Author Topic: S&P, Moody's Downgrade Illinois to Near Junk, Lowest Ever for a U.S. State  (Read 3186 times)

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Offline Libertas

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We are now where The Founders were when they faced despotism.

Offline John Florida

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  I feel bad for the decent people that live there and can't get out.
All men are created equal"
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Offline AlanS

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  I feel bad for the decent people that live there and can't get out.

Which, sadly, is the vast majority outside of Chicago.
"Malo periculosam, libertatem quam quietam servitutem."

Thomas Jefferson

Offline richb

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Illinois is becoming more like New York State and California.   Ruled and mismanaged by the big cities even though it doesn't have a majority of the population,  just a majority of the politicians. 

Upstate New York is furthest along with the economic depression that can't be shaken, because of the politics.   Its been in a deep depression since after WWII.   It's most pointed along the border with Pennsylvania (a state that is hardly booming either),  on how much economic activity starts up on the border.   Fracking alone (allowed in Pennsylvania not allowed in NYS) makes a big difference by itself. 

Then there is inland California.  It's depression is only a couple decades old.  So little activity (except for a very high crime rate) once your away from the coast.   Then it picks up the minute you cross into Nevada. 

Now we can add downstate Illinois.  Up until the 1980's Chicago garbage could be contained and countered by booming places like DuPage and Lake counties.   Now they don't boom any more as they have been spent and too many people with bad voting habit have invaded them.  When you expand your business,  you look to Wisconsin or Indiana for that.    You can see this in action,  happening along route 30 south of Chicago already.   In Lynwood Illinois,  its business district is dead,  but the minute you cross into Dyer Indiana,  it comes alive,  just like that.   There is a handful of former Lynwood businesses that moved across the border in order to stay in business.   

And the politicians are doing nothing to stop it.   They are only digging in deeper.

Online ToddF

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My whole life it's been nicer and more economically vibrant on the Iowa side of the border than the Illinois.

Online Pandora

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And the politicians are doing nothing to stop it.   They are only digging in deeper.

I believe they don't want it stopped:   The Curley Effect
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

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Offline Libertas

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And the politicians are doing nothing to stop it.   They are only digging in deeper.

I believe they don't want it stopped:   The Curley Effect

Jeez...that really does nail it.



It's all about dependencies!  It always has been with these Prog demons!   ::outrage::

And the people being exploited are so far gone that they cannot recover from their stupidity, they've willingly/eagerly/happily allowed themselves to be enslaved by these bastards!

It's why I find it so difficult, perhaps even impossible to give one rats ass about these fools!

"The inevitable bankruptcy that results from expanding expenditures while diminishing revenues can be postponed for decades with the help of state and federal subsidies (“stimulus” in the Obama vernacular) and creative financing, but eventually you end up with cities like Detroit—called by Glaeser and Shleifer 'the first major Third World city in the United States.' "

Eff 'em!  Let 'em die!

If people had any brains...



H/T-WRSA
« Last Edit: June 09, 2017, 07:59:04 AM by Libertas »
We are now where The Founders were when they faced despotism.

Offline John Florida

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  I think that hole is too nice for them.  Butter to put them in a pile and set fire to them and soread the ashes in the town dump.
All men are created equal"
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Offline richb

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Illinois lottery getting kicked out of Powerball and Mega Millions due to the budget impasse.    The Illinois lottery has been delaying paying out winnings too.    They been ending promotions without winners too,  not paying out at all.

http://www.chicagotribune.com/news/ct-illinois-lottery-powerball-megamillions-met-20170615-story.html

Hilarious.

Offline AlanS

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Illinois lottery getting kicked out of Powerball and Mega Millions due to the budget impasse.    The Illinois lottery has been delaying paying out winnings too.    They been ending promotions without winners too,  not paying out at all.

http://www.chicagotribune.com/news/ct-illinois-lottery-powerball-megamillions-met-20170615-story.html

Hilarious.

Illinois. The only state more corrupt than Louisiana.
"Malo periculosam, libertatem quam quietam servitutem."

Thomas Jefferson

Offline John Florida

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Illinois lottery getting kicked out of Powerball and Mega Millions due to the budget impasse.    The Illinois lottery has been delaying paying out winnings too.    They been ending promotions without winners too,  not paying out at all.

http://www.chicagotribune.com/news/ct-illinois-lottery-powerball-megamillions-met-20170615-story.html

Hilarious.

Illinois. The only state more corrupt than Louisiana.


   I always thought that California was right up there.
All men are created equal"
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Offline AlanS

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Illinois lottery getting kicked out of Powerball and Mega Millions due to the budget impasse.    The Illinois lottery has been delaying paying out winnings too.    They been ending promotions without winners too,  not paying out at all.

http://www.chicagotribune.com/news/ct-illinois-lottery-powerball-megamillions-met-20170615-story.html

Hilarious.

Illinois. The only state more corrupt than Louisiana.


   I always thought that California was right up there.

Both IL and LA have had more governors in prison that Kali.
"Malo periculosam, libertatem quam quietam servitutem."

Thomas Jefferson

Offline John Florida

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Illinois lottery getting kicked out of Powerball and Mega Millions due to the budget impasse.    The Illinois lottery has been delaying paying out winnings too.    They been ending promotions without winners too,  not paying out at all.

http://www.chicagotribune.com/news/ct-illinois-lottery-powerball-megamillions-met-20170615-story.html

Hilarious.

Illinois. The only state more corrupt than Louisiana.


   I always thought that California was right up there.

Both IL and LA have had more governors in prison that Kali.

 But they are trying to catch up.
All men are created equal"
 Filippo Mazzie

Online ToddF

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California is tops in total debt, but Illinois is tops in fail when it comes to debts per capita.

Offline Libertas

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I had a belly laugh at this line!

Illinois Comptroller - "The State Can No Longer Function"

 ::hysterical::

That happened a long...long...long time ago, it just took a while for the damage to accumulate and short-circuit the central nervous system... ::smallestviolin::




We are now where The Founders were when they faced despotism.

Offline Libertas

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Ooohhhh....

I hear terms like "death spiral" applied to a proglodyte outfit...I kinda get excited!

http://www.foxnews.com/politics/2017/06/26/illinois-in-danger-entering-financial-death-spiral.html
 :D
We are now where The Founders were when they faced despotism.

Offline John Florida

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Senate President John J. Cullerton, a Democrat, “remains optimistic” the legislature can reach a balanced budget, as there is a “shared sense of urgency” among the legislative leaders, according to his spokesman


   Just a politician giving an answer. The truth has nothing to do wit it.  When they can't pay lottery winners and they collected the money in advance it doesn't take a rocket scientist to figure out that the bill are due and there is not enough income to pay them.   What the hell do they mean entering a death spiral???   They're neck deep in it. And there isn't anybody in the WH to bail them out.
All men are created equal"
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Offline richb

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Powerball and Mega Millions follow though and pull out of Illinois Lottery,  sales end today and Friday.

http://wgntv.com/2017/06/27/powerball-mega-millions-ticket-sales-to-be-suspended-prize-payments-delayed/

For the games remaining,  if you win over $25,000 they will delay payment.   The income tax bill likely find its way to your mailbox before your winnings (and no you can't be late with payment of that). 

I remember working at a place that was owed money from the state for some job we did (6 figures, so not chump change either).   And yes,  they wanted their tax paid on that amount even though they had NOT PAID US YET.    I still remember the boss yelling on the phone with someone from the Illinois department of revenue.  It was a Rube Goldberg moment for sure. 

It was our last job with them.   A company just can't wait for how long it takes Illinois to pay its bills,  they were months behind.  It would have gone to collections had it been anybody else.   Management told them,  no more jobs unless 100% paid upfront,  which of course no government will do.   

Offline John Florida

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Powerball and Mega Millions follow though and pull out of Illinois Lottery,  sales end today and Friday.

http://wgntv.com/2017/06/27/powerball-mega-millions-ticket-sales-to-be-suspended-prize-payments-delayed/

For the games remaining,  if you win over $25,000 they will delay payment.   The income tax bill likely find its way to your mailbox before your winnings (and no you can't be late with payment of that). 

I remember working at a place that was owed money from the state for some job we did (6 figures, so not chump change either).   And yes,  they wanted their tax paid on that amount even though they had NOT PAID US YET.    I still remember the boss yelling on the phone with someone from the Illinois department of revenue.  It was a Rube Goldberg moment for sure. 

It was our last job with them.   A company just can't wait for how long it takes Illinois to pay its bills,  they were months behind.  It would have gone to collections had it been anybody else.   Management told them,  no more jobs unless 100% paid upfront,  which of course no government will do.   

   Better not to do the job than to do it for nothing.
All men are created equal"
 Filippo Mazzie

Offline richb

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Powerball and Mega Millions follow though and pull out of Illinois Lottery,  sales end today and Friday.

http://wgntv.com/2017/06/27/powerball-mega-millions-ticket-sales-to-be-suspended-prize-payments-delayed/

For the games remaining,  if you win over $25,000 they will delay payment.   The income tax bill likely find its way to your mailbox before your winnings (and no you can't be late with payment of that). 

I remember working at a place that was owed money from the state for some job we did (6 figures, so not chump change either).   And yes,  they wanted their tax paid on that amount even though they had NOT PAID US YET.    I still remember the boss yelling on the phone with someone from the Illinois department of revenue.  It was a Rube Goldberg moment for sure. 

It was our last job with them.   A company just can't wait for how long it takes Illinois to pay its bills,  they were months behind.  It would have gone to collections had it been anybody else.   Management told them,  no more jobs unless 100% paid upfront,  which of course no government will do.   

   Better not to do the job than to do it for nothing.


That's what accounting ended up telling management and the company owner at some point.  We weren't making much if any money on the job to begin with so it wasn't worth the trouble.   The problem was,  the owner of the company hated,  hated, hated,  losing jobs,  even jobs we could have done without.    He only saw that it was a six figure job,  not so so much that it didn't come with much in the way of profit.   And it was a pain in the a** job to get (and keep),  with all the government contract nonsense you deal with when selling to a government agency.   There was plenty of private sector work we could have with far less trouble and far more profit,   but that guy just couldn't let go. 

There really isn't much you can do when the non or slow payer is a government agency.   Can't send it to collection,  can't charge late interest,  contracts don't seem to mean anything,  can't really sue.   You really have no way to collect (not that collecting from private deadbeats is easy either).   You're just screwed.   

The accountants finally talked him into how this single $700,000 deadbeat would burn a hole in the company and put us all out of work.   At best we were a $20 million a year business,  so that was a large enough sum to still cause major issues.

I'm surprised more governments don't stiff businesses for goods and services more often,  to be honest,  they can get away with it quite easy.