Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
Bond rating agencies evaluate risk of default on bonds. For the private sector, ratings can be an indication of the fiscal health of the bond issuer. For government bonds backed by the power of taxation, ratings don’t necessarily reflect fiscal health.
The uptick in Illinois’ bond rating merely reflects the rating agency’s confidence that Illinois politicians are willing to tax the state into oblivion to keep the gravy train running.
The Democrats think that’s something to brag about.