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Will Illinois Be America's Greece?
IBD Editorials ^ | May 24, 2011 | Staff

Posted on 05/24/2011 5:17:33 PM PDT by Kaslin

State Government: The chief fiscal officer of tax-and-spend Illinois is preparing to warn lenders that allowing it to borrow any more money would be a major risk. Will his be the first state to go bankrupt?

Treasurer Dan Rutherford is a Republican in a very blue state, and the usual critics will say his warning is political grandstanding. We think the guy who counts Illinois' money has simply embraced fiscal reality and sanity in shouting from the financial rooftops: "Don't help us anymore; we can't afford it."

Rutherford on Monday said the state was in a deep hole and needed to stop digging and that he was willing to contact all the major bond houses and warn them that lending Illinois more money would be a "major risk."

"If I need to send letters to the rating companies to tell them the treasurer of Illinois is opposed to more borrowing, I'm going to do it," Rutherford said. "We need to cut our spending and break our unsustainable borrowing cycle before we realize a further financial disaster."

Rutherford says the debt from past borrowing has soared to $45 billion in recent years, which amounts to $10,000 for every Illinois household. The backlog of unpaid bills will reach $8 billion by July, Comptroller Judy Baar Topinka recently estimated. The only state with a worse credit rating is California.

Rutherford stands in contrast to Pat Quinn. The Illinois governor promised to raise taxes and did so on corporations and individuals, so much so that Caterpillar and other major employers have complained about the business climate and threatened to leave the state.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Editorial; Government
KEYWORDS: cwii; danrutherford; illinois; patquinn
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1 posted on 05/24/2011 5:17:34 PM PDT by Kaslin
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To: Kaslin

Festering rat-holes....Literally and Figuratively.


2 posted on 05/24/2011 5:19:43 PM PDT by King Moonracer (Bad lighting and cheap fabric, that's how you sell clothing.....)
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To: BillyBoy; Impy; PhilCollins; chicagolady

Illinois ping


3 posted on 05/24/2011 5:20:54 PM PDT by Clintonfatigued (Muslims are a people of love, peace, and goodwill, and if you say that they aren't, they'll kill you)
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To: King Moonracer

True, but they are blue and obama will use our money to bail their sorry asses out. Same with californication.


4 posted on 05/24/2011 5:22:26 PM PDT by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
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To: Kaslin

And Californai will be America’s Rwanda.


5 posted on 05/24/2011 5:24:16 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: Kaslin

I hate this state politically. Think about this for a moment... Governor Quinn carried only three of 102 counties in the last election and won.


6 posted on 05/24/2011 5:27:37 PM PDT by Lando Lincoln (But that's just me.)
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To: Kaslin

How ridiculous. Illinois is just a couple more tax hikes from permanent prosperity.


7 posted on 05/24/2011 5:33:23 PM PDT by SaveTheChief
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To: Kaslin

A Friend of ours and her daughter had a trip to Greece planned this summer and that went sour so they changed the trip to Egypt for this fall and then peace broke out over there so now they are going to Estonia...


8 posted on 05/24/2011 5:44:58 PM PDT by tubebender (Help! I've fallen, and I can't reach my wine!)
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To: fieldmarshaldj; BillyBoy; Impy; chicagolady
I think it's safe to say we are worse than Greece! The clown who stole the Gov. race just stole an election, and spends money like a drunken sailor!

I love the state, hate the state. But it is home.

Off subject, you know how the firefighters were intimidating voters? Well the very SAME firefighters were at 151st and 94th Ave in Orland Park standing in the intersection gathering money in a fireman boot!!!

These are the same people who acted like thugs on Election Day. The good news is the crooked Firefighter Chief in Orland got thrown out on his ass.

9 posted on 05/24/2011 5:48:07 PM PDT by Dengar01 (Go Bulls!!!)
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To: Kaslin
Anyone see that picture on Drudge with the sign that said "Welcome to Chicago - Mayor Rahm Emanuel".

My stomach went into knots over that. I never thought I'd praise a Democrat but man I will miss Mayor Daley. This city is going to turn into Detroit.

10 posted on 05/24/2011 5:49:42 PM PDT by Dengar01 (Go Bulls!!!)
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To: Kaslin; Impy; fieldmarshaldj; chicagolady; TitansAFC
I liked Rutherford when I met him at Judy's any info if he is part of the combine?

He asked me to run his campaign back in 08 for something. I was quite inebriated so I don't exactly remember.

But I'd take him over Quinn any day. Too bad that recall effort went no where...

11 posted on 05/24/2011 5:52:04 PM PDT by Dengar01 (Go Bulls!!!)
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To: Kaslin

As a resident of the great State of Illinois I’m looking forward to the day the pellet machines stop feeding the inmates. I have a fine cigar and a bottle of good bourbon saved for the day.

When it comes I’m going to be in a great position to sit in my backyard, smoke that cigar, drink some of that bourbon, and watch the rosy glow in the eastern sky which will be the west side of Chicago going up in flames.

And I’m going to laugh and laugh and laugh......


12 posted on 05/24/2011 5:53:17 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Lando Lincoln

I know how you feel. I’ve lived here since I was 12. There are parts of IL that I dearly love. There’s nothing like the Great River Road which winds from the Wisconsin border all the way to Cairo. It’s stunningly beautiful.

There’s the Blackhawk National Forest which absolutely must be seen to be believed.

And then, there’s our politics which are obscene by any measure one can think of.


13 posted on 05/24/2011 5:56:08 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: SaveTheChief

Yes. All they need to do to fix the deficit in Illinois is to bump up the marginal tax rate by a few measly percent to 97%.


14 posted on 05/24/2011 5:59:37 PM PDT by Brilliant
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To: Kaslin
The NLRB is no trying to stop Boeing from opening a new assembly line in South Carolina even no union jobs were lost in Washington State. How long before the Obama Administration tries to stop corporate relocations from state to state due to tax considerations? I can see a new Czar and board that must review all major relocations in advance “for the greater good.”
15 posted on 05/24/2011 6:00:13 PM PDT by Truth29
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To: Truth29

no = now


16 posted on 05/24/2011 6:01:10 PM PDT by Truth29
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To: Kaslin

I think California will be first... :)


17 posted on 05/24/2011 6:11:37 PM PDT by ColdSteelTalon (Light is fading to shadow, and casting its shroud over all we have known...)
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To: Kaslin

Quinn never promised not to raise taxes.
Everyone was aware his election would mean tax hikes.

But the leeches don’t care or actually cheer hikes.

Now Sears is talking of leaving over the business tax hike.


18 posted on 05/24/2011 6:21:00 PM PDT by arrogantsob (Why do They hate her so much?)
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To: Kaslin

As long as Rahm has a direct line to Obama’s stash in DC, they will continue spending.....


19 posted on 05/24/2011 6:25:41 PM PDT by Fu-fu2
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To: Kaslin

I sense some big government bailouts on the horizon. :D:D:D:D:D

Pay your taxes - someone has too. :D:D:D:D:D:D:D


20 posted on 05/24/2011 6:33:01 PM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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