Illinois's credit rating lowered again (Chicago, Springfield: 2013, school, income)

[wargamer6]

SPRINGFIELD, Ill. (AP) — One of the three major ratings agencies has downgraded the value of Illinois state government credit.

Fitch Ratings said Monday it would drop the Illinois rating from “A” to “A-” based on lawmakers’ failure to enact a solution to the state’s public-employee pension crisis.

Illinois already has the lowest rating in the nation. Lower ratings mean paying higher interest rates on borrowed money.

Gov. Pat Quinn is trying to schedule a meeting of legislative leaders for Tuesday.

Fitch Downgrades Illinois Credit Rating « CBS Chicago

[ropes1981]

Originally Posted by wargamer6

Fitch Downgrades Illinois Credit Rating « CBS Chicago

It speaks volume that no one commented on this right away. I wonder if those who live in IL and are thinking of moving to this state actually understand the magnitude of what is happening.

[myrc60]

I'm guessing the majority don't realize what it means.

[linicx]

I'm guessing it was old news when it was posted. I'm also guessing the only people who can do anything about it are taking the same annual school vacation as elementary students do in Illinois - instead of solving the problem. But wait! There is hope. They meet in Emergency Session as long as taxpayers foot the bill and pay the per diem and gas mileage for each and every legislator. It won''t solve a thing, but it will fill bulging wallets.

We have some good legislators who represent We The People. Unfortunately it is a small minority

[Maintainschaos]

Originally Posted by ropes1981

It speaks volume that no one commented on this right away. I wonder if those who live in IL and are thinking of moving to this state actually understand the magnitude of what is happening.

Originally Posted by myrc60

I'm guessing the majority don't realize what it means.

We're all pretty certain on what it means, but to act as if it is novel is to feign surprise. The credit agencies said they would do it if the legislature didn't pass pension reform. The legislature didn't do it. The credit agencies did do it. None of us are surprised.

As a citizen of Illinois, I wrote my rep and senator furious about the outcome of the previous legislative session. Many people in Illinois have. The legislature is very unpopular right now. In response to the credit downgrade, the Governor has called (another) special session hopefully to finish the job of pension reform.

However, you have to be extremely naive to think people will uproot their lives because of a credit rating. My very good job is here in Illinois and so is my partner's job. We did not find similar things in Wisconsin despite its higher credit rating and pension funding (and higher income tax). Neighboring states don't have the caliber of research institutions required to do my work that Illinois has. That's the reality of the situation.

Have you moved from the U.S. because its credit rating has been downgraded and bears unsustainable debt...?

[linicx]

Our legislature is a bunch of 5-year-old daredevils who thrive on tempting fate. It's nothing new, surprising or even noteworthy. Those of us who like our ____, will ride it out and live to see another day. Those who don't like it, don't want it, or don't "get" it, will seek greener pastures somewhere else. There is a few of us who lived in those 'greener pastures', learned well the lessons, and returned. We tend to laugh at the faux hysteria. .