Green Room

Illinois downgraded again, this time by Moody’s

posted at 1:06 pm on June 7, 2013 by

I mentioned that this might be coming in my Tuesday post on Illinois’ credit downgrade from Fitch, and voila:

Moody’s Investors Service on Thursday downgraded Illinois’ general obligation credit rating by one notch — to the lowerst rating in the state’s history — following a move earlier this week by Fitch Ratings. Moody’s downgraded Illinois’ $27 billion of general obligation debt to A3 from A2, with a negative outlook after state lawmakers last week failed to pass a plan to deal with a $100 billion unfunded public pension liability. Even prior to the downgrade, Illinois had the lowest rating of any U.S. state.

Friendly reminder: Illinois is controlled by a Democrat governor and Democrat super-majorities in both houses of the legislature; they’ve all worked together to raise taxes on families and businesses.  No gridlock, just liberal results — kind of like Obamacare!  Incidentally, the state with the second-worst credit rating in the Union is California, where Republicans are similarly powerless.  These are obviously bizarre coincidences because it’s widely known that liberal governance is very compassionate; what kind of monsters would even dream of downgrading Our Children’s Future?

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ObamaCare will wipe away half of that public debt….the health care bennies of public retirees. Own it libs.

DanMan on June 7, 2013 at 1:25 PM

Keep voting democrat!

tom daschle concerned on June 7, 2013 at 1:32 PM

Hey, and Chicago is the most expensive place in the country for gasoline.

Drivers in the city are now paying an average of $4.55 a gallon, according to AAA, which is 20 cents higher than a week ago. The price for a gallon of premium unleaded is approaching $5, reaching $4.95 overnight. On this day last year, drivers were paying $4.12 per gallon.

http://www.chicagotribune.com/business/breaking/chi-chicago-gas-prices-20130607,0,7332076.story

I know, ri-i-i-ight? It just keeps getting better here.

Fallon on June 7, 2013 at 1:35 PM

Lowerst?

Koch brothers need to step in and buy these papers.

sentinelrules on June 7, 2013 at 1:35 PM

Lowerst?

sentinelrules on June 7, 2013 at 1:35 PM

Lowest + Worst = Lowerst

What.

Fallon on June 7, 2013 at 1:41 PM

Moodys audit to begin in 3.2.1

faraway on June 7, 2013 at 1:59 PM

Bloomberg.com:

Legislators on May 31 adjourned without taking final votes on dueling proposals to reduce an unfunded liability of almost $100 billion in the state retirement system that grows $17 million daily. It was the third time in less than a year that politicians failed to pass measures to deal with the shortfall.

Robert_Paulson on June 7, 2013 at 2:02 PM

Downgrade? Racist! Oh, wait…

Ward Cleaver on June 7, 2013 at 2:31 PM

And, oh yeah, gasoline? I paid $3.329 when I filled up this morning in the Dallas area.

Ward Cleaver on June 7, 2013 at 2:32 PM

ObamaCare will wipe away half of that public debt….the health care bennies of public retirees. Own it libs.

DanMan on June 7, 2013 at 1:25 PM

Actually, I believe union retiree plans are grandfathered.

Steve Eggleston on June 7, 2013 at 4:58 PM

At least Detroit is showing us the way in what must be done once the Blue State Model finally collapses. I think Republican-appointed “Emergency Financial Managers” is the perfect way to start reconstruction, er, restore solvency in the bankrupt Blue States. :-)

Punchenko on June 7, 2013 at 5:05 PM

and America elected Obama twice to fundamentally change America into ILLinois. Too sad.

TheAlamos on June 8, 2013 at 6:43 AM

Seriously, why would anybody still live in Chicago?

Why in the world would anybody loan them anymore money? Seriously?

Anybody who does deserves to lose it when the state declares bankruptcy.

Theophile on June 8, 2013 at 3:44 PM

Why in the world would anybody loan them anymore money? Seriously?

Theophile on June 8, 2013 at 3:44 PM

This is Chicago. Give, I mean lend us some money or get your knees broken.

banzaibob on June 8, 2013 at 4:24 PM

This is Chicago. Give, I mean lend us some money or get your knees broken.

banzaibob on June 8, 2013 at 4:24 PM

Both knees…several times each. In their defense, their pizza is better than that grease-laden/ketchup covered piece of cardboard they peddle in NY. As a country I’m sure we’ll have to bail-out NJ, CA, IL and NY. States that spent what they could afford are chumps.

teejk on June 8, 2013 at 6:22 PM