Accounting for Moody's downgrade of Chicago's bonds

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Moody has rated Chicago debt  'junk'---

Which should put us all in a real deep  funk.

Sure, the pols are to blame.

But ourselves just the same,

For we haven't stopped  drinking their Kool-Aid we've  drunk.

 

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  • Considering that the Tribune reported that Mike Madigan doled out two scoops of Kool Aid yesterday, it appears that the only choice Illinois voters have is to get Kim Jung On's antiaircraft gun. But that wouldn't be legal.

    BTW, apparently Moody's did this because of the pension decision, and you remember what I said about state pension pandering last week? Stuff has consequences.

  • Well I spent about 30 minutes writing a post with 3 different links documenting Illinois's 51st ranking in favorable tax levels (includes D.C), why a progressive tax system kills the working and middle classes, and how we can't tax our way out of this mess anyway...it never printed...oh well, Aquinas thank you for acknowledging that Illinois's been drinking the Jim Jones juice.

  • In reply to 4zen:

    *has

  • In reply to 4zen:

    Again the problem that this stinking software only accepts one link per post or otherwise it sends the post into email purgatory. Break it up next time.

  • In reply to jack:

    I figured it was something like that, thanx Jack.

  • In reply to 4zen:

    Of course, I'm in favor of a progressive income tax for Illinois. 34 states have a progressive tax. And others are moving toward it.

  • In reply to Aquinas wired:

    That would take a constitutional amendment. Also doing ANYTHING about the pension mess would take a constitutional amendment. Even after I argued with Berkowitz about that he came around to that view.

    However, instead of doing anything constructive on those lines, today it is reported that Madigan is writing a right to work law so the legislature can vote it down, and thus pander to his constituency.

    Maybe, someone can convince the legislature that they have gotten things in such a bad situation that they should vote to put those propositions on the ballot. The pension decision had all sorts of rhetoric about how the People of the state put that in the constitution, but apparently 40 years later, one of the supposed authors of that constitution has done everything possible to make sure that the people do not have a voice. Then he pandered about the millionaire's tax, which somehow was kept off the ballot by one Dem. vote.

    Then, once there is an amendment, we can debate whether any legislation under it is wise policy.

  • In reply to Aquinas wired:

    Take a look at Illinois's recommended progressives rates and other states implemented progressive rates, they hurt the poor and middle classes.

  • In reply to 4zen:

    It is not clear from that whether it is one crackpot legislator's proposal. It is also not clear why they left out New York and New Jersey, which have worse progressive tax rates. Also, the article does not differentiate between the rate and the marginal rate, although the image of the e-mail indicates marginal rates. Iowa looks worse than NY.

    However, it again does highlight the fakery on this issue in Illinois. Quinn said his progressive rate proposal would save the average family, but only from 5% to 4.9%. As the article does indicate, the current rate is 3.75%.

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