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Thread: Illinois Headed for Junk Status

  1. #1
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    Illinois Headed for Junk Status

    It's looking very likely that S&P will be downgrading Illinois' credit to "Junk" status in the very near future. Not due to any sort of economic crisis, but simply prolonged, egregious financial mismanagement. Chicago is in similar shape. From what I hear from colleagues and in the press, there is simply a refusal on the part of politicians, the public, unions, etc. to face the reality of the situation.

    A lot of people will suffer for this. I'm surprised we haven't been hearing more about it. I assume at some point they'll be looking for some sort of federal bailout.

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    Senior Member Ultralight's Avatar
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    Quote Originally Posted by LDAHL View Post
    I assume at some point they'll be looking for some sort of federal bailout.
    Then all will be well!
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

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    They will just hire Micheal Milken to push them.

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    Illinois sucks. When I last visited the state police racially profiled and harassed my passenger and me. My complaints to the tourism bureau and later a university researching tourism for the state were ignored. Then I saw police brutality including the murder of Laquan McDonald, and police not weeding out the bad apples in the force but instead loafing at work. Then they got on a United Airlines flight and beat up a passenger who was a doctor and wanted to get home to care for his patients. I hope the state goes so broke they all lose their pensions.

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    Senior Member catherine's Avatar
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    Bummer. I love Chicago. I didn't know anything about the straits they're in. And the state is run by a Republican. Go figure.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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    Senior Member Tradd's Avatar
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    Chicago is a cesspool, as well as Cook County and the entire danged state. Michael Madigan has more power than the danged governor and is holding everything hostage. He's been in office way, way too long. Waiting to see how much income taxes will go up.
    Last edited by Tradd; 6-29-17 at 8:35pm.

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    Senior Member Tradd's Avatar
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    Quote Originally Posted by catherine View Post
    Bummer. I love Chicago. I didn't know anything about the straits they're in. And the state is run by a Republican. Go figure.
    Do you know anything about IL politics? The speaker of the state house, Michael Madigan, has been a state rep since 1971. He's been speaker, except for 2 years, since 1983. He runs the state, essentially. His daughter happens to be the IL attorney general, too. If a Dem votes a way Madigan doesn't like, Madigan will make sure that person is soon out of office. Everyone, even the downstate Dems, who tend to be moderately conservative, take their marching orders from Madigan.

    We've been without a budget for nearly 3 years now, because Madigan doesn't like anything Rauner, the GOP governor, is proposing.

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    Senior Member catherine's Avatar
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    Quote Originally Posted by Tradd View Post
    Do you know anything about IL politics?
    No, I really don't know anything about IL politics. It's amazing how a whole state can be under the control of one man. In NJ, we have George Norcross. I don't think Norcross runs the state, but he's pretty powerful.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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    Liberal though I am I'm an independent because of machine Democrats. We have them in Massachusetts too, where there is no accountability and state jobs including state trooper positions go to relatives of political hacks and lobbyists. Some people criticized Bernie Sanders for not being a Democrat. I thought it was a plus. And let's not forget the Illinois police arrested him. I am paying more in airfare for an upcoming trip to avoid a connecting flight in Illinois. Cesspool is right.

  10. #10
    Senior Member Tradd's Avatar
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    Public sector pensions are a huge liability for IL. They cannot be altered at all. This was written into the 1970 state constitution. The GA (General Assembly) has tried to pass various pieces of legislation to address the issue, by changing things for newer hires, etc., but every one has been declared unconstitutional the IL Supreme Court.

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