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Illinois’s Credit Rating Is Now Worst In Nation

From Chicago’s WGN-TV:

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

By Sean Lewis | January 27, 2013

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.

On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest, when compared to a perfect triple-a bond rating enjoyed by other 11 states including neighboring Indiana, Iowa and Missouri

The news media tell us constantly that the US needs to raise taxes to keep from losing its credit rating. But Illinois raised their state income tax by 66% in 2010. So how come they are being downgraded?

Rutherford points to Governor Quinn and the democratically controlled general assembly for making matters worse in the last two years– raising taxes but not acting on pension reform

Would those be public sector union pensions by any chance?

In any case, bear in mind that Illinois is run from top to bottom by the Democrat Party machine. In fact, is the poster child for Democrat Party machine politics.

Also, bear in mind that both Obama and Hillary hail from Chicago, which is currently run by Obama’s former chief of staff, Rahm Emanuel. So there is no doubt whatsoever that things are being done there exactly the way Democrats think they should be done everywhere.

And look at what a great job they are doing on every level: crime, education, and now their credit rating. And yet Obama and the Democrats want the whole country to look like Chicago.

This article was posted by Steve Gilbert on Monday, January 28th, 2013. Comments are currently closed.

One Response to “Illinois’s Credit Rating Is Now Worst In Nation”

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