Illinois gets downgraded by Moody’s

posted at 3:05 pm on January 20, 2012 by Ed Morrissey

Say, remember when the state of Illinois took the Democratic approach to fixing their budget woes by raising taxes?  The debt problems of the Land of Lincoln would disappear, Governor Pat Quinn argued, if the state hiked corporate and personal income tax rates by as much as two-thirds.  The extra revenue would stabilize the state’s fiscal footing and pull them from the brink of financial disaster.

How well did that work out?  As the Wall Street Journal reports today, Illinois debt has now been downgraded to the lowest rating of all 50 states by Moody’s:

Though too few noticed, this month Moody’s downgraded Illinois state debt to A2 from A1, the lowest among the 50 states. That’s worse even than California. The state’s cost of borrowing for $800 million of new 10-year general obligation bonds rose to 3.1%—which is 110 basis points higher than the 2% on top-rated 10-year bonds of more financially secure states.

This wasn’t supposed to happen. Only a year ago, Governor Pat Quinn and his fellow Democrats raised individual income taxes by 67% and the corporate tax rate by 46%. They did it to raise $7 billion in revenue, as the Governor put it, to “get Illinois back on fiscal sound footing” and improve the state’s credit rating.

So much for that. In its downgrade statement, Moody’s panned Illinois lawmakers for “a legislative session in which the state took no steps to implement lasting solutions to its severe pension underfunding or to its chronic bill payment delays.” An analysis by Bloomberg finds that the assets in the pension fund will only cover “45% of projected liabilities, the least of any state.” And—no surprise—in part because the tax increases have caused companies to leave Illinois, the state budget office confesses that as of this month the state still has $6.8 billion in unpaid bills and unaddressed obligations.

Another state tackling debt and budget issues went another direction, and Moody’s noticed the difference — and the WSJ warns Wisconsin voters to take a look at the alternative:

In contrast to the Illinois downgrade, Moody’s has praised Mr. Walker’s budget as “credit positive for Wisconsin,” adding that the money-saving reforms bring “the state’s finances closer to a structural budgetary balance.” As a result, Wisconsin jumped in Chief Executive magazine’s 2011 ranking of each state’s business climate—moving to 17th from 41st. Illinois dropped to 48th from 45th as ranked by the nation’s top CEOs.

Yet Mr. Walker, who balanced the budget without new taxes, is the governor facing a union-financed attempt to recall him from office this year. If Wisconsin voters want to see where a state ends up without the kind of reforms that Mr. Walker made, they need only look to the Greece next door.

Dan Mitchell says that the Illinois approach only exacerbated the problem by feeding the spending addiction rather than starving it:

In other words, higher taxes led to fiscal deterioration in Illinois, just as tax increases in Europe have been followed by bad outcomes.

Whenever any politician argues in favor of a higher tax burden, just keep these two points in mind:

1. Higher taxes encourage more government spending.

2. Higher taxes don’t raise as much money as politicians claim.

The combination of these two factors explains why higher taxes make things worse rather than better. And they explain why Europe is in trouble and why Illinois is in trouble.

They may finally be getting the message in Illinois.  Republicans in the state legislature, outnumbered though they may be, have started an effort to repeal Quinn’s tax hikes.  The failure of Quinn in Illinois does provide a valuable example of how not to address a fiscal crisis brought on by overspending, and one that voters in every state should study carefully. As part of that study, here is Mitchell’s video from May that teaches why this policy was always doomed to failure:

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Comment pages: 1 2

Isn’t Oak Brook is in Dupage Co?

herm2416 on January 20, 2012 at 4:11 PM

Not sure. Isn’t Hinsdale in cook?

WryTrvllr on January 20, 2012 at 4:14 PM

Isn’t Oak Brook is in Dupage Co?

herm2416 on January 20, 2012 at 4:11 PM

It’s in both DuPage and Cook.

Fallon on January 20, 2012 at 4:15 PM

Uh oh. If Jerry Brown reads this, he’ll work even harder to put us back in first as lowest-rated State!

PattyJ on January 20, 2012 at 4:16 PM

Any comment from President Subprime McDowngrade?

slickwillie2001 on January 20, 2012 at 4:17 PM

I love the smell of EPIC FAIL lib/douche/prog policies in the afternoon.

maineconservative on January 20, 2012 at 4:18 PM

Governor Pat Quinn and his fellow Democrats raised individual income taxes by 67% and the corporate tax rate by 46%.

Why do the democrats hate the working class? Why do they favor the ultra-rich corporations with these tax-breaks? /

Hill60 on January 20, 2012 at 4:20 PM

Hey, can Quinn be recalled? Fight fire with fire as they say…

Ukiah on January 20, 2012 at 3:19 PM

Why yes, yes he can! In fact Gov. Putz Quinn supported the Illinois Gover Recall Amendment to the state constitution when it was passed in 2010 (no doubt to help get that other bozo Blago out of the way).

Unfortunately, the barriers to get the ball rolling are nearly impossible to overcome: including the need to “collect about 550,000 signatures from voters in 150 days (15% of the number of votes in the last governor election)” and getting “an affidavit signed by at least 20 State Representatives (10 Republicans, 10 Democrats) and at least 10 State Senators (5 Republicans, 5 Democrats).” [Part-Time Pundit,"Illinois’ Recall Amendment: Holding Politicians Accountable Only if they Say it is OK," September 9, 2010]

Nutstuyu on January 20, 2012 at 4:20 PM

Isn’t Oak Brook is in Dupage Co?

herm2416 on January 20, 2012 at 4:11 PM

Not sure. Isn’t Hinsdale in cook?

WryTrvllr on January 20, 2012 at 4:14 PM

Both suburbs are split between DuPage and Cook counties.

Nutstuyu on January 20, 2012 at 4:22 PM

oh and Ed, just all around good stuff today and this week. AAA+++ rating for you!

maineconservative on January 20, 2012 at 4:23 PM

You know who else took the approach of

dentarthurdent on January 20, 2012 at 4:24 PM

You know who else took the approach of “let’s raise taxes to balance the budget”?
Governor Willard Romney of MA in 2003, 2004, 2005 and 2006.
angryed on January 20, 2012 at 3:14 PM

According to the tables at this web site:
http://www.taxfoundation.org/taxdata/show/228.html
that’s not true – at least as far as income tax RATES go – which are the subject of this thread. This response does not cover whether Romney did anything to increase tax RATES in other areas.

Mass individual income tax rates were 5.6% and 12% in 2002 and 2003.
(The 12% rate applies to shortterm capital gains, long and shortterm capital gains on collectibles and pre1996 installment sales classified as capital gain income for Massachusetts purposes. Taxpayers have the choice of paying an optional higher rate of 5.85%.)
In 2004 they went to 5.3% and 12% and the personal exemption was reduced – which would likely increase taxes.
Those rates stayed the same until 2006 when the exemption was increased – which would reduce your taxes. Personal exemptions increased every year after that until 2010, when the 12% rate was eliminated.

dentarthurdent on January 20, 2012 at 4:25 PM

I love the smell of EPIC FAIL lib/douche/prog policies in the afternoon.

maineconservative on January 20, 2012 at 4:18 PM

Dang good thing, cause you get to smell it alot up there. Must we refreshing on days when the winds are from the north or east.

WryTrvllr on January 20, 2012 at 4:26 PM

WryTrvllr on January 20, 2012 at 4:26 PM

In November 2010, the winds of change went RED across the board for the first time in 40 years.

Other than that… it smells like PINE.

And I’d like to thank Newt “Gingrinch” for NAFTA which just about DESTROYED the logging and paper industry in this state (the sulfur smell of money)…. thanks buddy, have ANOTHER DONUT, you a$$***e.

maineconservative on January 20, 2012 at 4:33 PM

New Democrat Party Motto?

Downgrade We Much!

HumpBot Salvation on January 20, 2012 at 4:34 PM

You know who else took the approach of “let’s raise taxes to balance the budget”?
Governor Willard Romney of MA in 2003, 2004, 2005 and 2006.
angryed on January 20, 2012 at 3:14 PM

Here’s a bit more from wikipedia about what Romney did:

Upon entering office in the middle of a fiscal year, Romney faced an immediate $650 million shortfall and a projected $3 billion deficit for the next year. Unexpected revenue of $1.0–1.3 billion from a previously enacted capital gains tax increase and $500 million in unanticipated federal grants decreased the deficit to $1.2–1.5 billion. Through a combination of spending cuts, increased fees, and removal of corporate tax loopholes, by 2006 the state had a $600–700 million surplus.

Romney supported raising various fees by more than $300 million, including those for driver’s licenses, marriage licenses, and gun licenses. He increased a special gasoline retailer fee by two cents per gallon, generating about $60 million per year in additional revenue. (Opponents said the reliance on fees sometimes imposed a hardship on those who could least afford them.) Romney also closed tax loopholes that brought in another $181 million from businesses over the next two years and over $300 million for his term.

So he did raise taxes in various ways other than income tax rates – loopholes, fees, etc.

dentarthurdent on January 20, 2012 at 4:38 PM

I’m stuck here, I hate this state, I’m sick of the politics and ohhh booy I can’t wait for that G8/NATO Summit this May.

ChicagoBlues on January 20, 2012 at 4:40 PM

ChicagoBlues on January 20, 2012 at 4:40 PM

DUDE! You are NOT stuck there! Don’t believe that for a minute. This recovering dem-o-holic chose to move out after 2 failed attempts to kick out the corrupt-o-crats, and if I could do it then anyone can.

I guess that Democrat 66.6% tax increase wasn’t too smart of an idea after all, but who cares? The Illinois voters are getting EXACTLY what they voted for, and that is all that matters.

The options left to those in Illinois unhappy with their Democrat Overlords are to move out of Illinois, or to get involved at the grass roots level now. PERIOD!

DannoJyd on January 20, 2012 at 4:48 PM

Guess what else got downgraded, uranium mining.

And, I don’t like nuclear power either

Tax and regulate coal out of business, won’t drill for oil or let a pipeline from Canada in the country and now we can’t even mine our own uranium. Just what the F**K are we supposed to use to supply our increasing power needs?!?!? Solar? Yeah, we all saw how well all those billions in tax dollars worked out at Solyndra and several others.

Yakko77 on January 20, 2012 at 4:50 PM

My state sucks.

robertlbryant on January 20, 2012 at 4:54 PM

DannoJyd on January 20, 2012 at 4:48 PM

What sucks is that Quinn won by only winning 4 out of 102 counties. Sure wish Chicago would’ve became its own state when they floated the idea.

robertlbryant on January 20, 2012 at 4:56 PM

This should become an immediate talking point for all the candidates. But they’ll probably mess it up somehow and have people believing the Illinois GOP caused this.

Erich66 on January 20, 2012 at 4:56 PM

It’s time to play Name That Party Which Has Been In Power For Eons And Ran That State Into The Ground.

Christien on January 20, 2012 at 4:58 PM

Jerry Brown, are you listening?

Probably not, like on election night, he will most likely just get high.

But cheer up Illinois, it’s a race to the bottom, and you have competition.

GaryS on January 20, 2012 at 5:00 PM

Guess what else got downgraded, uranium mining.

And, I don’t like nuclear power either

Tax and regulate coal out of business, won’t drill for oil or let a pipeline from Canada in the country and now we can’t even mine our own uranium. Just what the F**K are we supposed to use to supply our increasing power needs?!?!? Solar? Yeah, we all saw how well all those billions in tax dollars worked out at Solyndra and several others.

Yakko77 on January 20, 2012 at 4:50 PM

It’s almost like it was some sort of plan. No Coal, No pipeline, no nuclear, 500k fewer troops, fewer carriers, brazilian made fighters, incendiary cars, jacked up entitlements…..

It’s almost as if a pattern were starting to form. Any help Mr. CT?

WryTrvllr on January 20, 2012 at 5:01 PM

maineconservative on January 20, 2012 at 4:33 PM

Though I’m a former Maineah, with family still there, I have to question statement about Newt and NAFTA nearly killing the logging and paper industry in Maine. Although NAFTA was initially signed by Bush 1 in 1992, that was only ceremonial. It wasn’t ratified by Congress until 1993, with a nearly even Dem/Rep split and signed by Clinton, and didn’t take effect until 1994. The Dems had control of the House until 1995, and while Newt was very much in favor of NAFTA, he did not become Speaker of the House until 1995 – so he didn’t have a lot of control over it’s passing.

But, according to the Maine Pulp and Paper Industry:
http://www.pulpandpaper.org/

Maine’s paper production has consistently increased since 1990, and in recent years Maine has produced more paper than ever before.

So I don’t follow your logic as to how Newt and NAFTA nearly killed the industry.

dentarthurdent on January 20, 2012 at 5:05 PM

Blago was trying to fix the mess, but they’re sending him to prison on trumped up bullsh!t.

JPeterman on January 20, 2012 at 3:23 PM

You mean he was raising money to buy an ambassadorship.

stukinIL4now on January 20, 2012 at 5:05 PM

Keep voting democrat, reprobates!

Any liberal want to defend this? Illinois has been democrat as long as I have lived, if we listened to what you preach, it should be MF’ing U T O P I A…but it isn’t. Illinois is a basketcase, cronyist, corruptocrat state.

No one should ever vote democrat ever again after seeing this display.

tom daschle concerned on January 20, 2012 at 5:14 PM

I weep for my state.

On that thought, we need a weeping republican commercial. Remember the crying indian from the 70s? We should have an old farmer, maybe 75, looking at his tax bill and bawling his eyes out.

This state govt sucks.

Hendo on January 20, 2012 at 5:17 PM

Keep voting democrat, reprobates!

Any liberal want to defend this? Illinois has been democrat as long as I have lived, if we listened to what you preach, it should be MF’ing U T O P I A…but it isn’t. Illinois is a basketcase, cronyist, corruptocrat state.

No one should ever vote democrat ever again after seeing this display.

tom daschle concerned on January 20, 2012 at 5:14 PM

I’ve noticed lib4life, dante, trueblue and the other libs NEVER seem willing to comment on threads like this.

dentarthurdent on January 20, 2012 at 5:23 PM

This post is for Twerp when she gets home from work.

Hey Twerp, you just escaped at the right time down to Texas from the Chicagoland.

I left CA for the LAST time (I moved there 3 times, who is the idiot? :) ) in 2003. While I really loved the weather out there in the LA area, I just could never go back because of the zany voters out there who never found a bond proposal that they didn’t like AND a state government completely out of control.

Michigan has a very pragmatic R governor. While he did not take on the unions in the way that Walker, Daniels and Kasich did or tried to do, he very methodically and deliberately put in reforms that have really turned around our state government. He even has the public employees contributing to some of their benefits. He did not try to take away collective bargaining or auto dues pay. His margin of victory was not that big in 2010. However, so far, I see him easily getting re-elected in 2014 based on the results so far.

Governor Snyder is a self identified “nerd” (former Gateway CEO). He is a fiscal republican and has left social issues alone. This is why we haven’t had crazy people occupying our state House.

Michigan also has an R legislature, but not overly so. However, after the redistricting, I anticipated the state will go “redder” in the state and federal representative elections. We might even get lucky and unseat Senator Stabenow, a do nothing auto vote for Reid and his agenda.

So while Chicago is perhaps the coolest city in between the coasts, I am glad I don’t live there. I am surprised that I am enduring Michigan as much as I am after moving back here from Texas (I LOVE TX). But family duties called.

karenhasfreedom on January 20, 2012 at 5:25 PM

I’ve noticed lib4life, dante, trueblue and the other libs NEVER seem willing to comment on threads like this.

dentarthurdent on January 20, 2012 at 5:23 PM

But we’ve got KeninCT so it’s all good

WryTrvllr on January 20, 2012 at 5:26 PM

But we’ve got KeninCT so it’s all good

WryTrvllr on January 20, 2012 at 5:26 PM

KeninCT is even more of a lightweight than the soap bubble lib4life.

cozmo on January 20, 2012 at 5:32 PM

robertlbryant on January 20, 2012 at 4:56 PM

What else would you expect in a state where the DEAD are allowed to vote?

Get involved NOW! Contact your local GOP Victory HQ. and be certain to sign up as a poll watcher. I’ve been involved for over 10 years and my efforts do make a difference.

America is a country ruled by We The People and when we refuse to get involved the corrupt-o-crats always win.

DannoJyd on January 20, 2012 at 5:35 PM

Walker will simply say: “You mean like Illinois did?” BAM.

PackerBronco on January 20, 2012 at 3:23 PM

Walker should be saying, “You mean like the Dems in Illinois did?”

For 27 of the last 29 years, since 1983 when Illinois convened its 83rd General Assembly, one Dem, the same man, has been the Speaker of the IL House (all except for the 89th GA in 1995/96). They’re now in session 2 of the 97th GA. That’s how long the Dimbeciles have been screwing up Illinois.

And to be blunt: It’s mostly the dopes in highly-populated Crook County who keep re-electing them. In 2010, 99 of the 102 IL counties voted red to fill Obutthead’s former US Senate seat with a Repub and also voted for the Repub gubernatorial candidate. Unfortunately, of the 3 counties that voted blue, one of them was Crook County where they got enough votes, with the help of the “machine” of course, to re-elect Quinnocchio who had the governorship only bcuz Blago got kicked out.

I think it’s fitting that the headquarters state of the multi-trillion dollar deficit food stamp Prez-uh-dunce now claims the title of the Greece of America!

stukinIL4now on January 20, 2012 at 5:37 PM

But we’ve got KeninCT so it’s all good

WryTrvllr on January 20, 2012 at 5:26 PM

But even he has only been able to muster a couple snide responses/insults that have nothing to do with the subject at hand. Of course that’s typical of the libs – avoid real debate, attack the messenger, apply faulty logic when backed into a corner, and deny the Dems have ever done anything wrong – facts be darned.

dentarthurdent on January 20, 2012 at 5:38 PM

I wish I could place 100% of the blame on all the Chicagoland libtards for this mess. Unfortunately, the Illinois GOP has been wrecked by its share of scandal and corruption.

St Gaudens on January 20, 2012 at 5:39 PM

I wish I could place 100% of the blame on all the Chicagoland libtards for this mess. Unfortunately, the Illinois GOP has been wrecked by its share of scandal and corruption.

St Gaudens on January 20, 2012 at 5:39 PM

True. But some of those in the GOP are Liberals too. So ultimately it’s the Liberal ideology that has failed. It makes no difference if it’s a D or R next to the names if they do not put conservatism into practice.

visions on January 20, 2012 at 5:42 PM

Hey Ed! Any way you can forward this article directly to MOONBEAM BROWN?

GarandFan on January 20, 2012 at 5:43 PM

True. But some of those in the GOP are Liberals too. So ultimately it’s the Liberal ideology that has failed. It makes no difference if it’s a D or R next to the names if they do not put conservatism into practice.

visions on January 20, 2012 at 5:42 PM

True. Liberalism is a poison.

St Gaudens on January 20, 2012 at 5:44 PM

*On a net basis, 1 taxpayer left Illinois every 10 minutes between 1995 and 2009.
*These 806,000 people took to other states more than $26 billion in taxable income.
*In 2009 alone, Illinois lost 40,000 people to 43 other states. That figure is akin to half of the population of Decatur moving to another state in a single year.
*People who left Illinois moved to states with lower state and local tax burdens, lower income tax, lower union membership and lower housing costs.

Link…

While we’re on the topic, this is why the Left hates federalism. People can (and will) flee Progressive policy at the local level, but not many will flee America itself. So the Left knows that the only way for their ideology to take hold is at the national level (ObamaCare, EPA, etc.)

visions on January 20, 2012 at 5:46 PM

Illinois downgrade?

I always wondered what was lower than whale crap on the bottom of the ocean!

crash72 on January 20, 2012 at 5:47 PM

For those wondering about the Pat Quinn recall approach, two things:

1. The IL recall provision is a joke. There’s no way either party is going to allow for the recall of a governor of their respective party unless he/she is doing serious damage to the franchise (see Blago). You could get 1,000,000 signatures, but if you can’t get the required House/Senate from both sides…dead in the water.

2. Quinn isn’t the only problem. In fact, he’s not really the major problem. The problem is that we have two Democrats who run this state like they hold the deed. Oh, and the unions own those guys.

Unless you live here, you can’t imagine just how screwed up this state has become over the past 20 years with Dems running things. We have laws that allow union lobbyists to put in their 20 with the union, spend a day in the classroom helping pass out crayons…and suddenly they qualify for a $150,000/year pension from the state…in addition to whatever they get from the union. If you’re not fortunate to get in on that scam, you can always teach for a few years, go work for the union for 15-20 years…at a monster salary…and then get a pension from the state that treats you as if you’ve worked the entire time teaching…at $150-200,000/year…so your pension is 2-3x what it should be…and the union doesn’t have to pay a dime of your pension….the taxpayer foots the bill.

Unions…bankrupting one state at a time….but quickly.

ScottiesRule on January 20, 2012 at 5:48 PM

karenhasfreedom on January 20, 2012 at 5:25 PM

‘Enduring’ Michigan?!?! I LOVE living here amongst the tall corn and cows . . . mooooOOOOooo!

Be nice and maybe I’ll let you ride my 4 wheel ATV. ;o)

DannoJyd on January 20, 2012 at 5:49 PM

They do post here.
http://althouse.blogspot.com/

Look for “garage mahal”, “Robert Cook”, and a few others. Many of them are actually in Madison. And they are all absolutely nuts.

Del Dolemonte on January 20, 2012 at 3:58 PM

well anybody in Madison being a liberal would be 99% redundant…

in fact there was a post here last week from a Madison-based conservative blog that said it was “growing”…I resisted posting back with a comment that gaining a single member would mean a 50% increase. kinda sad…it used to be a nice town…I expect the american flag to come down any day now (soon followed by the surrounding towns villages that have all caught the virus…Stephen King would have a field day there).

teejk on January 20, 2012 at 5:56 PM

I weep for my state.

On that thought, we need a weeping republican commercial. Remember the crying indian from the 70s? We should have an old farmer, maybe 75, looking at his tax bill and bawling his eyes out.

This state govt sucks.

Hendo on January 20, 2012 at 5:17 PM

Yes I remember that commercial, and it really impressed me as a youth. This was before the environmentalists and econuts ruined true conservation. We could have a whole bunch of weeping for our country/state commercials. But the RNC and our elite leaders do not think as well as you do.

jazzuscounty on January 20, 2012 at 5:56 PM

What did she say? I was too busy staring at her.
What a fox.

pat on January 20, 2012 at 6:07 PM

Hey Twerp–TONS of snow today. It has been non-stop since 9:30! The Middle Scot has plowed twice already, and is out doing the neighborhood now. Wahoooooooooo!

herm2416 on January 20, 2012 at 6:28 PM

Texas’ rating was upgraded a couple of years ago. Good thing the US was saved from the governor who did that. That was a close one.

juliesa on January 20, 2012 at 6:35 PM

I still have Rick Perry on the brain, but this is why his message of federalism was so critical.

Also, the most disgusting political spectacle last year was how Scott Walker has been turned into Bushitler by the left. It’s horrible that such a responsible leader is so vilified. Like many here, I’ve joined a lot of people around the country in sending him $.

juliesa on January 20, 2012 at 6:44 PM

Blago was trying to fix the mess, but they’re sending him to prison on trumped up bullsh!t.

Yea trumped up, just selling a United States Senate seat.Business as usual for someone from Illinois I guess. Blago was spending money so fast on his own programs it makes Quinn look like a piker. State funded free rides on CTA ,state funded complete care health insurance that covers everything with no deductible. Poor man was “stuck” at “this shitty job” being Govenor. poor poor Blago/sarc

D.Mockracy on January 20, 2012 at 6:51 PM

I hate that I live in this state…at least I live in Central Illinois but as soon as I’m done with PT school I am heading to Texas or Arizona. So done with this bs. And with the stranglehold that Chicago has on this state, I don’t know how it will ever change.

Hoss Bonaventures CEO on January 20, 2012 at 7:20 PM

I live in Crook County, and I am represented in our democratic government by:

Toni Preckwinkle, Crook County Board President, Libtard Crook
Al Riley, Illinois House, voted “most liberal House member”
M. Maggie Crotty*, Illinois Senate, Libtard
Gov. Pat Quinn, ticket-mate of Rod Blagojevich, professional liar, Dem
Jesse Jackson, Jr., Libtard-IL, U.S. House
Dick “The Weenie” Durbin, Libtard-Racist-IL, Senate
President Barry O’Bozo, affirmative-action, know-nothing Libtard community organizer, Crook County

*Crotty told me on the phone two years ago, in response to my very pointed question about the stunning corruption of her Democrat party, that the minor problem with state pensions being underfunded by $8 billion was “all taken care of” by her great party, and we just needed to get through this crisis because future pensions were all taken care of.

No, really.

Jaibones on January 20, 2012 at 7:48 PM

Add to the state’s woes: AON has just announced they are moving their headquarters from Chicago to London and Chicago and Illinois looses more corporate tax revenue. Wonder what they’ll rename the AON building, orginally the Standard Oil Building? Wonder who they’ll get to move into the soon to be empty floors? Wonder why I continue to live here?

polarglen on January 20, 2012 at 8:22 PM

Add to the state’s woes: AON has just announced they are moving their headquarters from Chicago to London and Chicago and Illinois looses more corporate tax revenue. Wonder what they’ll rename the AON building, orginally the Standard Oil Building? Wonder who they’ll get to move into the soon to be empty floors? Wonder why I continue to live here?

polarglen on January 20, 2012 at 8:22 PM

I HAD always wondered if those Boeing execs had spent just a little too much time above 12500 MSL, without O2. Boy I guess Seattle must really sukk.

WryTrvllr on January 20, 2012 at 8:49 PM

Unfunded Federal mandates, overreaching social programs, ridiculously generous public employment/union compensation packages, racketeering and embezzlement at the highest levels of public office, a crumbling of the private sector economy that actually pays well…amazing what that all gets you.

But, hey, Chicago has all those big shiny buildings, so it can’t be all that bad!

Dr. ZhivBlago on January 20, 2012 at 9:12 PM

stukinIL4now on January 20, 2012 at 5:37 PM

Madigan has been in power that long? I didn’t know that. Did you read Kass’ column in the Trib today…nauseating. If you can go to Crain’s six or so weeks ago, the exposé on Madigan’s reach with McPier is stunning.

herm2416 on January 20, 2012 at 9:13 PM

If the Donks in WI manage to recall Walker, it’ll be a race to the bottom, with Illinois and California.

Ward Cleaver on January 20, 2012 at 9:47 PM

This post is for Twerp when she gets home from work.

Hey Twerp, you just escaped at the right time down to Texas from the Chicagoland.

I left CA for the LAST time (I moved there 3 times, who is the idiot? :) ) in 2003. While I really loved the weather out there in the LA area, I just could never go back because of the zany voters out there who never found a bond proposal that they didn’t like AND a state government completely out of control.

Michigan has a very pragmatic R governor. While he did not take on the unions in the way that Walker, Daniels and Kasich did or tried to do, he very methodically and deliberately put in reforms that have really turned around our state government. He even has the public employees contributing to some of their benefits. He did not try to take away collective bargaining or auto dues pay. His margin of victory was not that big in 2010. However, so far, I see him easily getting re-elected in 2014 based on the results so far.

Governor Snyder is a self identified “nerd” (former Gateway CEO). He is a fiscal republican and has left social issues alone. This is why we haven’t had crazy people occupying our state House.

Michigan also has an R legislature, but not overly so. However, after the redistricting, I anticipated the state will go “redder” in the state and federal representative elections. We might even get lucky and unseat Senator Stabenow, a do nothing auto vote for Reid and his agenda.

So while Chicago is perhaps the coolest city in between the coasts, I am glad I don’t live there. I am surprised that I am enduring Michigan as much as I am after moving back here from Texas (I LOVE TX). But family duties called.

karenhasfreedom on January 20, 2012 at 5:25 PM

We escaped 9 1/2 months ago.
My son-who’s dad is a good friend but has become an AFSCME hack-intends to move down here after he graduates from high school in May.
All I can think of to say to those trapped in my former home state is…BWAHAHAHAHA. Heheheheheh.

annoyinglittletwerp on January 20, 2012 at 10:47 PM

herm2416 on January 20, 2012 at 6:28 PM

It was sunny and 75 here today.
Please don’t hate me.
LoL

annoyinglittletwerp on January 20, 2012 at 10:48 PM

I live in southern Illinois and since Owebama went to Washington all I can say is Keep your hand on your wallet!!!

Dannyp8262 on January 20, 2012 at 10:55 PM

dentarthurdent on January 20, 2012 at 5:05 PM

There will always be those who think that a good stiff tariff or a bit of isolationism is good for the economy.

Sometimes, those who want these things claim to be libertarian.

A bit of Smoot-Hawley, anyone?

unclesmrgol on January 20, 2012 at 11:39 PM

unclesmrgol on January 20, 2012 at 11:39 PM

How true. I believe that we can and should be competitive in the world market based on higher quality labor, technology and innovation – but we need to get government regulations, taxes, and unions out of the way for that to happen.

dentarthurdent on January 20, 2012 at 11:46 PM

How true. I believe that we can and should be competitive in the world market based on higher quality labor, technology and innovation – but we need to get government regulations, taxes, and unions out of the way for that to happen.

dentarthurdent on January 20, 2012 at 11:46 PM

And that should happen any day now what with Gettelfinger on the GM board. /s

WryTrvllr on January 20, 2012 at 11:50 PM

A reporter asks Pat Quinn to defend his tax and spend policies.

You will hear the phrase “for the children” within the first minute of his response in 3 … 2 … 1 …

dissent555 on January 21, 2012 at 11:16 AM

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