion dollar unfunded pension liability is a big problem--- another is being behind 6 months on paying the bills--- now these morons are talking about building the peotone airport again--- the bullshit will never end....
The Toll Roads were supposed to be temporary,Gonna Get the paper, get the paper.
Madigan's ( Sun Times and Tribune also), fix for this is to severely cut the pensions and fixed income of retired civil servants.
These civil servants have done nothing wrong and have faithfully contributed their share to their pension throughout their entire careers yet the politicians now want these retiree's to "bleed". These retiree's pensions are not some sort of kings ransom like a politician gets. In fact most retiree's pensions are already quite modest even without any cuts or "reform".
The politicians of this state, through their willful and wanton malfeasance, created this mess. They, not the retiree's,need to suffer the damage and heavy lifting in this mess.
Now Potato Head and Little Lisa are hoping to get that Blumberg anti gun money come election time. Potato Head will not sign the concealed carry bill and little Lisa is stalling asking for a 30 day extension to allow Potato Head to look over the bill. Who is more Anti Gun? Worked for Kelly she got Millions. Time to move to Texas! or Kentucky!
Time for the state to give up those casino licenses to Chicago...stop the money drain to Indian....and make them STATE controlled casinos, no private owners, with the profits going to pay for the pension shortages CAUSED by all the crap and pork the pols having been taking for themselves all these years, instead of paying their fair share into the pension system...which BTW is Constitutionally required.......Is Madigan holding out for his daughter to make her governor, and then she can "solve" all the problems?????
How is it that politicians use our pension fund like their own personal checking account for decades and when it is discovered that it is underfunded it is our fault. Then they try to take away what we worked for while keeping their pensions intact. Yes by all means lets keep the liberal entitlement democrats in office. Look how well it is working for Illinois. We are headed into bankruptcy because of mismanagement and being a welfare state. Enough is enough. I cannot wait to leave this shit pile of a state. Let the savages have it, let them run it all. Come back in a month and bury all the dead.
but let the state keep giving more and more to the lifer abusing public aid recipients
Temporary tollway fees.
Oh, we still have those ???
These "Alderman" jobs are designed to be a part time job.... not a career.
Elect them for a 4 year term and then elect 50 new Aldermen after that. Don't let them pass laws to increase their pensions, golden parachutes or anything like that.
Let them go back to working for a living, paying taxes, and not having that "slush" fund all Alderman get.
Let them pay for their own insurance, gas for their cars, car insurance and whatever else we as regular law abiding citizens are forced to get by on.
Put them in Obama Care and see what happens then.
We will end up paying.
I saw the public outrage in the media on this issue. Oh wait, that was for gay marriage. This issue is of minimal importance to most people especially the freeloaders.
Every downgrade costs the state more money they don't have. Believe it, there is no more money! But don't confuse that with an inability to spend more. Your house is in foreclosure? That's ok keep running up credit card bills.
And the interest on your credit card keeps going up because you are a bad risk. Broke? Go out and buy a new Cadillac or a DePaul arena.
Everyone talks about Chicago/Illinois corruption blah, blah, blah. Well its over. The fact that the embarrassing, incompetent, corrupt legistature did nothing to address pension reform shows they are no more responsible then the freeloaders. The sheep are in control and you can't change that. You can't because the freeloaders out number the contributors. And that was the master plan.
To all the real people on this site take this issue very seriously. Your money, pension, livelihood are all in play.
Put these motherfuckers under the same pension and medical system were are in and they will fix the problem mucho quick.
It will "get better" when we decide to get rid of democrats.
yet the Potato Head cannot find Madigan to get together on Pension Issues? Really?
I we get an A- rating, who the hell gets an F?
Now, kees me you fool!!!!
These politicians are intentionally trying to run these governments in this state into bankruptcy so they can get out of their pension and healthcare OBLIGATIONS. They dont want to live up to their responsibilities to the workers of government. They see themselves as captains of industry and they want the average workers to go the way of the workers of private industry- live in poverty in retirement or work forever. We need a real revolution to right these wrongs!
To all the real people on this site take this issue very seriously. Your money, pension, livelihood are all in play.
6/04/2013 01:00:00 PM
how seriously?
Chalkie
The only thing for the none public employees of the State to do is run, run, run far away from this State!!!!!!!!!!!!
I forsee Chicago and Illinois in 5 to 7 years being forced to file for bankruptcy over the pension mess. I don't think that police officers with less than 15 years on the job will ever see the full amount of benefits they are owed. The impending bankruptcy filing by the City of Detroit and the fact that Detroit City workers and retirees are going to be forced to take a major haircut in pension and health care benefits is ominous for Chicago and Illinois. Chicago and Illinois politicans will keep pandering to their minority constituents until the house burns down, so that they retain power right to the end. Don't be the last one standing when the music stops.
What the fuck does it take to get an F for failure?
A to a- seems petty.
My credit score is 765 and had a hell of a time to refi my mortgage.
The state is buried in debt for the rest of my lifetime and they get a-
Wtf
I know it will not be popular to write but benefits are going to be cut. There is no way around it. You can write about constitution, the law, TIF, Maggies park, etc-- cuts are coming. Just make sure the they are somewhat reasonable and across the board. And FOP- please no more " forgiving" the city about pension payments due as happened years ago.
Damn, this is the price my family has to pay for me wanting to be the real police once upon a time. We are screwed.
6/04/2013 06:11:00 AM
what planet are you living on? None, repeat, none of those items you suggested have a prayer of ever happening. Keep dreaming.
This state is doomed. You aren't "fixing" anything about it, ever. So stop wasting time thinking up sensible soultions. Even if a handful somehow managed to get implemented -which by the way they won't- this changes nothing. This is the Titanic and it's all going down to Davy Jones locker, kid
the sooner you come to terms with that the better you'll feel
I stopped caring years ago. And I sleep great every night
Seriously , what's the cost of housing , health , link , wic , education for the 100,000 illegals in chicago and third generation gang bangin welfare families .
Bet savings would fund pension 100%
To show you who the real ;power is, Madigan is GOA and Potato Head cannot find him. For those who said in previous posts that he is a stand up guy for not having a detail.. the reason is simple. If he had a detail they are beholden to the Gov, not him. He could be found if he had a detail for they have to be able to be reached. Now he can go off with out a way to be reached, can make the Gov look like an idiot and is like an emperor.. Remember, Cullerton is his kids godfather....
Watched the Chicago Tonight panel discussing pension reform tonight. As usual, gazillionaire Msall thinks it would be good to take away everyone's pensions and it's obvious that he wants to be Madigan's lifelong bff.
Then, there's Kristina Rasmussen, of the Illinois Policy Institute. She thinks, since there's going to be a Constitutional challenge 'anyway', Illinois might as well "go big" and try to get away with ridiculously huge Constitutional violations.
Ms. Rasmussen, it's hard to take you seriously for two reasons; your rationale is that of a 5yr old and you sound like you just took a hit off a helium balloon. No one hears what you're saying because your voice sounds like Tweety Bird. Get a voice coach if you want to be taken seriously.
There IS a bigger fuck-up in Ill-noise than Pumpkinhead Quinn: Republican LOSER Bill Brady, who wants to try again to get the campaign right. Yeah, sure. You, Kirk Dildo, RINOs Rennaer, Topinka, and Mark Kirk are a worthless, self-serving, lot. GOP: Geldings O' Plenty.
Well what do expect from a governor whose best idea for pension reform was Squeezy the Pension Python. Good thing he's not in charge of motor maintenance, I don't think Squeaky the Safer Squad Car would inspire much confidence!
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