"After decades of profligate spending by leftist leaders, the chickens have finally come home to roost in Illinois.
The Land of Lincoln became the first state in the country to have its bond rating reduced to one step above “junk” status by S&P and Moody’s credit agencies.
It’s the lowest ranking ever recorded for a U.S. state and a sign of the ineffectiveness of liberal financial leadership.Almost one year ago, S&P warned state leaders that Illinois would almost certainly lose it’s investment-grade status – unprecedented for any state – if they couldn’t agree on a budget that tackled their massive deficits.
They made no progress, so S&P made the “junk” determination, followed by Moody’s.
They cited the state’s chronically underfunded pension system and the overdue bills that amount to 40 percent of the state’s entire operating budget..."
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