This is a syndicated post from The American Catholic. [Read the original article...]
Well, the Land of Lincoln, and the home state of the South Side Messiah, has another distinction:
llinois’ credit rating has taken another hit. Standard & Poor’s Ratings Service downgraded the state from an “A” rating to “A-minus”, making it the worst in the country.
The New York ratings firm’s ranking means taxpayers may have to pay tens of millions of dollars more in interest when the state borrows money for roads and other projects.
The downgrade is the latest fallout over the $96.8 billion debt to five state pension systems.
The downgrade now ties Illinois with California, but California has a positive outlook.
Illinois’ fragile overall financial status netted it a negative outlook, putting it behind California overall.
The ratings came out now because Illinois plans to issue $500 million in bonds within days.
Finally…we beat California at something.
For those of you lucky enough not to live in my home state it is hard to convey the hopelessness and helplessness that is a part of living in the aptly named Sucker State currently. The economy is bad, our State is hopelessly in debt, and Springfield is in the iron control of Democrat politicians who seem only concerned to raise taxes to keep the pension money flowing until they are safely out of office. The political corruption that is endemic in the State is symbolized by the fact that three members of the General Assembly are currently awaiting trial on felony corruption charges. The State is effectively a one party system with the Democrats having rammed through a gerry mandered map in 2011 that has to be seen to be believed. In any case the Republican party is moribund with most elected officials only a little less eager than Democrats to steal what they can before the State collapses. This is the future that Obama sees for the entire nation. Lincoln weeps.
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