Wall Street Journal (January 20, 2012)
“Run up spending and debt, raise taxes in the naming of balancing the budget, but then watch as deficits rise and your credit-rating falls anyway.” The Journal describes not a European country, but the State of Illinois, which was just downgraded by Moody’s to A2, the worst rating of all 50 states. Among other problems, Illinois “has $6.8 billion in unpaid bills and unaddressed obligations” and a pension fund which covers less than half of its projected liabilities.
“Run up spending and debt, raise taxes in the naming of balancing the budget, but then watch as deficits rise and your credit-rating falls anyway.” The Journal describes not a European country, but the State of Illinois, which was just downgraded by Moody’s to A2, the worst rating of all 50 states. Among other problems, Illinois “has $6.8 billion in unpaid bills and unaddressed obligations” and a pension fund which covers less than half of its projected liabilities.
