Wednesday, June 06, 2012

Flipside of Wisconsin: S&P issues warning over Illinois credit rating downgrade

Because of opposition from public-sector union and their Democratic enablers in the General Assembly, the spring session of the legislature ended without addressing the $83 billion in unfunded state pension liabilities.

Earlier today Standard & Poors issued a warning that it might lower Illinois' credit rating. Moody's did so in January.

The Prairie State's pension system is the worst-funded in the nation.

Illinois voters: there is a better way. Look to Wisconsin and the reforms of Gov. Scott Walker.

In related news, a Chicago Teachers Union strike authorization vote began today--the day after Big Labor's big loss in the Walker recall election. The CTU wants a 30 percent raise for teachers.

Warfare in an understandably popular metaphor in politics. Yesterday's victory for taxpayers in Wisconsin was Gettysburg. Illinois will be Petersburg. However my fellow Illinois taxpayers will win here too. But it will be an ugly, drawn-out, and dearly-bought triumph.

Related post:

Why isn't Illinois Gov. Pat Quinn campaigning against Scott Walker in Wisconsin?

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