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Tuesday, October 1, 2013
Walsh Jr.'s Neighbors in Unemployment
Unemployment still 2nd highest in the nation under Larry Walsh Jr. (D-IL Dist.86 - Joliet, Crest Hill, Rockdale, Elwood, Channahon).
Also Read:
Also Read:
Monday, September 2, 2013
Stats Don't Lie - Larry Walsh Jr. Is Doing Horrible On The Economy
District 86 (Crest Hill, Joliet, Rockdale, Elwood, Channahon) Illinois House Representative, Larry Walsh Jr. proves his lack of positive effect on the local and Illinois economy. As Will County, Illinois, is sitting at/near 10% unemployment and the State doesn't sit any better!
MASSIVE DEBT IS THREATENING ILLINOIS:
"Back in 1981, Illinois reported $164 million in debt service “interest” expense. By 2012, Illinois’ accumulating debt led to a reported $1.6 billion in interest expense — about 900% higher than in 1981, despite a 95% decline in general interest rates! To boot, Illinois has had a longstanding ‘balanced budget’ requirement in the state constitution, which theoretically constrained state borrowing." Learn More HERE!!!
STATISTICS DON'T LIE:
August 29, 2013 - Illinois Policy Institute Reports:
"Almost all metropolitan areas across Illinois saw an increase in their unemployment rate in July [of 2013]. According to the latest seasonally adjusted unemployment numbers from the U.S. Bureau of Labor Statistics, eight of Illinois’ 10 Metropolitan Statistical Areas, or MSAs, saw their unemployment rates increase. The only region to experience a drop was Chicago, while the Champaign-Urbana region remained unchanged.”
The Times Weekly Reports (on 8/7/13):
"Will County Unemployment is at 10.6%. Illinois ranks at the second from the bottom for its jobless rate compared to all other states, and Will County is the fourth from the bottom in Illinois, according to national labor statistics." Learn More HERE!!!
IS ANYBODY HERE RICH?
The Joliet Herald News posted a quote of the week on 8/25/13, and it states:
"Quote of the week
“Is anybody here rich? We’re average working people.” — Roberta Lynch, deputy director of the American Federation of State, County and Municipal Employees (AFSCME) Council 31, speaking at a Will County employees’ union rally Wednesday in downtown Joliet.”" Learn More HERE!!!
ILLINOIS IS STILL STRUGGLING FOR JOBS!
Illinois is still struggling for jobs, read the Chicago Tribune Article focusing on this issue … http://www.chicagotribune.com/news/opinion/editorials/ct-edit-workcomp-20130820,0,5362618.story .......... Learn More HERE!!!
You deserve better than Larry Walsh Jr. ... You have an opportunity to vote him out of office in 2014 and 2016! End the "Family and Friends" plan.
Saturday, August 3, 2013
New Report Shows Continued Sluggish Economy Hope Larry Walsh Sr Is Proud
New August 2nd Reports Show A Continued Sluggish Economy Under Barack Obama... Sure Hope Larry Walsh Sr. Is Proud Of Him...
"Obama’s Disappointment Economy
Politico Headline: “Another Tepid Jobs Report.” (Patrick Reis, “Another Tepid Jobs Report,” Politico, 8/2/13)
Over Four Years Later, Obama’s Economy Has Yet To Do Much Else Other Than Disappoint
In July, The Unemployment Rate Is 7.4 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)
In July, The Hispanic Unemployment Rate Increased From 9.1 To 9.4 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)
Since Obama Took Office, The Nation Has Lost 761,000 Construction Jobs. (Bureau Of Labor Statistics, Accessed 8/2/13)
Since Obama Took Office, The Nation Has Lost 581,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 8/2/13)"
"Obama’s Disappointment Economy
Posted August 2, 2013
- “The Trend Of Sluggish Economic Growth Continued Friday…” “The trend of sluggish economic growth continued Friday, as federal economists reported that the economy added 162,000 jobs in July while the unemployment rate edged down from 7.6 percent to 7.4 percent.” (Patrick Reis, “Another Tepid Jobs Report,” Politico, 8/2/13)
- “But The Stubbornly Slow Job Growth Left 11.5 Million People Unemployed, With Another 8.2 Million Part-Time Employees Unsuccessfully Looking To Add More Hours To Their Work Week.” “But the stubbornly slow job growth left 11.5 million people unemployed, with another 8.2 million part-time employees unsuccessfully looking to add more hours to their work week. Among the unemployed, 4.2 million have been unsuccessfully seeking work for 6 months or more.” (Patrick Reis, “Another Tepid Jobs Report,” Politico, 8/2/13)
- “At The Average Rate Of Job Growth Seen So Far This Year, It Would Take More Than Seven Years To Close The So-Called Jobs Gap Left By The Recession.” “At the average rate of job growth seen so far this year, it would take more than seven years to close the so-called jobs gap left by the recession, according to the Hamilton Project at the Brookings Institution. Other indicators disappointed, too, with both average hourly wages and the length of the private-sector workweek shrinking modestly in July.” (Catherine Rampell, “U.S. Adds 162,000 Jobs As Growth Remains Sluggish,” The New York Times, 8/2/13)
- Joshua Shapiro, Chief United States Economist At MFR, Says “The Composition Of Job Growth Has Not Been Particularly Great.” “‘Whether there’s less fiscal drag, more fiscal drag, or a train wreck, we still really don’t know,’ said Joshua Shapiro, chief United States economist at MFR. Analysts are also questioning the disconnect between job growth and other measures of the country’s economic health. … ‘The composition of job growth has not been particularly great,’ Mr. Shapiro said. ‘It’s a lot of temp services, retail, food services, health care. With low-end jobs contributing more than half the growth, the income generated would be not that great, and you wouldn’t be expecting it to drive strong consumer spending.’” (Catherine Rampell, “U.S. Adds 162,000 Jobs As Growth Remains Sluggish,” The New York Times, 8/2/13)
- “The Latest Report Reflects The Slow Economic Growth In Recent Quarters.” “While unexpected, the latest report reflects the slow economic growth in recent quarters. Earlier this week, the government reported that the economy barely grew in the fourth quarter of last year and expanded by just 1.1% in the first quarter. Economic growth picked up in the second quarter to an annualized rate of 1.7%, a still sluggish rate.” (Don Lee, “Pace Of Job Growth Weakens In July,” Los Angeles Times’ Money & Co., 8/2/13)
- “The Job Market Hit A Speed Bump In July, As Hiring Slowed And Both Hours Worked And Wages Fell Slightly.” (Annalyn Kurtz, “Hiring Slumps In July,” CNN Money, 8/2/13)
- “The Report Was Discouraging In Many Regards.” “The report was discouraging in many regards. While the unemployment rate fell slightly to 7.4%, the drop was partly because 37,000 people dropped out of the labor force.” (Annalyn Kurtz, “Hiring Slumps In July,” CNN Money, 8/2/13)
- “As Of June, There Were A Record 28.1 Million Part-Time Employees, According To The U.S. Labor Department.” “Some experts are more pessimistic about economic growth over the rest of the year. Lance Roberts, chief economist at investment management firm StreetTalk Advisors, notes that GDP has grown at a rate of less than 2 percent, stall speed for the economy, for three straight quarters. Of particular concern is the recent slowdown in personal consumption, which accounts for nearly 70 percent of economic activity, he said. …Roberts also raised concerns about the trend in recent years among employers to add more part-time than full-time workers. As of June, there were a record 28.1 million part-time employees, according to the U.S. Labor Department.” (Alain Sherter, “Job Growth Slowed In July,” CBS News’ Money Watch, 8/2/13)
- Eisen: “Clearly This Is A Disappointing Number” Of Jobs Created. SARAH EISEN: “Clearly this is a disappointing number.” (Bloomberg’s “In The Loop,” 8/2/13)
Over Four Years Later, Obama’s Economy Has Yet To Do Much Else Other Than Disappoint
In July, The Unemployment Rate Is 7.4 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)
- The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Is 14 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)
- The Number Of Unemployed Workers Is 11.5 Million. (Bureau Of Labor Statistics, Accessed 8/2/13)
- Since Obama Took Office, The Number Of Workers Working Part-Time For Economic Reasons Has Increased By 203,000. (Bureau Of Labor Statistics, Accessed 8/2/13)
- There Are Currently 988,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 8/2/13)
In July, The Hispanic Unemployment Rate Increased From 9.1 To 9.4 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)
Since Obama Took Office, The Nation Has Lost 761,000 Construction Jobs. (Bureau Of Labor Statistics, Accessed 8/2/13)
Since Obama Took Office, The Nation Has Lost 581,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 8/2/13)"
Monday, July 22, 2013
State of Illinois' Financial Distress Means Fewer Doctors
State of Illinois' Financial Distress Means Fewer Doctors
From Re-Boot Illinois (More Cool Stuff):
"The share of doctors willing to accept new Medicaid patients varies widely across the 50 states, according to a recent study from the National Center for Health Statistics.
Not surprisingly, states with higher fiscal strains also are states where doctors are less willing to serve Medicaid patients. Doctors are paid lower and slower in fiscally challenged states.
The chart (below) shows where Illinois stands compared to the U.S. average on the Truth In Accounting “Taxpayer Burden” measure of state government debt burden and the share of doctors accepting new Medicaid patients.
Illinois ranks near the top of the list on how high its Taxpayer Burden is, and near the bottom of the barrel in terms of doctor willingness to accept new Medicaid patients."
Why?
From Illinois Statehouse New January 2012:
"SPRINGFIELD — Illinois’ difficulties reining in its pension costs are expected to pale in comparison to its efforts to control Medicaid, the state’s other big expense. A report released from the Civic Federation, a Chicago-based nonpartisan policy group that focuses on state spending, predicts Illinois' Medicaid costs will skyrocket over the next five years."
Continued...
But even with that additional revenue, Illinois lawmakers still had to pay more than $1 billion in 2011 Medicaid bills.
"Illinois will see as many as 296,000 new people enroll in Medicaid once the federal Patient Protection and Affordable Care Act takes effect in 2014." [But we can't afford it!!!!!!]
"Msall added that Medicaid spending is the biggest single cost for state government. The Illinois Department of Healthcare and Family Services expects to spend a total of $14 billion on Medicaid in 2012, that includes both state and federal dollars."
Consider this... From Illinois Policy Institute, May of 2013:
"The federal government is unlikely to fulfill its commitment to Illinois. Federal Medicaid spending already represents one-fourth of the federal deficit and is expected to more than double in the next decade. This explains why President Barack Obama's last three budgets have proposed shifting more of these costs to state governments and why he has included these cost-shift proposals in debt ceiling and fiscal cliff negotiations. One of the two trustees, Obama appointed to oversee Medicare, warned states that it was a “near certainty” that federal support for Medicaid will be cut in future years."
Illinois Policy Institute/Illinois Review Reports in April 2013:
"If Illinois has the same experiences as other states, the [proposed Medicaid] expansion would cost state and federal taxpayers between $6.3 billion and $16.9 billion more than the Quinn administration projects between 2014 and 2020, even if all of their other assumptions are correct."
Illinois Issues Reports:
"But with reforms slow to get off the ground and a menu of possible cuts slowly beginning to surface, lawmakers are now forced to somehow tame the Medicaid beast before it reaches $21 billion in unpaid bills by 2017, according to a recent projection by the Civic Federation."
Continued...
"Medicaid is a health care program for the poor that offers a variety of services. It is funded by both the state and federal governments. With the 2009 federal stimulus package, the federal government picked up 62 cents of every dollar Illinois spent on Medicaid costs, but that program expired last June, and now the split is again 50-50."
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| Learn More At http://almforfreedom.blogspot.com |
From Re-Boot Illinois (More Cool Stuff):
"The share of doctors willing to accept new Medicaid patients varies widely across the 50 states, according to a recent study from the National Center for Health Statistics.
Not surprisingly, states with higher fiscal strains also are states where doctors are less willing to serve Medicaid patients. Doctors are paid lower and slower in fiscally challenged states.
The chart (below) shows where Illinois stands compared to the U.S. average on the Truth In Accounting “Taxpayer Burden” measure of state government debt burden and the share of doctors accepting new Medicaid patients.
 |
| Learn More At http://almforfreedom.blogspot.com |
Illinois ranks near the top of the list on how high its Taxpayer Burden is, and near the bottom of the barrel in terms of doctor willingness to accept new Medicaid patients."
Why?
From Illinois Statehouse New January 2012:
"SPRINGFIELD — Illinois’ difficulties reining in its pension costs are expected to pale in comparison to its efforts to control Medicaid, the state’s other big expense. A report released from the Civic Federation, a Chicago-based nonpartisan policy group that focuses on state spending, predicts Illinois' Medicaid costs will skyrocket over the next five years."
Continued...
""What is most frightening is
that even after the income tax, the state was not able to pass a budget to
fully fund Medicaid," said Lawrence Msall - Civic Federation President, referring to a 67 percent personal
income tax increase and a 48 percent corporate income tax increase in January
2011.
But even with that additional revenue, Illinois lawmakers still had to pay more than $1 billion in 2011 Medicaid bills.
The Civic Federation report paints a grim picture for Medicaid spending:
- Illinois is on pace to spend a total of nearly $14 billion on Medicaid in 2012.
- Illinois' Medicaid costs are expected to increase 41 percent over the next five years.""
"Illinois will see as many as 296,000 new people enroll in Medicaid once the federal Patient Protection and Affordable Care Act takes effect in 2014." [But we can't afford it!!!!!!]
"Msall added that Medicaid spending is the biggest single cost for state government. The Illinois Department of Healthcare and Family Services expects to spend a total of $14 billion on Medicaid in 2012, that includes both state and federal dollars."
Consider this... From Illinois Policy Institute, May of 2013:
"The federal government is unlikely to fulfill its commitment to Illinois. Federal Medicaid spending already represents one-fourth of the federal deficit and is expected to more than double in the next decade. This explains why President Barack Obama's last three budgets have proposed shifting more of these costs to state governments and why he has included these cost-shift proposals in debt ceiling and fiscal cliff negotiations. One of the two trustees, Obama appointed to oversee Medicare, warned states that it was a “near certainty” that federal support for Medicaid will be cut in future years."
Illinois Policy Institute/Illinois Review Reports in April 2013:
"If Illinois has the same experiences as other states, the [proposed Medicaid] expansion would cost state and federal taxpayers between $6.3 billion and $16.9 billion more than the Quinn administration projects between 2014 and 2020, even if all of their other assumptions are correct."
Illinois Issues Reports:
"But with reforms slow to get off the ground and a menu of possible cuts slowly beginning to surface, lawmakers are now forced to somehow tame the Medicaid beast before it reaches $21 billion in unpaid bills by 2017, according to a recent projection by the Civic Federation."
Continued...
"Medicaid is a health care program for the poor that offers a variety of services. It is funded by both the state and federal governments. With the 2009 federal stimulus package, the federal government picked up 62 cents of every dollar Illinois spent on Medicaid costs, but that program expired last June, and now the split is again 50-50."
Thursday, July 18, 2013
Are Progressive Taxes Coming To Illinois?
Are Progressive Taxes Coming to Illinois? The Majority of Democrats in Illinois Favor It!
From Huffington Post Chicago (in-part):
"As the tax debate has gone historically, most Democrats are for a progressive tax structure in Illinois. All Republicans in the Illinois House and Senate are for keeping the flat rate we currently have. Not all Democrats are for a progressive tax, though.
State Rep. Jack Franks, a Marengo Democrat, has gone so far as to sign on as a chief co-sponsor of a resolution to oppose a progressive income tax. In an interview with Reboot Illinois' Madeleine Doubek, Franks talks about his opposition, his approach to taxes, generally, the state's spending and budget problems and the ongoing pension crisis.
Question to Franks by HPC: Most elected Democrats want a progressive tax. Why not you?
Answer: "I've never supported any tax increase. In Illinois, I don't think we have a revenue problem; I think it's a spending problem. I don't think we should be asking taxpayers for more money when we don't spend what they give us wisely."
Question to Franks by HPC: How do your Democratic colleagues need to adjust their thinking because many do support a progressive tax amendment?
Answer: "The great thing about democracy is we can respectfully disagree with others' opinions. But I think what we ought to do is have a serious discussion, which we have not really had. I've been trying to for a long time. This is something on how we actually do our budget. When we passed the law a few years ago, we were supposed to be budgeting for results, but it's become a joke under this governor. We're supposed to set up these goals to get there, but he sets up these goals like we want to have a world-class education instead of saying he wants to have actual results, and it's all touchy-feely and there is nothing that's objective."
Continued by Franks: "You have 35 states who are debating whether they should cut their tax rates. Our only question is how much higher should we be charging our citizens. It's the wrong debate to be having.""
And What Does "American's for Prosperity" Report?
"“We’re a wealthy state and a pretty low-taxed state,” said state Representative Naomi Jakobsson (D-Champaign) upon introducing legislation (HJRCA 2) to initiate a switch in Illinois from a flat tax to a progressive tax. While the Representative is entitled to her opinion, most Illinois taxpayers feel anything but “wealthy” or “low-taxed”. Consider these realities facing most families: Illinois unemployment is more than two percentage points higher than the national average; we have one of the highest property tax burdens in the country; and median household income has declined by over 9% over the last three years.
Just over two years ago, the General Assembly passed the largest tax hike in the history of Illinois, promising to pay down unpaid state bills and get Illinois’ finances in order. Yet, despite record state tax revenue, there is still $10 billion in unpaid state bills and a $97 billion unfunded pension liability, earning Illinois the worst credit rating in the nation.
So, now some leaders in Springfield want taxpayers to bail out their overspending by changing the Constitution to impose a “progressive income tax.”"
AFP continues to report:
"The reality is 31 of the 34 progressive tax states levy a higher marginal tax rate on $50,000 in household income than Illinois will in 2015. That is not just taxing the rich; it is again hiking taxes on the middle class. The adoption of a progressive tax will threaten Illinois’ prosperity by giving politicians free reign to engage in class warfare of the type seen at the federal level and in states such as California, further destroying job creation and incentivizing the flight of businesses to more friendly states."
June 5, 2013, As Reported by Illinois Policy Institute:
"The good news is state Rep. David McSweeney, R-Barrington Hills, introduced a measure that opposes efforts to pass a progressive income tax (HR 241). This resolution gained 46 sponsors <== View Co-Sponsors Here) and bipartisan support. [Please Note... State Rep. Larry Walsh Jr. Did NOT Co-Sponsor - Like 46 Other Reps - The Bi-Partisan Resolution, Thereby Openly Supporting Progressive Taxes.... Shameful.]
McSweeney’s effort to oppose the next multi-billion tax increase in Illinois is a great example of the leadership that Illinois so desperately needs. Lawmakers already broke their promise regarding how they were going to use the additional money from the record 2011 tax hike – they haven’t earned the right to take even more money from hardworking families in Illinois."
The Resolution may not completely block the progressive taxes from becoming an issue again in the Illinois General Assembly.... but let's hope it does. And if it comes back around... Contact your Representatives and let them know you do not want higher "progressive" taxes in Illinois!
Illinois, and District 86 Citizens... You can do better than ever increasing taxes, and do better without the likes of Illinois House Rep. Larry Walsh Jr.
From Huffington Post Chicago (in-part):
"As the tax debate has gone historically, most Democrats are for a progressive tax structure in Illinois. All Republicans in the Illinois House and Senate are for keeping the flat rate we currently have. Not all Democrats are for a progressive tax, though.
State Rep. Jack Franks, a Marengo Democrat, has gone so far as to sign on as a chief co-sponsor of a resolution to oppose a progressive income tax. In an interview with Reboot Illinois' Madeleine Doubek, Franks talks about his opposition, his approach to taxes, generally, the state's spending and budget problems and the ongoing pension crisis.
Answer: "I've never supported any tax increase. In Illinois, I don't think we have a revenue problem; I think it's a spending problem. I don't think we should be asking taxpayers for more money when we don't spend what they give us wisely."
Question to Franks by HPC: How do your Democratic colleagues need to adjust their thinking because many do support a progressive tax amendment?
Answer: "The great thing about democracy is we can respectfully disagree with others' opinions. But I think what we ought to do is have a serious discussion, which we have not really had. I've been trying to for a long time. This is something on how we actually do our budget. When we passed the law a few years ago, we were supposed to be budgeting for results, but it's become a joke under this governor. We're supposed to set up these goals to get there, but he sets up these goals like we want to have a world-class education instead of saying he wants to have actual results, and it's all touchy-feely and there is nothing that's objective."
Continued by Franks: "You have 35 states who are debating whether they should cut their tax rates. Our only question is how much higher should we be charging our citizens. It's the wrong debate to be having.""
And What Does "American's for Prosperity" Report?
"“We’re a wealthy state and a pretty low-taxed state,” said state Representative Naomi Jakobsson (D-Champaign) upon introducing legislation (HJRCA 2) to initiate a switch in Illinois from a flat tax to a progressive tax. While the Representative is entitled to her opinion, most Illinois taxpayers feel anything but “wealthy” or “low-taxed”. Consider these realities facing most families: Illinois unemployment is more than two percentage points higher than the national average; we have one of the highest property tax burdens in the country; and median household income has declined by over 9% over the last three years.
Just over two years ago, the General Assembly passed the largest tax hike in the history of Illinois, promising to pay down unpaid state bills and get Illinois’ finances in order. Yet, despite record state tax revenue, there is still $10 billion in unpaid state bills and a $97 billion unfunded pension liability, earning Illinois the worst credit rating in the nation.
So, now some leaders in Springfield want taxpayers to bail out their overspending by changing the Constitution to impose a “progressive income tax.”"
AFP continues to report:
"The reality is 31 of the 34 progressive tax states levy a higher marginal tax rate on $50,000 in household income than Illinois will in 2015. That is not just taxing the rich; it is again hiking taxes on the middle class. The adoption of a progressive tax will threaten Illinois’ prosperity by giving politicians free reign to engage in class warfare of the type seen at the federal level and in states such as California, further destroying job creation and incentivizing the flight of businesses to more friendly states."
June 5, 2013, As Reported by Illinois Policy Institute:
"The good news is state Rep. David McSweeney, R-Barrington Hills, introduced a measure that opposes efforts to pass a progressive income tax (HR 241). This resolution gained 46 sponsors <== View Co-Sponsors Here) and bipartisan support. [Please Note... State Rep. Larry Walsh Jr. Did NOT Co-Sponsor - Like 46 Other Reps - The Bi-Partisan Resolution, Thereby Openly Supporting Progressive Taxes.... Shameful.]
McSweeney’s effort to oppose the next multi-billion tax increase in Illinois is a great example of the leadership that Illinois so desperately needs. Lawmakers already broke their promise regarding how they were going to use the additional money from the record 2011 tax hike – they haven’t earned the right to take even more money from hardworking families in Illinois."
The Resolution may not completely block the progressive taxes from becoming an issue again in the Illinois General Assembly.... but let's hope it does. And if it comes back around... Contact your Representatives and let them know you do not want higher "progressive" taxes in Illinois!
Illinois, and District 86 Citizens... You can do better than ever increasing taxes, and do better without the likes of Illinois House Rep. Larry Walsh Jr.
Thursday, June 13, 2013
Bonds Bonds and More Future Debt
Build Illinois Bonds, State Downgrades & Billion Dollar Debt
On May 9th, Illinois General Assembly approved a $300 million bond sale. 11 banks bid on the deal and Wells Fargo was the winner.
The deal will mark the state's second trip to the municipal bond market so far this year. On April 2, Illinois sold $350 million of taxable and $450 million of tax-exempt general obligation bonds in competitive deals.
$300 million + $350 million + $450 million = Over $1-Billion Dollars bonded during the 2012-2013 legislative session. That's A LOT of DEBT on OUR CHILDREN'S FUTURE (but hey, keep reading)!!!
As Reported on June 5th, 2013:
"Fitch downgraded Illinois's credit rating this week to the lowest in the U.S., after the Illinois Legislature adjourned last week without cutting pensions to state workers. The Illinois House also refused to cut education before adjourning."
"Fitch believes that the burden of large unfunded pension liabilities and growing annual pension expenses is unsustainable," its spokesman said, and a sign that the state's officials are unwilling to address the state's "numerous fiscal challenges."
Illinois already had the lowest credit rating in the U.S., and is now rated A-minus, a rating which will affect the state's $27.5 billion in outstanding debt and increase the interest rate on the $1 billion of new bonds the state plans to sell in the next few weeks."
March 5, 2012, As Reported:
"Bonds approved by the General Assembly were issued twice under (Gov. Pat Quinn) [and under former Rep. Jack McGuire] to make the required [pension] payment due to the fact that there was not an appetite in the General Assembly to make the cuts needed to make the required payments,” Kelly Kraft, Quinn’s budget spokeswoman, said in an email.
The state will be making payments on
those bonds and ones issued by former Gov. Rod Blagojevich through 2033.
Between the current fiscal year [2011-2012] and 2033, the state will have to cough up $25.8 billion for those loans, $9.5 billion of which will be interest alone."
On May 9th, Illinois General Assembly approved a $300 million bond sale. 11 banks bid on the deal and Wells Fargo was the winner.
The deal will mark the state's second trip to the municipal bond market so far this year. On April 2, Illinois sold $350 million of taxable and $450 million of tax-exempt general obligation bonds in competitive deals.
$300 million + $350 million + $450 million = Over $1-Billion Dollars bonded during the 2012-2013 legislative session. That's A LOT of DEBT on OUR CHILDREN'S FUTURE (but hey, keep reading)!!!
As Reported on June 5th, 2013:
"Fitch downgraded Illinois's credit rating this week to the lowest in the U.S., after the Illinois Legislature adjourned last week without cutting pensions to state workers. The Illinois House also refused to cut education before adjourning."
"Fitch believes that the burden of large unfunded pension liabilities and growing annual pension expenses is unsustainable," its spokesman said, and a sign that the state's officials are unwilling to address the state's "numerous fiscal challenges."
Illinois already had the lowest credit rating in the U.S., and is now rated A-minus, a rating which will affect the state's $27.5 billion in outstanding debt and increase the interest rate on the $1 billion of new bonds the state plans to sell in the next few weeks."
March 5, 2012, As Reported:
"Bonds approved by the General Assembly were issued twice under (Gov. Pat Quinn) [and under former Rep. Jack McGuire] to make the required [pension] payment due to the fact that there was not an appetite in the General Assembly to make the cuts needed to make the required payments,” Kelly Kraft, Quinn’s budget spokeswoman, said in an email.
Between the current fiscal year [2011-2012] and 2033, the state will have to cough up $25.8 billion for those loans, $9.5 billion of which will be interest alone."
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| Learn More: http://savejolietiyc.blogspot.com and http://almforfreedom.blogspot.com |
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