Wednesday, July 12, 2017

EXTRA: No ‘junk bond’ status for Ill. – does it bother anybody except Rauner?

It’s a bit of good news financially for the entity otherwise known as Illinois government. We're not junk!!!!!
RAUNER: Who else wanted Ill. to be 'junk?'

The Standard & Poors bond-rating agency on Wednesday let it be known that our state is no longer listed on their negative credit watch list. We’re not going to face the prospects of having our state credit rating reduced to junk.

THE BOND RATING agency that is one whose potential actions against Illinois for being so inept that we went through just over two full fiscal years without a full-fledged budget in place now says we’re “much closer to structural alignment” what with the way we managed to put together a budget for the state fiscal year that began July 1.

That budget, of course, includes the permanent increase in the state individual and corporate income tax rates that Gov. Bruce Rauner is determined to lambast from now through Election Day 2018 as a “32 percent tax hike.”

There were those who really believed the state would have been better off prolonging its financial ineptitude so as to avoid the increase – even though it can be shown the state needs the money in order to meet its financial obligations.

We were hearing the speculation that even with a budget in place, the state’s bond rating might still be dropped to junk status – which would mean the professional financiers were writing off the state’s future and saying our fundraising bonds would be virtually worthless.

A VERY BAD financial investment not worth making.

But with the Standard & Poors statement, it makes it clear that only the hardest-core of Republican ideologues are going to be able to spew out the Rauner campaign line. The irresponsibility and recklessness of the state’s actions during the past two years are going to wind up being a part of the gubernatorial legacy.

Rauner, I’m sure, will remain in “Blame Madigan!” mode for the next 16 months – but only the silliest of voters will take any of that seriously.
MADIGAN: Gained from S&P move

Madigan, of course, will enjoy every bit of this. Both with Standard & Poors, and the likelihood that Moody’s Investors Service will follow up with similar statements in coming days.

IT WAS MADIGAN himself who put out the word to the Statehouse Scene on Wednesday that he had achieved a sense of victory – or that Rauner rhetoric was exposed as being a little bit more phony than it previously was regarded.

“It’s clear from (Standard & Poors) statement that ratings agencies, like all Illinois residents, are hoping Governor Rauner will work in good faith with legislators to address those challenges rather than rejecting compromise by turning further to the extreme right,” the Speaker said, in a prepared statement.

Or will the Rauner types, whom I think are really just anti-Madigan rather than caring one bit about Gov. Brucie himself, continue to spew their trash talk – all desperately hoping for an Illinois version of what we have nationally.

A government meant to appeal to the same types of people as the 46 percent who actually voted for this Age of Trump. Perhaps they view a Reign of Rauner where only certain Illinoisans matter as being desirable – although I think they’ll be disappointed with the election results come Nov. 7, 2018.


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