Illinois now has the lowest credit rating of all 50 states. Standard & Poor’s rating services downgraded Illinois’ credit rating last week to A-, with a negative outlook.
State Treasurer Dan Rutherford, who blamed the negative rating on inaction on the public pension system by Gov. Pat Quinn and the General Assembly, said Illinois is headed for "fiscal disaster."
He said the lower rating will force the state to fork over more money on interest payments. This will affect state universities, road construction and other public institutions because more will go to interest than principal as these projects are paid for.
“If you went out to borrow $500 because you have such bad credit, it will cost $95 more in interest than better-rated states,” Rutherford said.
The state's elected officials have done little to address their "worst-in-the-nation" public pension problem. Not only has the state not adequately funded the pension funds over the years, it has gambled with the funds themselves.
Jonathan Ingram, director of pension reform at the Illinois Policy Institute, points out that more than $1.6 billion of the money in the public pension funds is invested in junk bonds. On Reboot Illinois, he writes:
"More than $1 billion of the money invested in junk bonds is from the Teachers’ Retirement System – the pension fund for suburban and downstate K-12 teachers. Altogether, junk bonds make up more than 12 percent of the state pension systems’ bond portfolios."
And how does this affect you? Scott Reeder at the Reeder Report cuts to the chase:
"In 2011, the Illinois Legislature jacked up income taxes by 67 percent – and nearly every dime of it went to cover pensions. That’s the equivalent of an extra week of pay being taken away from every working Illinoisan.
"Taxpayers are finding it hard to save for their own retirements because they are busy paying for someone else’s."
Want to know more? Michael T. Carrigan, president of the AFL-CIO, says employees deserve a say in their retirement security. On Reboot Illinois.
This post is published on sites throughout the Chicago-area Patch network.
Bush 41 the actual POTUS did the usual disinfo like getting the old Reagan movies with the monkey released and diverting the sheep by firing Union Air Controllers and getting corrupt unions to endorse him and his early Demetia policies that without question is the cause of every problem this nation has had foreign and domestic, why don't u know any of this or what i said instead of thinking of reasons to get high in yer gated paradise!
They do and have my boy they are extending the retirement to 67 then 9 and then oh they gone! If it was 62 more people could die without their boots on and more jobs would open up Oh what a socialist concept! Remember when the ACA was first being debated Alan Grayson D FL said" the GOP for health care is die young" nothings changed what a visionary!
Once a post on every thread I am accused of getting high this whole BLOG is over medicated and heavily censored.
@ Brad on Afghan and Iraq, both were part of the energy summit hosted by the former head of Helliburton in the first day of business as usual, he also was still getting a finders fee and blind trust check from KBR-Helliburton and disobeying the laws of the USA by operating in Iran up to 06, The Afghan role was vital they were planning a pipelines from the Stans to carry Oil and gas to the Indian ocean that had to cross the entire Hindu Kush, now u knew that as bright as u are! The RED ARMY (CHINESE COM) offshore DRILLING Corp which none other than Bain has a big share is and has always been there in the Stans and Iran as have the RUSSKIES I mean u act like this stuff is on the legit! u knew that all along u are not the quiet man are u?
No room in the Inn, no Inn they are mobbed with fereners and Murkans as well as Chicagans well some anyway big bucks big bills and no chance to collect SSA , it was a great run Chauncey up till the movie star played his biggest role!
REMEMBER BUSH campaigning just before the crash he wanted Lehman and Goldman to get their circumcized hands on SSA along with 2012 crooks RYAN -TWIT never forget they are the 21 st century robbers and will never stop in their attempts to loot the SSA TRUST fund.
As Chauncey says, people make mostly what they are worth. The cost of living here is higher, but so are the wages. Most of the time, those two rates are commiserate with each other. People in Alabama earn much less, but houses and food and so on cost much less too. Alaska tends to make more, but it costs five dollars for a gallon of milk and you might have to wait for spring for specific supplies. There is almost always a trade-off for area versus cost. San Diego is awesome to live in, minus the expense of buying property. Wherever you go or are, there is a trade-off. Even North Dakota, as Chauncey mentions, is a frozen tundra five to eight months of the year (been there, know people who lives there) and for SOME weird reason, everybody gets cancer in the northern parts (near Minot)...all a matter of what people can tolerate or afford.
how bout Derrick Rose or Pat Kane in 16! One should be gov the other POTUS, both can get the 1 % vote and have the Media who do not even notice the DEMOPUBS and especially obstructionists are leading us to Euro austerity,Remember when news sold papers now we only get Gladiator and Bears news while the environment and consumers are being mauled by the TPARTY surrogates of poison and pollution they will soon bring to a vote more moronic anti abortion bills in this session of congress and prayers galore in place of a curb on AMMO and WMD, the Gun shows in Dixie prohibit loaded weapons inside them as THE home school and ammo land lobby want teachers to carry Glocks and M 4 CARBINES! As for a fiscally conny GOP POTUS-IKE and OBAMA!
@ concerned if u are referring to my post that is what happened to me, the rock was suppose to be a Caymans PO BOX, but since the BUSHEVIKS and Neo's crashed the economy, in 08 now only Corporations can be people in the Cayman's, can u comprehend that and still be concerned!
U would prefer TURD BLOSSOM (Vera-Karl Rove ) perhaps! I am not a Card carrying Dem but I LOVE that Islamo Socialist Black guy nominating a REPUBLICAN VIET NAM veteran and hero who is not in AIPAC'S back and front pocket to be SEC of DEFENSE? And the hysteria from the NEO CON smear machine is priceless! As stated u should go right to the Comics and NEWSMAX( the magazine for harlot toe suckers) ! IF U NEED a EXPLANATION on CURRENT or PAST events all u need to do is ask! I'll be right here! THE CAYMAN'S are where 12,000 Corporation like BAIN live they have a PO box in a small Townhouse and vote late and often,SENDING the totals to the FLORIDA and OHIO SEC STATE for verification in the election for POTUS,it is the reason Twit's final total is 48 not 47%. The Chinese RED ARMY offshore Drilling Corp are trying to move into the Caymans legally since BAIN ROBME is a full partner and they enjoy dual citizenship in MACAU ( A former Port colony). More later if u need more info? TWIT is a partner of the COMMIE CHINESE RED ARMY (according to his one tax release) they are drilling in the Stan's and hated IRAN, and a violation of USA law unless it is Helliburton or their KBR subsidiary, HOW ELSE CAN i HELP!
The Stans are former Soviet nations Uzbekistan Kazahk etc where Cheney;s partners the WYO-TEX and Okkie oil gas guys wanted to drill and run the pipeline thru AFGHAN and PAKISTAN to the INDIAN Ocean more info if u need it just ask!
and the Red Army, Christian charlatans and banksters thank u!
Vice cops are Police who arrest prostitutes,NEO CON GOP Johns and other unsavory TPARTY Christian and Ezraite charlatans. Big DADDY EZRAITE is Sheldon Adelson the top money man of AIPAC whose job is to elect more and more 51 st state obstructionists to congress and eventually to 1600 who ignore the sinking such attacks against America like the Liberty and Rachel Core on behalf of the ZIONIST State! AIPAC the MURKA political action commitee with every chicken shitehawk - NEO CON IMAGINABLE who sends our warriors and sons to wage war for HELLIBURTON- KBR and BLACKWATER.The former VP and CEO OF HELLIBURTON'S wife is one of those in charge of the alien lobbyist group! 1600 PENN AVE is where 666 the Gipper Ron Reagan allowed his VP to USE THE BASEMENT as a operation center to bring drugs for guns to the Ayatollah and Latin American death squads using the CIA AIR MURKA, thanks for asking!
Now give us a sample of your literary skills so far your contribution has yielded nothing but negativity and know nothing nonsense! But it is more than expected from a lightweight.