RunRyder RC
 1  Topic Subscribe
WATCH
 1 page 249 views
HelicopterOff Topics News & Politics › Illinois’ credit rating downgraded; state drops to worst in the nation
01-27-2013 03:00 PM  4 years agoPost 1
Dennis (RIP)

rrApprentice

Oregon

My Posts: All  Forum  Topic

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

by Sean Lewis

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 states including neighboring Indiana, Iowa and Missouri.

“Our problem in Illinois is that we have not substantively and fairly addressed the state public pension issue.”

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.

“This problem didn’t come along just now it’s been accumulating for actually decades. Each time the governor set a deadline and didn’t meet it there was some negative reaction,” he said.

“It’s become quite evident to me that the general assembly has not registered what these negative impacts are to be enough to cause a change in the public pensions.”

Rutherford says reform should come in the form of new cost of living adjustments and sliding healthcare costs based on pension income, all of which is a hard sell in Springfield– but would put the state back on better financial ground.

“Illinois is a very good place and we can turn this place around– but the first thing we need to do is fix this in a fair way, our public pensions.”

http://wgntv.com/2013/01/26/illinoi...-in-the-nation/

PM  EMAIL  GALLERY  Attn:RR  Quote
01-28-2013 01:52 AM  4 years agoPost 2
InvertedDude

rrApprentice

USA

My Posts: All  Forum  Topic

Illinois

TAX and SPEND, SPEND and SPEND!!!!!!

You stand in the way, you are a traitor! TAX the RICH!

Illinois SUCKS, used to live there...HATED that State until I decided it was enough!

PM  EMAIL  GALLERY  Attn:RR  Quote
WATCH
 1 page 249 views
HelicopterOff Topics News & Politics › Illinois’ credit rating downgraded; state drops to worst in the nation
 Print TOPIC  Make Suggestion 

 1  Topic Subscribe

Sunday, December 17 - 10:14 am - Copyright © 2000-2017 RunRyder   EMAILEnable Cookies

Login Here
 New Subscriptions 
 Buddies Online