Ted was on with Tom Miller this week talking about the state of Illinois’ fiscal crisis now that the progressive tax failed and a federal bailout seems less likely. The rundown: Illinois has $7 billion in unpaid bills, a budget $6 billion in the red, 5-year projected deficits of $4 billion each year, over $300 billion in state retirements debt and is rated just one notch from junk status.

 

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Ginger
16 days ago

Never gonna make up the revenue shutting down businesses. Pritzker can’t be that dumb. I’m starting to think he’s using the virus as a tool to get the feds to bail him out.

Thee Jabroni
16 days ago
Reply to  Ginger

Yea,and most of the “bailout” money will go straight to the illinois pension system-those poor state retirees really need their 6 figure retirement money at the behest of us commoners.

NoHope4Illinois
16 days ago

If my company thought you were a poor credit risk, we put your account on ‘Cash in Advance’ if you wanted something. Companies need to do the same with Illinois – chances are less and less you will be paid.

Thee Jabroni
17 days ago

Ahhh,the downward spiral continues,cant wait for the day that illinois is unable to pay all these exhorbinant pension plans,that day is a comin!

Roger K
10 days ago
Reply to  Thee Jabroni

My guess – before that happens – health care providers will stop see State retires due poor reimbursement and large outstanding balance due from the state – the same reason some Doctors will not see Medicaid patient.

madigans_spooge
17 days ago

IL is being downgraded to junk because of institutional racism at the ratings agencies. It is racist to deny Chicago a loan.

Marko
17 days ago

Dont give them any ideas!

David F
16 days ago

Stupid is a race now?

Riverbender
17 days ago

I have been hearing about rating agencies’ cuts for years. They need to be honest for a change and rate the bonds as the junk that they are. The agencies’, by not rating the bonds as the junk that they are, continue on the problem that they are an integral part of.