Things are pretty bad when you are in Europe and when people there find out that you are from Illinois, they laugh at you because your governors are in prison making license plates!
Illinois already had the worst bond rating of all 50 states because of our unfunded $100 billion public pension fund debt. But things just got worse as our corrupt and inept politicians departed Springfield unable to do anything about our outrageous pension debt because that would mean that the public service unions would not finance their next election.
Having had enough of this corrupt and irresponsible behavior, both Moody’s and Fitch lowered their credit rating for Illinois even further. Illinois is now approaching “junk bond” status. Aren’t you proud?
The end result will be that Illinois will now have to pay even more to borrow money as it “kicks the can down the road.” Anybody that wants to see where this gross mismanagement can lead should take a look at Detroit which went from being the most prosperous city in the U.S. with the highest average income in America to being a bankrupt city which lost 65 percent of its inhabitants and now resembles a Third World nation.
Maybe it is time to fire the Democrats that have been running Illinois for 29 out of the last 30 years? Just a thought.
Detroit didn’t fire the Democrats that ran it for 60 consecutive years and drove it to bankruptcy. Sure would be nice to avoid that outcome.
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