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:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2

w00t w00t

We’ll join you soon! -California

El_Terrible on January 20, 2012 at 3:07 PM

Downgrade? Why, that’s all because of Teh Greed of the Fat Cat 1% Rich Guys. We’ll just tax them until we can visualize the Skittle-crapping unicorns.

fiatboomer on January 20, 2012 at 3:10 PM

Public unions all the way!

MTLassen on January 20, 2012 at 3:10 PM

Doesn’t this get a Commander Renault award? I mean, I’m shocked that taxes didn’t solve the problem of an out of control, wasteful government.

mikec3 on January 20, 2012 at 3:11 PM

Hmmm.. They hiked taxes by 70%, causing people and money to flee the state.

Solution? Walls, barbed wire, and armed gangs revenue collectors at the borders to confiscate all money from people trying to leave the state.

Hey, it’s what all the communist countries do.

wildcat72 on January 20, 2012 at 3:11 PM

“…downgraded to the lowest rating of all 50 states.” How’s that change workin’ for ya, Chicago?

Slainte on January 20, 2012 at 3:11 PM

Chicago is an old Chippawa word meaning Athens. But I do hope Walker plays this up big time in Wisconsin during this bogus recall.

Flange on January 20, 2012 at 3:12 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

I’m so glad we elected a president from Illinois. Now we all get to join in on the fun!

joekenha on January 20, 2012 at 3:14 PM

The GOP will probably loose seats in the 2012 election since the Dems made the maps. They by all appearences have done a splendid job of empowering Cook County.

WashJeff on January 20, 2012 at 3:15 PM

w00t w00t

We’ll join you soon! -California

El_Terrible on January 20, 2012 at 3:07 PM

Save a seat for us! -New York

Libraritarian on January 20, 2012 at 3:15 PM

“…downgraded to the lowest rating of all 50 states.” How’s that change workin’ for ya, Chicago?

Slainte on January 20, 2012 at 3:11 PM

That’s the problem, nothing has changed. Cook County has run this state unfettered for decades.

WashJeff on January 20, 2012 at 3:16 PM

These likely “Federal” bailouts of the future are of a sort to really worry about. Pretty easy way to carry a state in an election, no?

kunegetikos on January 20, 2012 at 3:17 PM

there are “normal” people like myself who live in Illinois/chicagoland area and are surrounded by idiots. your daily prayers and thoughts are needed. thank you!

GhoulAid on January 20, 2012 at 3:17 PM

Moody’s also lowered the rating for the Blue State of Connecticut.

Del Dolemonte on January 20, 2012 at 3:17 PM

I’m a fan of Illinois baseball and football teams, but the state just sucks. Not so much down south but mostly around Chicago. I keep hearing all this talk about what Romney did in Massachusetts, why not what Obama did/didn’t do in Illinois? In the wake of his short time in the Senate and as a community organizer he left the state in ruins.

Roymunson on January 20, 2012 at 3:18 PM

Actually, Illinois was downgraded about six years ago when they elected Obozo to the Senate.

NOMOBO on January 20, 2012 at 3:18 PM

Okay Wisconsin Dems: You betta believe that Walker is going to do a “compare and constrast” between his plan and the plans you guys advocate as it shows up in Illinois.

I’m going to love those ads.

PackerBronco on January 20, 2012 at 3:18 PM

But we must recall the evil walker, danman the credit ratings
-looney left

cmsinaz on January 20, 2012 at 3:18 PM

w00t w00t

+1

kunegetikos on January 20, 2012 at 3:18 PM

the problem is that the press will shriek at every ‘cutback’ that has to be made as throwing people into the streets…to die, I tell you. Little children will be wandering the street homeless, hungry, uneducated because the evil rich are plundering the state

r keller on January 20, 2012 at 3:18 PM

Dang android

cmsinaz on January 20, 2012 at 3:19 PM

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

Ukiah on January 20, 2012 at 3:19 PM

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.

and we here in CA do not take this sort of competition lightly.
Just wait till the Moonbeam gets his tax hikes , we’ll be the leaders again . Enjoy it while you can Silly-noise !!
CA always comes through for such cause because our illegals and unions and hippies and parasites vote and vote often for taxing the evil rich

burrata on January 20, 2012 at 3:20 PM

We’re witnessing an all-out war between illinois and the people’s republic of california. Both are, of course, despicable, depraved lunatic-left d-cRAT socialist excuses for a state. The war is to see which one will become the most morally, ethically, socially, politically AND fiscally bankrupt cesspool in the nation. At this point, I’d say they’re about even, thanks to illinois’ tremendous leaps downward to get to the califonia level. Unfortunately, regardless of which these these pathetic bastions of d-cRAT socialist insanity “wins”, America loses.

TeaPartyNation on January 20, 2012 at 3:20 PM

Can Democrats recall Moody’s?

NoDonkey on January 20, 2012 at 3:22 PM

Nobody beats California at taxing and spending. Nobody. We’ll pass them soon.

netster007x on January 20, 2012 at 3:22 PM

But we must recall the evil walker, danman the credit ratings
-looney left

cmsinaz on January 20, 2012 at 3:18 PM

I’m actually going to enjoy the recall election. The MSM in Wisconsin basically trumpets the Dem party line. Walker’s message is finally going to get out in 30 second spots and during the debates and the Dems won’t like it.

I can’t wait for the first debate when Falk or whatever Dem shill the party puts up offers his/her plan for taking care of Wisco’s debt, consisting of mostly raising taxes and “investment”. Walker will simply say: “You mean like Illinois did?” BAM.

PackerBronco on January 20, 2012 at 3:23 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

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

Marxist/Socialist Liberalism…

… works every time it’s tried!

Oh, wait..!

/

Seven Percent Solution on January 20, 2012 at 3:24 PM

To be fair about the personal income tax thing, when you hear that Illinois raised them by 67%, remember that this is going from 3%–which is quite a low state income tax rate–up to a more typical 5%. I live in Georgia, which nobody derides as a high tax state, and yet I pay more in personal income tax than Illinoians do even since there’s got jacked up–it’s 6% here in the Peachtree State.

I’m not pointing this out in any way to justify what’s happening in Illinois, because it is a big mess, but the personal income tax hike aspect is a tad overblown.

radjah shelduck on January 20, 2012 at 3:25 PM

OUCH! That’s gonna leave a mark!

Sasha List on January 20, 2012 at 3:25 PM

Nobody beats California at taxing and spending. Nobody. We’ll pass them soon.

netster007x on January 20, 2012 at 3:22 PM

When Arnold put up tax hikes on the ballot they lost with nearly 70% against them. I think we got a shot at killing Jerry’s tax hikes too.

El_Terrible on January 20, 2012 at 3:26 PM

We’re witnessing an all-out war between illinois and the people’s republic of california. Both are, of course, despicable, depraved lunatic-left d-cRAT socialist excuses for a state. The war is to see which one will become the most morally, ethically, socially, politically AND fiscally bankrupt cesspool in the nation. At this point, I’d say they’re about even, thanks to illinois’ tremendous leaps downward to get to the califonia level. Unfortunately, regardless of which these these pathetic bastions of d-cRAT socialist insanity “wins”, America loses.

TeaPartyNation on January 20,

Wow, why so angry? Didn’t you get your SS check this month?

KeninCT on January 20, 2012 at 3:26 PM

I’m trying to talk my current employers into moving the (small) company to a more business-friendly state. A nearly-10% corporate tax rate, plus a 5% income tax rate, plus a more-or-less 3% property tax, plus a 8.25% (where I live) sales tax. And they *still* can’t balance their budget.

Let’s compare to my former residence–Texas.
IL income tax: 5%
TX income tax: 0%

IL corporate tax: 9.5%
TX franchise tax: 1%

IL property tax: 3%
TX property tax: 3.5% (varies based on location. bear in mind housing is also quite cheap in SE Texas)

IL sales tax: 8.25% (varies slightly based on location)
TX sales tax: 8.25% (at least where I lived. Also varies a bit)

This also does not take into account regulations, which I can’t imagine are less restrictive in IL than TX.

So Texas does without a bunch of taxes. And when they faced a deficit a couple years back, the fixed it by cutting spending. Is it any wonder that businesses are fleeing states like Illinois for states like Texas?

Mohonri on January 20, 2012 at 3:27 PM

Shouldn’t the DOJ be suing Moody’s already?

JavelinaBomb on January 20, 2012 at 3:27 PM

Was anybody else mesmerized by Piyali Battacharya?

Where is Lorien? I need confirmation. Some things stood out, I just can’t put my ringer on it.

cozmo on January 20, 2012 at 3:28 PM

If Illinois increased their revenues (not taxes, but revenues) by 200%, they’d still be broke.

You got to pay the vig.

SlaveDog on January 20, 2012 at 3:28 PM

Amazin’, ain’t it??

NJ Red on January 20, 2012 at 3:28 PM

But we must recall the evil walker, danman the credit ratings
-looney left

cmsinaz on January 20, 2012 at 3:18 PM

wazzat? Am I an autocorrect now?

DanMan on January 20, 2012 at 3:29 PM

we cannot get conceal and carry here in Illinois, but all the gangbangers can. and there were plenty of “flash mob” activity this summer around dowtown chicago where people whose color i cannot mention felt it was their right to beat up decent citizens for their cash, etc. i did find it pretty hilarious when the self righteous ultra-liberal homosexuals had a wave of this in their sanctuary “boystown” neighborhood this summer. oh, the irony was so, so very delicious. this city is pretty, but scratch the surface and you’ll see the hellhole that it truly is.

GhoulAid on January 20, 2012 at 3:29 PM

If only the rich would just pay their fair share.

NeoKong on January 20, 2012 at 3:30 PM

Wow, why so angry? Didn’t you get your SS check this month?

KeninCT on January 20, 2012 at 3:26 PM

So Ken, how long have you been a Democrat?

CrazyGene on January 20, 2012 at 3:32 PM

Indeed packer :)

Danman, Congrats :)

cmsinaz on January 20, 2012 at 3:32 PM

Hey Piyali, I’m not sure I caught everything you said, I’ll need to hear it again.

Mord on January 20, 2012 at 3:33 PM

on the bright side, I heard today that Chicago went for an entire 24 hour period without a murder…

bring those jobs just a tad north! we are still seeing declines but I attribute that to Walker only being on the job for a year and his changes will take some time to work through the system (decisions to close a plant don’t typically happen overnight).

teejk on January 20, 2012 at 3:33 PM

Was anybody else mesmerized by Piyali Battacharya?

Where is Lorien? I need confirmation. Some things stood out, I just can’t put my ringer on it.

cozmo on January 20, 2012 at 3:28 PM

Piyali Battacharya would make a good replacement for Tim Geithner. It’s a 2fer. Or maybe a 3fer.

SlaveDog on January 20, 2012 at 3:33 PM

we cannot get conceal and carry here in Illinois, but all the gangbangers can. and there were plenty of “flash mob” activity this summer around dowtown chicago where people whose color i cannot mention felt it was their right to beat up decent citizens for their cash, etc. i did find it pretty hilarious when the self righteous ultra-liberal homosexuals had a wave of this in their sanctuary “boystown” neighborhood this summer. oh, the irony was so, so very delicious. this city is pretty, but scratch the surface and you’ll see the hellhole that it truly is.

GhoulAid on January 20, 2012 at 3:29 PM

Same in California… Do the paramedics make $140K/year with 100% retirement in IL?

CrazyGene on January 20, 2012 at 3:33 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

Links?

BacaDog on January 20, 2012 at 3:34 PM

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 only 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!

This recovering dem-o-holic chose to move out after 2 failed attempts to kick out the corrupt-o-crats.

DannoJyd on January 20, 2012 at 3:34 PM

couldn’t happen to a better bunch of slimy losers.

Your Mamma loves me on January 20, 2012 at 3:34 PM

Dear Federal Government,

There are no two better shining examples than the states of Illinois and Wisconson. Kindly take notice.

Turtle317 on January 20, 2012 at 3:34 PM

Moody’s also lowered the rating for the Blue State of Connecticut.

Del Dolemonte on January 20, 2012 at 3:17 PM

Wow, why so angry? Didn’t you get your SS check this month?

KeninCT on January 20, 2012 at 3:26 PM

:-)

WryTrvllr on January 20, 2012 at 3:34 PM

When Arnold put up tax hikes on the ballot they lost with nearly 70% against them. I think we got a shot at killing Jerry’s tax hikes too.

El_Terrible on January 20, 2012 at 3:26 PM

I wouldn’t be so sure about that.

Moonbeam has that “D” after his name.

BallisticBob on January 20, 2012 at 3:35 PM

Illinois gets a credit downgrade, in contrast to Wisconsin.

Heh.

Go ahead, WI, recall Walker… you can then join IL at the bottom.

mankai on January 20, 2012 at 3:35 PM

Doesn’t this get a Commander Renault award? I mean, I’m shocked that taxes didn’t solve the problem of an out of control, wasteful government.

mikec3 on January 20, 2012 at 3:11 PM

Claude Rains could not be reached for comment. Still dead.

Del Dolemonte on January 20, 2012 at 3:35 PM

CrazyGene on January 20, 2012 at 3:33 PM

i’m not sure but i wouldn’t be surprised.

GhoulAid on January 20, 2012 at 3:36 PM

Illinois gets a credit downgrade, in contrast to Wisconsin.

Heh.

Go ahead, WI, recall Walker… you can then join IL at the bottom.

mankai on January 20, 2012 at 3:35 PM

Should be interesting to see if Ann Althouse puts this story up on her blog. The Madison Leftist trolls who redularly comment there (led by the infamous garage mahal) will make themselves dizzy spinning this one!

Del Dolemonte on January 20, 2012 at 3:36 PM

How’s that state north of you doing, the one where you libs are trying to recall the governor?

right2bright on January 20, 2012 at 3:38 PM

To be fair about the personal income tax thing, when you hear that Illinois raised them by 67%, remember that this is going from 3%–which is quite a low state income tax rate–up to a more typical 5%. I live in Georgia, which nobody derides as a high tax state, and yet I pay more in personal income tax than Illinoians do even since there’s got jacked up–it’s 6% here in the Peachtree State.

I’m not pointing this out in any way to justify what’s happening in Illinois, because it is a big mess, but the personal income tax hike aspect is a tad overblown.

radjah shelduck on January 20, 2012 at 3:25 PM

but I think Illinois is an “AGI” state (no deducts, basically gross)…it’s almost impossible to rate state income taxes solely on the published rates because there is no uniformity on what gets taxed.

teejk on January 20, 2012 at 3:38 PM

Lower rating than … California.

Oof. That’s a pretty high standard of Demohackery.

peski on January 20, 2012 at 3:39 PM

How’s that state north of you doing, the one where you libs are trying to recall the governor?

right2bright on January 20, 2012 at 3:38 PM

from what I see, I don’t think a Wis liberal would dare post here! they all hide out at Huffpo and dailykos…

teejk on January 20, 2012 at 3:41 PM

Though too few noticed

Why would today’s J-School retards cover something as minor as this when we have Romney’s legally paid taxes…and Newt’s wife who boinked a married man getting mad that another woman came along and did the same…and OMG Mittens tithed to his church!!!1!!eleventy!!!!

MNHawk on January 20, 2012 at 3:41 PM

Can we give Illinois back to France? There was time when they wanted it.

Archivarix on January 20, 2012 at 3:41 PM

Illinois also raised the tolls on the Illinois Toll road system on 1/1/12 by 95% and oddly enough the revenue did not rise by 95%, but only 45% in the first week of higher tolls, which a state spokesmen said was just fine by them. Doing the math it appears that the number of tolls paid dropped by 26%, which most likely means these drivers have left the tollroad system for surface streets creating more congestion there. I love the town I live in, which is in the suburban Chicago area, but the politics of this state are absolutely horrific and sadly there is little chance of the Chicago/Cook County Democratic Machine ever losing power.

long dogs on January 20, 2012 at 3:42 PM

Take minimum wage to $100 per hour. More wealth, more tax income, more one percenters in Illinois. Everyone is happy. Truly brilliant liberal economic logic. (or is this too low?)

sdbatboy on January 20, 2012 at 3:42 PM

Who said you needed a passport to go to Greece…

John Kettlewell on January 20, 2012 at 3:43 PM

It’s the fault of those downstate, redneck, riechwing racists.

Dr. Carlo Lombardi on January 20, 2012 at 3:44 PM

I wouldn’t be so sure about that.

Moonbeam has that “D” after his name.

BallisticBob on January 20, 2012 at 3:35 PM

Not only that, Loonybin has started the scare tactics early, the ads showing the richie rich Kardashians not paying their fair share which will result in no welfare ,no free housing,
no food -stamps, no free daycare, no free after school centers and no free food and schools for blacks, illegals and anchor babies are flooding the media and ” churches” already.
The moochers will rise and take back their freebies..

burrata on January 20, 2012 at 3:45 PM

I’m not pointing this out in any way to justify what’s happening in Illinois, because it is a big mess, but the personal income tax hike aspect is a tad overblown.

radjah shelduck on January 20, 2012 at 3:25 PM

Especially since most of Illinois is unemployed.

NoDonkey on January 20, 2012 at 3:46 PM

Dr. Carlo Lombardi on January 20, 2012 at 3:44 PM

I seem to remember that we were called river rats while up there instead of rednecks.

cozmo on January 20, 2012 at 3:46 PM

GhoulAid on January 20, 2012 at 3:29 PM

There was mention of a Fast & Furious type deal out of Indy that was funneling handguns to gangs in Chicago. I looked and couldn’t find a link but I’m pretty sure there were stories about it 6 months ago.

DanMan on January 20, 2012 at 3:47 PM

The Illinois state income tax is only 5%, but there are very few deductions, if I remember correctly its basically just property taxes, which for those of you not in Illinois is pretty substantial. For example a house worth ~ $300,000 today in suburban Chicago, the property taxes are north of $6000 annually.

long dogs on January 20, 2012 at 3:47 PM

Illinois will be fine.

If they just raise the income tax and tolls high enough they can get rid of all the low paying menial jobs, like farming, manufacturing etc.

Then they will only have the high paying jobs, like lawyers, tenured college professors, government beaurocrats, etc.

This will give them the wiggle room they will need to raise taxes some more…so they can end up like CT

WryTrvllr on January 20, 2012 at 3:48 PM

Let the state fail. No way they can blame it on Republicans.
It will become a poster child on how NOT to do things.
When the clean-up bill comes due, and known, there will be quite a few TEA parties in the other 49 states.

Jabberwock on January 20, 2012 at 3:50 PM

IL sales tax: 8.25% (varies slightly based on location)
TX sales tax: 8.25% (at least where I lived. Also varies a bit)

I think Texas state sales tax is 6.25% Here in Houston Metro gets a penny and the city and county get 1/2 cent each to make it 8.25% Some places do only charge 6.25% though.

DanMan on January 20, 2012 at 3:50 PM

Same in California… Do the paramedics make $140K/year with 100% retirement in IL?

CrazyGene on January 20, 2012 at 3:33 PM

No, but their retired union leaders, with one day employed, do.

MNHawk on January 20, 2012 at 3:50 PM

Illinois will be fine.

If they just raise the income tax and tolls high enough they can get rid of all the low paying menial jobs, like farming, manufacturing etc.

Then they will only have the high paying jobs, like lawyers, tenured college professors, government beaurocrats, etc.

This will give them the wiggle room they will need to raise taxes some more…so they can end up like CT

WryTrvllr on January 20, 2012 at 3:48 PM

CT just got downgraded by Moody’s too.

Del Dolemonte on January 20, 2012 at 3:51 PM

But but but! Scott Walker talked to the Koch Bros. on the phone!

CycloneCDB on January 20, 2012 at 3:52 PM

WryTrvllr on January 20, 2012 at 3:48 PM

ha ha ha. they just raised the tolls at the beginning of the year. i really need a drink.

GhoulAid on January 20, 2012 at 3:52 PM

Here in Maryland, the genius that is OMalley is trying to raise taxes on just about everything too.

We have a state AND local tax that adds up to between about 8-10% depending on how much you make. They just dont get it….theres no more money to suck out of the people. People and companies are going to leave if its too expensive.

UBuffaloBulls on January 20, 2012 at 3:53 PM

CT just got downgraded by Moody’s too.

Del Dolemonte on January 20, 2012 at 3:51 PM

Yes. I saw your previous. Couldn’t happen to a nicer bunch of elitists.

WryTrvllr on January 20, 2012 at 3:54 PM

IL sales tax: 8.25% (varies slightly based on location)
TX sales tax: 8.25% (at least where I lived. Also varies a bit)

A, it’s over 10% in Chicago. B, that sales tax applies to gas, in Illinois, giving them the highest gas prices in the country.

MNHawk on January 20, 2012 at 3:54 PM

Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahhaahahahahahahahahahahahahahahahahhahahahahahahahahahahahhahahahahhahahahahahahahahahhahahahahahahhahhaahahahhahahaahahahahahahahahahahahahahahahahahahahahah…some kinda breath…hahahahahaha Hahahahahahahahahahahahahahahahahahahahahahahahahahah…hahahahaha hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahah
hahahahahahahahahahahahahahahahahahahahHHHHHHaaaaaaaaaaaaaaa!

KOOLAID2 on January 20, 2012 at 3:55 PM

Thank you, Governor Quinn!

-cubsrr6

mankai on January 20, 2012 at 3:57 PM

How’s that state north of you doing, the one where you libs are trying to recall the governor?

right2bright on January 20, 2012 at 3:38 PM

from what I see, I don’t think a Wis liberal would dare post here! they all hide out at Huffpo and dailykos…

teejk on January 20, 2012 at 3:41 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

I’ve got the solution, raise the state minimum wage to $30/hr. That will increase wages, push everybody into a higher tax bracket, allow people to qualify for home loans and increase revenues to the state dramatically.

/Leftist logic

mankai on January 20, 2012 at 3:59 PM

Oh, and once they do that (IL), they, too, can make the next survey of the most “productive” blue states that pay soooooo much to those poor hicks in the red states in terms of federal largesse. /s

WryTrvllr on January 20, 2012 at 4:00 PM

It ain’t all peaches and cream here. We are on our third consecutive liberal mayor in Houston and since that run began in about 1999 we went from zero to over $5 billion in muni pension debt with revenue at about $1.8 bil total annual currently.

Sumpins’ gonna bust soon I predict.

DanMan on January 20, 2012 at 4:01 PM

and in positive Chicagoland news, the city made it 24 hours without a murder for the first time this year, Congrats!

burserker on January 20, 2012 at 4:01 PM

Yes. I saw your previous. Couldn’t happen to a nicer bunch of elitists.

WryTrvllr on January 20, 2012 at 3:54 PM

Right. Not enough nascar and too much book-learnin’.

KeninCT on January 20, 2012 at 4:01 PM

Is there anyway to kick certain states out of the union, maybe downgrade them back to territories?

William Eaton on January 20, 2012 at 4:02 PM

A, it’s over 10% in Chicago. B, that sales tax applies to gas, in Illinois, giving them the highest gas prices in the country.

MNHawk on January 20, 2012 at 3:54 PM

You’re forgetting the city wide sales taxes if you’re dumb enough to buy anything in a placelike, oh, say Oakbrook.

WryTrvllr on January 20, 2012 at 4:03 PM

This state deserves everything it gets.Keep on electing liberals and you will keep on going down the drain.

logman1 on January 20, 2012 at 4:05 PM

Hey, you folks want to hear something funny? I just checked the online editions of Chicago’s two big papers–the Sun-Tmes and the Tribune–and I see not a word about this. Wouldn’t you think it would be big news? I mean, it doesn’t take paying bribes or whatever to unseal the divorce records of Seven of Nine’s husband to try to push forward his Democratic challenger, does it?

radjah shelduck on January 20, 2012 at 4:05 PM

Right. Not enough nascar and too much book-learnin’.

KeninCT on January 20, 2012 at 4:01 PM

There’s only so much to learn from Avi

WryTrvllr on January 20, 2012 at 4:06 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

Seriously? Are you from this state? We own a small business, let me tell you how the Dems have destroyed it. Sit down, put your feet up, it will be a long weekend.

herm2416 on January 20, 2012 at 4:09 PM

Coming soon: liberal lawmakers attempting to prevent money, businesses and people from leaving their state.

hawksruleva on January 20, 2012 at 4:09 PM

Isn’t Oak Brook is in Dupage Co?

herm2416 on January 20, 2012 at 4:11 PM

While Obama and the Democrats squawk about the natioanal 2% payroll tax holiday being extended, to keep the recovery going (or something like that), remember that the 2% payroll holiday was absorbed by Quinn and the Illinois legislature (read that MORE Democrats) with their tax hikes.

Funny, how Obama’s home state of Illinois has to make do without the relief the rest of the country is receiving and apparently can’t do without. And, those idiots (Democrats and anarchists) up in Wisconsin want to recall Walker… *banging head on desk*

Fallon on January 20, 2012 at 4:13 PM

Comment pages: 1 2