In the world of investment, Illinois’ credit rating is equal to the African nation of Botswana, where the per capita income is around $15,000. This comparison, though, is unfair to Botswana, which unlike Illinois enjoys a growing economy. After decades of Democratic rule led by public sector unions, Illinois is the dead-beat uncle of America’s states.
Illinois’ current credit rating is A-, the lowest of any state in the union, one notch about junk bond status. This dismal rating is driven largely by the state’s enormous pension costs. Currently, one in four tax dollars collected by the state go to plug its pension hole. This is more than the state spends on elementary education. The great wave of baby boomer retirements is only beginning, though.
Except for a couple years in the 1990s, Democrats have controlled the Illinois House for decades, acting as the personal legislative arm of Speaker Mike Madigan, who, in addition to running the state Democrat party is the father of the state Attorney General. In the state Senate, the Democrats have a supermajority.
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Chicago and Cook county out vote the entire state. Always dumbocrats and always big union corruption payoffs.
ReplyDeleteNow.......the chickens have come home to roost!
Keep promising a defined benefit pension and continue to not fund it. Why do I bother.
ReplyDelete