Boots & Sabers

The blogging will continue until morale improves...

Owen

Everything but tech support.
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1838, 02 Jul 17

Illinois Heads to Junk Rating

Lest we look upon Illinois with too much hubris, this is exactly what our federal government is doing. Illinois is serving as a leading indicator.

“The massive pension liability results from a chronic tendency to defer difficult decisions,” said Ted Hampton, who as a senior credit officer at Moody’s will help decide whether to downgrade Illinois into junk.

Hampton said Illinois treated the pension fund as a “financial cushion” that could be relied on to provide fiscal relief. He also pointed to a tendency to delay paying bills and chronically underestimate spending needs.

“All of these problems are governance and management weaknesses,” Hampton said.

That’s a polite way of saying the political leaders broke the system.

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1838, 02 July 2017

2 Comments

  1. Jason

    I would wager that California will be next.

  2. Kevin Scheunemann

    Funny how Democrats in IL don’t praise Walker for his reforms. Reforms that could have saved their state from the sorry affairs¬†they are in now.

    Liberalism always hits the fan when they run out of other people’s money to spend.

    Covetous liberal greed is never good government policy.  IL is just a few steps from being Venezuela.

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