Illinois is joining an exclusive club that includes only Louisiana and Michigan. These are states with a "negative outlook" from the NY bond agency Fitch's. Governor Rod Blagojevich's continual raiding of pension funds for more spending has finally come him to bite Illinois.
Only two other states were given the negative outlook rating: Michigan, which has had six straight years of job losses attributed to a reeling auto industry, and Louisiana, still recovering from the ravages of Hurricane Katrina, according to Fitch Ratings.
There are explainable reasons for the other state's problems. Illinois' reason: Why Republicans of course, according to Rod.
"Fitch's concern lies with the state's long-term pension debt, which grew in 2003 to $43 billion after more than 30 years of Republican rule in Springfield," Carroll said. "The pensions are unarguably better-funded and more secure today due to the governor's actions, and he remains committed to reversing decades of poor fiscal decisions made by his Republican predecessors."
After more than three years in office, that excuse is getting old, Rod.