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.
Read more about Illinois fiscal crisis:
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.
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.
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.
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!
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.
IL is being downgraded to junk because of institutional racism at the ratings agencies. It is racist to deny Chicago a loan.
Dont give them any ideas!
Stupid is a race now?
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.