Investor's.com the online offering of Investors Business Daily posted this article several days ago about Illinois being downgraded because of their ridiculous clinging to the liberal economic model,......tax and spend, focus on entitlements, and if you need more money - then take it from those who work.
State Budgets: Inability or unwillingness to fix the state's hemorrhaging pension system and curb union power has led a major credit rating service to downgrade the Land of Lincoln's rating to the lowest in the nation.
On Friday, the bond rating agency Standard & Poor's downgraded the state's credit level again, to A-, putting Illinois' on par with California. No, actually below California, for S&P gives California a positive outlook.
Illinois' fragile overall financial status netted it a negative outlook, putting it behind California overall. The ratings came out now because Illinois plans to issue $500 million in bonds within days.
Moody's already ranks Illinois 50th among the states, and Fitch ranks the state 49th but warns of a negative watch.
Moody's A2 ranking places it even with Botswana, a southern African nation that is 70% desert, in what is the latest fallout over the $96.8 billion unfunded debt to five state pension systems.
The news comes after failed attempts at even modest pension reform failed in a lame duck state legislative session.
A recent release by the Illinois Policy Institute shows this is only the tip of the iceberg and when you add in other liabilities such as $54 billion in unfunded liabilities for retiree health insurance and $15 billion in pension bonds that Gov. Pat Quinn and his immediate predecessor, former Gov. Rod Blagojevich, issued to avoid pension reform, Illinois' total unfunded liabilities amount to $275 billion, or $58,000 in debt for each and every household in the state.
While neighbors like Wisconsin, Indiana and Michigan have either challenged the unions on pension reform or embraced right-to-work to encourage the economic growth to fund them, Illinois remains in thrall to big labor.
A major stumbling block on the path to reform has been the state's powerful public employee unions.
We Are One Illinois (WAOI), a group that represents more than 1 million state workers, has formed to fight any reforms, even while the state's pension costs rise at a rate of $17 million per day.
The state will spend $5.9 billion on the pension system in fiscal year 2013, which ends in July 2013, and will spend nearly $7 billion in FY 2014.
The Standard & Poor's report warns that further inaction could lead to downgrading Illinois to "BBB," an "unusual" low rating for any state.
The agency noted a "lack of action on pension reform and upcoming budget challenges could result in further credit deterioration."
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Tuesday, February 12, 2013
Monday, February 11, 2013
Dr. Carson's Speech - Captivating America
The whole Nation is abuzz with Dr. Benjamin Carson's speech at the National Prayer Breakfast with Obama in attendance. The good Doctor, actually the Director of Pediatric Neurosurgery at Johns Hopkins Hospital, railed against political correctness, about fiscal irresponsibility, about taxation, and host of other issues including his passion for education.
Dr. Carson's creds are over whelming,..I will not take up the reader's time going over them except to say that he is a published author both in the medical field and non-fiction. He and his wife are philantrophists giving scholarships to deserving kids; he is a widely respected surgeon and did all of this growing up in poverty where he learned the importance of education and self responsibility.
I have no idea on Dr. Carson's political affilations or voting record, but he has to be a burr under Obama's saddle as a successful, capitalistic, self responsibility touting black man is opposite of what Obama is and what Obama wants to create for minorities and frankly, everyone else in this country.
Dr. Carson said that people ask him why he gves speeches that border on political issues. He said "why not and that everyone needs to get involved, including physicians, after all six of the founding signers were Doctors." If you do nothing else listen to his entire speech,....and watch Obama's facial expressions and body language.
Dr. Carson's creds are over whelming,..I will not take up the reader's time going over them except to say that he is a published author both in the medical field and non-fiction. He and his wife are philantrophists giving scholarships to deserving kids; he is a widely respected surgeon and did all of this growing up in poverty where he learned the importance of education and self responsibility.
I have no idea on Dr. Carson's political affilations or voting record, but he has to be a burr under Obama's saddle as a successful, capitalistic, self responsibility touting black man is opposite of what Obama is and what Obama wants to create for minorities and frankly, everyone else in this country.
Dr. Carson said that people ask him why he gves speeches that border on political issues. He said "why not and that everyone needs to get involved, including physicians, after all six of the founding signers were Doctors." If you do nothing else listen to his entire speech,....and watch Obama's facial expressions and body language.
Sunday, February 10, 2013
Legal Immigrant Supports the Second Amendment
Henson Ong - Legal Immigrant's speech on the 2nd Amendment at a Gun Violence Prevention Working Group Public Hearing in Hartford, CT on January 28th, 2013.
Mr. Ong, a legal immigrant who described himself as an American by choice, calmly and succintly destroys the anti-gun arguement especially on civilian versions of military weapons. Apparently much of crowd agreed with him based on the applause. Yeah, Mr. Ong gets it.
Mr. Ong, a legal immigrant who described himself as an American by choice, calmly and succintly destroys the anti-gun arguement especially on civilian versions of military weapons. Apparently much of crowd agreed with him based on the applause. Yeah, Mr. Ong gets it.
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