States Dodge Defaults as California May Cut Worker Pay - Bloomberg
Illinois, which is selling $900 million of bonds for capital projects this week, won’t let investors down, said Governor
Pat Quinn. Moody’s Investors Service lowered the state’s credit grade last month by one level to A1, matching California as its lowest-rated state.
“Our bonds have always been repaid,” Quinn said in an interview at the National Governors Association meeting in Boston July 10. “We have provisions in our constitution that are very protective.”
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Well, at least last year, it was needed to be spent. This year, guess it wasn't. Or was it? If so, you've delayed nothing. Everything that was needed is STILL needed, and has simply been deferred.
If no, then states have been wasting billions of dollars every year.
I'm gonna go with the wasting part. What's really a shame is that you can't seem to get rid of the wasting part without hitting those who seem to need it the most.
That's a shame. It's life. But it's a damn shame.
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