Showing posts with label Illinois Credit Rating and Job Growth. Show all posts
Showing posts with label Illinois Credit Rating and Job Growth. Show all posts

Sunday, March 23, 2014

"Illinois Credit Rating: State's Worst-In-Nation Rating Costing Taxpayers Millions" --And they're raising taxes??!!!

March 23, 2014 'Millionaire Tax , Illinois 0 Comments
Sarah Burnett, Jun. 25, 2013, Huffington Post
CHICAGO -- Like your cousin who doesn't pay his bills on time and squanders money he doesn't have, Illinois is paying the price – in both cash and reputation – for years of ignored warnings about its pension crisis, the worst in the nation.
Largely because of its unfunded retirement plans, Illinois has replaced longtime bottom-dweller California as having the lowest credit rating of any state. So when Illinois tries to borrow money, it faces the same problem as the spendthrift cousin: far higher interest rates.

The state's financial failings are so well-known, they have inspired a name on Wall Street – the "Illinois effect," a reference to the fact that cities, universities and other bond-issuing entities here must pay more in interest, even if they are responsible spenders.

Read the full story:  www.huffingtonpost.com

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"Moody's Cuts Chicago's Credit Rating--Aside from Detroit, Worst in the Nation" I blame Bush.

March 23, 2014 Illinois , Illinois Credit Rating and Job Growth 0 Comments
Photo by Mike Segar / Reuters
Mar. 4, 2014, Illinois Review
Moody's Investors Service downgraded Chicago's credit rating one notch to Baa1 with a negative outlook, putting it only three notches above junk-bond status.
The city's rating had been A3 after Moody's lowered it three notches last July due to the city's huge unfunded pension liabilities.
Except for Detroit, which is in bankruptcy, Chicago is now the lowest-rated major city in the nation as it prepares to sell $388 million in new bonds next week.
The lower rating means the city will have to pay a somewhat higher interest rate to attract investors.
Source:  www.illinoisreview.typepad.com

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"Illinois predicted to be 50th in Job Growth in '14" -Out of 57? Just the right time to impose a "millionaire's tax."

March 23, 2014 Illinois , Illinois Credit Rating and Job Growth 0 Comments
The same group that says the state of Illinois’ credit rating is the worst in the nation now predicts Illinois will create the fewest jobs in the nation in 2014.


Read the full story:  www.illinoispolicy.org

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"Millionaire Tax: Illinois Dems Go All-in On Class Warfare" --Illinois ain't California. Bad weather+high taxes=adios

March 23, 2014 Bruce Rauner , Class Warfare 0 Comments
By Ray Long, Monique Garcia and Maura Zurick Clout Street, Mar. 21, 2014, Chicago Tribune

SPRINGFIELD — Illinois Democrats went all-in Thursday with their election-year class warfare theme as Speaker Michael Madigan pitched the idea of asking voters to raise taxes on millionaires, Senate President John Cullerton advanced a minimum-wage increase and Gov. Pat Quinn compared wealthy opponent Bruce Rauner to TV villain Mr. Burns.
The moves continued a Democratic push to highlight income inequity that started Tuesday night before Rauner had even claimed his narrow victory in the Republican primary for governor. Rauner and Republican legislative leaders have countered by accusing Democrats of being tax happy and trying to drive a wedge between the rich and poor.

The newest front in the campaign battle came as Madigan held a rare news conference to announce he wants lawmakers to put a question on the Nov. 4 ballot asking voters whether the state should raise the income tax by 3 percentage points on those who make more than $1 million a year.

Read the full story:  www.chicagotribune.com

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