Illinois

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pioneer98
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Re: Illinois

Post by pioneer98 »

Swirls wrote:Good news for Illinois - the Quad Cities and Clinton nuclear plants aren't shutting down after all:

http://qctimes.com/news/local/bill-to-s ... 1d84a.html
SPRINGFIELD — The holidays will be much happier for families of 1,500 workers at Exelon Corp.’s Clinton and Quad-Cities nuclear power plants after the Illinois General Assembly voted Thursday to approve an energy policy overhaul that will keep the plants open for another decade.

On the final day of the fall veto session, the House voted 63-38 and the Senate voted 32-18 in favor of a massive package that will funnel $235 million in annual ratepayer subsidies to the unprofitable nuclear power plants and increase investments in renewable power and energy efficiency. Gov. Bruce Rauner said he will sign the bill when it reaches his desk.
Yeah. It was a 10 year deal. It will be interesting to see how the energy market is in 10 years. Nuclear was killed by dirt cheap natural gas the last 10 years.

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stlouie_lipp
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Re: Illinois

Post by stlouie_lipp »

Illinois had its bond rating downgraded to one step above junk by Moody’s Investors Service and S&P Global Ratings, the lowest ranking on record for a U.S. state, as the long-running political stalemate over the budget shows no signs of ending.

S&P warned that Illinois will likely lose its investment-grade status, an unprecedented step for a state, around July 1 if leaders haven’t agreed on a budget that chips away at the government’s chronic deficits. Moody’s followed S&P’s downgrade Thursday, citing Illinois’s underfunded pensions and the record backlog of bills that are equivalent to about 40 percent of its operating budget.
http://www.msn.com/en-us/money/markets/ ... li=BBnb7Kz

AWvsCBsteeeerike3
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Re: Illinois

Post by AWvsCBsteeeerike3 »

I blame Chicago and the Cubs in particular

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G. Keenan
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Re: Illinois

Post by G. Keenan »

stlouie_lipp wrote:
Illinois had its bond rating downgraded to one step above junk by Moody’s Investors Service and S&P Global Ratings, the lowest ranking on record for a U.S. state, as the long-running political stalemate over the budget shows no signs of ending.

S&P warned that Illinois will likely lose its investment-grade status, an unprecedented step for a state, around July 1 if leaders haven’t agreed on a budget that chips away at the government’s chronic deficits. Moody’s followed S&P’s downgrade Thursday, citing Illinois’s underfunded pensions and the record backlog of bills that are equivalent to about 40 percent of its operating budget.
http://www.msn.com/en-us/money/markets/ ... li=BBnb7Kz
Illinois may be the first state to declare bankruptcy. The only way way to lower the pension liabilities is to retroactively cut benefits already earned, which is prevented by state Constitution. I don't see a surge in revenues coming to save the day either. A state income tax hike will surely be coming, as if taxes here weren't high enough already.

Illinois is [expletive]. Literally the best chance we have to grow revenues is to legalize weed and that's not going to cut it.

Some suggest a transaction tax on the Chicago exchanges but I don't know. Those guys can set up their computers anywhere. Why stay here where it's cold and the taxes are already brutal?

Michael
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Re: Illinois

Post by Michael »

The transaction tax will never happen. Property taxes will go up for sure. That's a big reason why we aren't buying a house in Chicago.

Once my wife and I are ready to retire we're out of here. My wife already is tempted to leave or buy a 2nd house in another state because of the exodus of high net worth individuals from Illinois due to taxes. She's a CFP and it's hard to find willing clients here.

baseburglerlou
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Re: Illinois

Post by baseburglerlou »

G. Keenan wrote:
stlouie_lipp wrote:
Illinois had its bond rating downgraded to one step above junk by Moody’s Investors Service and S&P Global Ratings, the lowest ranking on record for a U.S. state, as the long-running political stalemate over the budget shows no signs of ending.

S&P warned that Illinois will likely lose its investment-grade status, an unprecedented step for a state, around July 1 if leaders haven’t agreed on a budget that chips away at the government’s chronic deficits. Moody’s followed S&P’s downgrade Thursday, citing Illinois’s underfunded pensions and the record backlog of bills that are equivalent to about 40 percent of its operating budget.
http://www.msn.com/en-us/money/markets/ ... li=BBnb7Kz
Illinois may be the first state to declare bankruptcy. The only way way to lower the pension liabilities is to retroactively cut benefits already earned, which is prevented by state Constitution. I don't see a surge in revenues coming to save the day either. A state income tax hike will surely be coming, as if taxes here weren't high enough already.

Illinois is [expletive]. Literally the best chance we have to grow revenues is to legalize weed and that's not going to cut it.

Some suggest a transaction tax on the Chicago exchanges but I don't know. Those guys can set up their computers anywhere. Why stay here where it's cold and the taxes are already brutal?
There is no legislation or chapter in the BK code that allows a state to declare bankruptcy. Cities and municipalities can, but not states.

The only fix I see at this point are huge tax increases and / or a federal bailout. The fed route would set a very dangerous precedent.

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thrill
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Re: Illinois

Post by thrill »

Michael wrote:The transaction tax will never happen. Property taxes will go up for sure. That's a big reason why we aren't buying a house in Chicago.

Once my wife and I are ready to retire we're out of here. My wife already is tempted to leave or buy a 2nd house in another state because of the exodus of high net worth individuals from Illinois due to taxes. She's a CFP and it's hard to find willing clients here.
Think of how much extra income you'll bring in when you live in Vegas full time, bro!

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cardsfansince82
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Re: Illinois

Post by cardsfansince82 »

I was in Chicago over the weekend and it reminded me again I could never live there. I love living in cities to have all the good food and activities available, but there's an upper limit on how much traffic and bull [expletive] I can put up with and Chicago far exceeds that threshold.

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Re: Illinois

Post by Michael »

A summary of Illinois woes on politico: How Illinois became America's failed state

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stlouie_lipp
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Re: Illinois

Post by stlouie_lipp »

Michael wrote:A summary of Illinois woes on politico: How Illinois became America's failed state
Mike Madigan.

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