A continuation of the analysis of the current situation in Illinois by WirePoints:
Fact 6
6. Nation’s worst rating. By 2010, Illinois’ credit rating was already the worst in the nation according to Moody’s. And in 2013, S&P declared Illinois was on a “credit precipice” due to lack of pension reform. Illinois’ S&P rating – also the nation’s worst – was lower than California’s, New Jersey’s and Connecticut’s – all famous for their fiscal problems. In contrast, Indiana, Missouri and Iowa were all AAA-rated. Illinois was on its path toward junk way before 2015.
The lower the credit rating, the higher the bond interest cost, resulting in higher cost of government.
IUOE Local 150 has some new commercials to encourage taxpayers to tell legislators to fix roads and briges.
That would likely require the State of Illinois to issue bonds.
IUOE Local 150 is a labor union that includes heavy equipment operators.
Here are the commercials and website:
youtube.com/watch?time_continue=1&v=r2fsp4_hepg
youtube.com/watch?v=s6UOMDwL2Oo
fightbackwithus.com
IL has been borrowing and taxing its way to prosperity for decades.
Many think IL is one economic downturn from complete financial calamity.
Yet neither Republicans nor Democrats in Springfield discuss pension reform and cutting size of government instead focusing on what to tax and who and who not to tax including those who claim to be most conservative of all.