Illinois has a major problem!! People moving out. (Chicago, Springfield: buying, taxation)

[numberfive]

Originally Posted by IrishIllini

TX would have to sell those assets, something taxpayers may not want to do in this hypothetical situation.

Huh? No. That's not how credit ratings / financial solvency calculations work. The question was "Why does Illinois have the worst state credit rating then?", not "what happens if SHTF for IL or TX?"

If you want to change the subject to "if SHTF", look at what happened in California. Furloughs, delayed tax refunds, raised taxes, etc. It's not like the state is going to default on all debt and cash out all assets. But talk to someone that lived in California during that time; you'll get an earful.

[IrishIllini]

Originally Posted by numberfive

Huh? No. That's not how credit ratings / financial solvency calculations work. The question was "Why does Illinois have the worst state credit rating then?", not "what happens if SHTF for IL or TX?"

If you want to change the subject to "if SHTF", look at what happened in California. Furloughs, delayed tax refunds, raised taxes, etc. It's not like the state is going to default on all debt and cash out all assets. But talk to someone that lived in California during that time; you'll get an earful.

I feel we're saying the same thing.

[Open heart]

Originally Posted by My Kind Of Town

I agree but the number of jobs in the state has and is still increasing (while the population is decreasing, more people working that are still living here = good). Until this reverses for a sustained period of time aren't we all just speaking prematurely and in hypotheticals? No one here knows the details of how taxes will be increased in the coming years.

I agree with you 100% sometimes it is a good idea to simply wait, before jumping to conclusions, because many people have left Illinois and moved South to find out that the jobs are not there or paying far less and the cost of living is more expensive than they presumed, and are wanting to move back, but are financially strapped.

[Nodpete]

Il. has only 1 problem, ignorant democrat voters ! That's it in a nutshell!

[numberfive]

Originally Posted by IrishIllini

I feel we're saying the same thing.

Not from earlier, but glad to have you on board now!

[Chicago South Sider]

Originally Posted by IrishIllini

TX would have to sell those assets, something taxpayers may not want to do in this hypothetical situation.

No matter what facts are thrown at you about the sad fiscal condition of this state, you always have some sort of excuse. For some reason you simply cannot comprehend or acknowledge the truth.

[numberfive]

Originally Posted by Open heart

I agree with you 100% sometimes it is a good idea to simply wait, before jumping to conclusions, because many people have left Illinois and moved South to find out that the jobs are not there or paying far less and the cost of living is more expensive than they presumed, and are wanting to move back, but are financially strapped.

Is this just personal experience, or have you seen some studies on it? Inquiring minds want to know.

I've always believed it pays to do your homework. If someone moved to an area purely on the basis of cost, and not earning potential in that area, that's a poor move on their part. However, if the ratio of COL to income is much more favorable, they're going to have a MUCH easier time in the new location.

It's not what you earn, it's what you keep.

[IrishIllini]

Originally Posted by Chicago South Sider

No matter what facts are thrown at you about the sad fiscal condition of this state, you always have some sort of excuse. For some reason you simply cannot comprehend or acknowledge the truth.

Funny, I could say the same about a few posters here. I've created quite a few threads and made numerous posts that are critical of the state of affairs. I do comprehend the situation. Maybe you should re-read some of my posts. IL is not fiscally healthy by any stretch, but a lot of places people here cite as utopias of fiscal management aren't doing much better...the debt to GDP ratio link I posted proves this. These aren't excuses, just facts.

[PerseusVeil]

Originally Posted by dtcbnd03

Interesting post. Why does Illinois have the worst state credit rating then? Any idea?

Part of it has to do with our political climate. Some of the downgrades occurred after the IL Supreme Court made certain rulings. Many of the agencies don't have faith that our politicians will do much to fix the problem versus what's going on in other states, as the agencies have noted gridlock in Springfield multiple times as this point.

[Chicago South Sider]

Originally Posted by PerseusVeil

Part of it has to do with our political climate. Some of the downgrades occurred after the IL Supreme Court made certain rulings. Many of the agencies don't have faith that our politicians will do much to fix the problem versus what's going on in other states, as the agencies have noted gridlock in Springfield multiple times as this point.

The much bigger part of it is the mountain of unpaid bills:


Illinois has nearly $213 billion in unpaid bills, $40.4 billion in hidden debt