And you thought California was bad -- Illinois circles the drain

From Chicago station WGN:

Illinois� credit rating downgraded; state drops to worst in the nation
A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor�s downgrade from A to A-minus puts Illinois last on the list� and means a higher cost to borrow money.

On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest.

When compared to a perfect triple-a bond rating enjoyed by other states including neighboring Indiana, Iowa and Missouri.

�Our problem in Illinois is that we have not substantively and fairly addressed the state public pension issue.�

Emphasis mine -- no shit. All of those cushy public-sector union jobs are finally coming home to roost. Back in the 60's, the economy was vibrant, Detroit was an industrial powerhouse so the Unions and politicians thought that they could keep kiting checks and giving away more and more. Guess what, times have changed but they are still on the hook for the pensions and medical benefits. 530+ comments almost universally leaning towards tar and feathers...