Saturday, July 8, 2017

Not Enough?

MOODY'S WARNS MADIGAN'S BUDGET HIKE MAY NOT BE ENOUGH TO AVOID JUNK STATUS

Moodys
SPRINGFIELD - House Speaker Mike Madigan's budget will bring in more tax dollars with its income tax hike if the House overrides the governor's veto, but without needed reforms, the state's bonds may still reach "junk" status, according to Moody’s Investors Service. 
In a press release Wednesday, Moody's said that they've placed the state's rating "under review for possible downgrade" from its current next to junk "Baa3" status.
The Service points to "the state's failure to fully enact a timely budget for the fiscal year that began July 1, and its failure to achieve broad political consensus on how to move toward balanced financial operations."

7 comments:

Anonymous said...

Well Mikey Madigan got HIS way. We have a 33% tax hike. Bad for everyone in Illinois struggling with their family budgets. Madigan wants more discipline, and more sacrifice - from YOU. Democrats win! Rauner loses. Mikey wants NO structural reforms to the way pensions will be paid out for future hires. One of the primary reasons Moody's will ultimately downgrade Illinois to JUNK status bonds. More interest to be paid. Mikey wins! Rauner loses. Toni the taxer Preckwinkle will add a catastrophic new tax on beverages. She wins! I am seeing a pattern here. It seems every time the Democrats "win" I lose. Money. And the Democrats keep winning in Cook Cty and Illinois. And we the taxpayers keep losing.

Anonymous said...

Rauner is the problem. He failed to sit down with Madigan and work it out.

Anonymous said...

Democrats raised our taxes.
Vote for anybody but a Democrat.

Anonymous said...

Rauner is one of those hedge fund guys, 8 houses in different states and then fakes a residency to get his kid into a selective enrollment school. Madigan is a neighborhood guy, been living in a corner house at 64th and Keeler for as long as he's been in the state legislature. Before all these new politicians started crowing about "transparency", things worked. Government operated like a gigantic Ponzi scheme but everyone figured the state was good for their debts and the game continued. Kind of like playing cards for matchsticks. The game isn't about winning or losing, but rather keeping the game going. Where everything went south was the pandering, throw them another bone, social entitlement programs that promised freebies for everyone and used allocated funds to pay for them. From where I sit, I recall Rauner, running ads way before the election season, kind of like Pritzker is doing now, throwing his shoulder out of socket patting himself on the back over some pre-school give the kids a banana and they'll learn to read program.

Rauner's "my way or the highway" approach to government was pre-destined to fail. As a populist candidate, he's not popular. His idea of shaking up Springfield has been little more than a tremor with the state going without a budget for more than 2 years. Exactly what accomplishment will he cite in a re-election campaign. George Ryan and Blagojevich got more done in prison than this guy has in Springfield. Yeah, we're screwed and the tax and spend democrats will have their way for another 4 years. But politics is compromise, and compromise is the way to inch forward. In this all or nothing world Rauner lives in, we ALL got nothing.

Anonymous said...

You could say the exact opposite - Madigan failed to sit down with Rauner and work it out. The clue to who REALLY sat out the budget impasse is to ask "who benefits?" Madigan is the one who benefitted because he is virtually insulated from public opinion because the serfs in his ward owe the food on their plate to him. Also he knows the liberal democrat media combine will protect him. I am always interested in hearing opposing views but the "Rauner is a bad guy, or Rauner wont work with them" are stupid non arguments. I have yet to hear a coherent anti Rauner opinion. All I get is one sentence "rebuttals" written by obvious members of the million dollar pension club and their arguments are zero.

Anonymous said...

He has also given tens of millions of dollars of his own money to local schools including crappy Chicago. I guess we need BILLIONAIRE man of the people J Pritzker.

Anonymous said...

Republicans voted for increases too time to move!

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