Land of Lincoln Nearing Junk Bond Status – IOTW Report

Land of Lincoln Nearing Junk Bond Status

The bond raters Moody and S&P have observed the stalled budget process going on in Illinois and have decided to drop the state’s bond rating to near junk level. While reaching depths of credit worthiness never tried by other states, the loss of confidence in the state’s ability to make good on its obligations translates into punishing interest rates for any future borrowing for Illinois.

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The democrat state controlled legislature came up with a “20 percent privilege tax” on financial advisors. Surrounding states think this is a swell idea and look forward to Illinois implementing this burden on the state’s financial institutions.

17 Comments on Land of Lincoln Nearing Junk Bond Status

  1. It’s Trump’s fault…but no matter. We all only have a couple of years left at most anyway, since he doomed the planet yesterday by not abiding with that brilliant climate change accord.

  2. As I’ve stated before, If You win the Lottery in Illinois…You get an

    I.O.U. (not to be confused with IOTW)

    Great place to grow up….in the 60’s and 70’s …Now, not so much.

  3. Illinois is the 3rd most Corrupt State in the US.

    For decades the Illinois Democrat controlled legislature has raided the State Employee retirement system and underfunded their repayment, over spent based upon fantasy income projections.
    All the while financing member initiatives (pork) in their home districts to satisfy big money donors and get rich corrupt schemes.
    Even today the corrupt Democrat Legislature (Speaker Mike Madigan) refuses to even attempt to balance the budget even though the Republican Governor has presented a plan to cut spending and move toward solvency.
    Corruption is alive and well in Chicago and the entire State of Illinois.
    On a personal note, Illinois is approx. 18 to 24 months behind paying health and dental bills of 10s of thousands of State employees and retirees.

  4. Illinois congress passed two new bills recently. Raise income tax and raise the minimum wage, it’s up to Rauner to sign them and he probably won’t. However I want him to sign them, let the liberals wallow in their own shit. Here’s $15/hr, now pay me!

  5. It’s reassuring that it is President Trump now and the nation will not be forced to cough up even more dough to bail them out.

    The last guy would have put a shiv up to our necks and taken our wallets.

    What was his name again? Some Swahili name or something.

  6. wait sh-h–h-h-h–h-h-h-h….
    New Trump IRS regulation will put a stop to deducting state income tax from federal income tax…. it will be riots in the streets except for Florida, Wyoming, Tennessee, Texas, and a couple other states with no state income tax. tee heeeeee!

    It’s the big one! Maybe not this year but soooooooooooonnnnn.

  7. My county in southern Illinois is one of the biggest oil producing counties in the Midwest. A couple of years ago they discovered a “yuge” natural gas deposit and said it could be like North Dakota if they started drilling. Of course the state got involved and tried holding the drilling permits for ransom, so the drillers all left town. We had hope for a while. Our little town is the county seat, and for a few months there were more Texas and Louisiana cars uptown than Illinois cars. We had hope that we might be able to be annexed into Texas, but I guess that will never happen now.

  8. Rating Illinois bonds “junk” is inflating their values by thousands of percents.
    The union pensions alone – which have all been robbed by the union bosses – have been shunted off onto the taxpayers and will consume some 200% of the “budget” in a few years. CA, NY, IL and a few others will drag the whole western hemisphere into bankruptcy. A man-made (well, Demonrat-made) catastrophe that could have been avoided by electing a few honorable men … yeah, it’s hard not to snigger at that … or laugh out loud …

    izlamo delenda est …

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