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llinois’ credit rating got another boost on Thursday, but some disagree on what’s behind the growing faith in the state’s ability to pay its debts. […]
Senate Minority Leader Dan McConchie, R-Hawthorn Woods, said the recent actions are driven by the federal bailout.
“We still have the worst unfunded pension liability in the entire nation, we’re still the worst credited state in the entire nation, and at some point, somebody is going to have to be the adult in the room and do their job,” he said.
Being an adult would entail working on a budget, which the Senate Republicans didn’t do this year, even though that very prudent state budget helped the state earn two ratings upgrades in a week. Instead, the Republicans mocked the budget and one of McConchie’s members even used it as target practice in a campaign video.
Also, Leader McConchie didn’t sponsor or co-sponsor a single pension bill this year.
Look, I actually like the guy and he definitely has a role to play, but backing away a tiny bit from the “Illinois sucks” frame every now and then wouldn’t kill anybody.
* Meanwhile…
Um. Paid back? $138 billion? Nope. Not by the state anyway. And it's not like we were the only state economy flooded with federal money. Sheesh. https://t.co/uBooM3MrUn
— Rich Miller (@capitolfax) July 9, 2021
posted by Rich Miller
Friday, Jul 9, 21 @ 9:16 am
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Previous Post: Our sorry state
Next Post: Help Illinois Electric Co-Ops, Municipalities, And Illinois Workers Prevent The Premature Closure Of Prairie State
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So, they’re complaining about the national debt and using that to ding the state?
…
OK.
Comment by Perrid Friday, Jul 9, 21 @ 9:23 am
Blow it up and start over, is all they have.
Comment by 14th ward Friday, Jul 9, 21 @ 9:23 am
I do not recall the GOP or ILGOP complaints when the trump regime sponsored federal stimulus. Did that money come from somewhere else? Or, gasp, are they being hypocrites?
Comment by JS Mill Friday, Jul 9, 21 @ 9:31 am
“somebody is going to have to be the adult in the room and do their job”
Um, that’s what they’ve been doing? Hello, it’s why we have credit upgrades. Too bad a certain political party can’t take credit or campaign on it.
The professional doomsayers know we can’t dig our way out of the decades-long financial mess overnight. They’re unhappy because their opponents are succeeding and their right wing policy ideas and talking points are being proven invalid.
Comment by Grandson of Man Friday, Jul 9, 21 @ 9:31 am
The messaging from the statehouse Republicans is clear;
“We have no message, we won’t engage, we are “angry white” folks who think grievances are policies.”
Help me help you… show something of a semblance of political acumen and a desire to be solution based, and inclusive, and rid yourselves of so much toxicity.
Help me. Show honesty to the good when there is good to be seen. Not everyone is an enemy, and winners make policy… so show… here’s how we win.. no more “Madigan”, tone down “failing”, pull back on dividing…
=== that very prudent state budget helped the state earn two ratings upgrades in a week. Instead, the Republicans mocked the budget and one of McConchie’s members even used it as target practice in a campaign video.
Also, Leader McConchie didn’t sponsor or co-sponsor a single pension bill this year.===
Who exactly sees this whole session as a success…to even the political… when being disengaged and disingenuous isn’t adding any voters to the ones you currently have.
It’s been a very long time since I’ve seen a semblance of even a *want* to govern, engage, be a part of governing… see truth to the good *and* the bad… help me see it.
The upgrades are a great small step.
Comment by Oswego Willy Friday, Jul 9, 21 @ 9:34 am
“I actually like the guy”
There’s a number of people I like, but wouldn’t trust with a dollar.
Complaining about credit upgrades is simply proof that one has nothing to offer but bile.
Any jackass can kick down a barn door, it takes a carpenter to build one.-Sam Rayburn
Comment by Flyin' Elvis'-Utah Chapter Friday, Jul 9, 21 @ 9:35 am
“somebody is going to have to be the adult in the room and do their job,”
His name is Jay Bob. He is the adult. He is doing the job. What would you say it is that you do here, Dan?
Comment by Ducky LaMoore Friday, Jul 9, 21 @ 9:38 am
Dear Center Square -
Paying down the bills backlog from $16+ billion to a 30 day payment cycle is … unknown by you?
Comment by Anyone Remember Friday, Jul 9, 21 @ 9:41 am
If I understand the reference correctly, the $138 billion refers to the total money received by Illinois from the various stimulus bills on the federal level. This includes everything from money for individual stimulus checks, business grants, school/college funding, municipal/county/state funding, etc. according to the numbers put out by the folks at FFIS. To imply that the state will have to pay that back is rather disingenuous.
Comment by Former ILSIP Friday, Jul 9, 21 @ 9:42 am
The Republicans have made it perfectly clear. Anything positive that happens under the leadership of Governor Pritzker they will find fault in. They have complained since the day he took office. When the State went two years without a budget under Rauner they were silent. Maybe if the Republican Party worked as hard helping to fix the problems as they do complaining about them twice as much would get done. Now that would be a story for Center Square.
Comment by Club J Friday, Jul 9, 21 @ 9:54 am
===Look, I actually like the guy and he definitely has a role to play, but backing away a tiny bit from the “Illinois sucks” frame every now and then wouldn’t kill anybody.===
I agree with this 100%. The republicans started deploying this tactic in 2003 when they lost control of everything. Illinois has a lot going for it.
Comment by Hmm Friday, Jul 9, 21 @ 10:04 am
When there’s a downgrade, Republicans blame the Democrats. The same with an upgrade.
Comment by anon2 Friday, Jul 9, 21 @ 11:18 am
The credit upgrades can create another problem.
I’m sure it’s only a matter of days before the MPEA will refinance hundreds of millions of dollars of debt.
The problematic part is that the MPEA will extend the debt schedule out for additional years to push back the repayment ramp, again, which will cost Illinois taxpayers hundreds of millions of dollars of additional interest charges.
At the end of FY 2009, the outstanding MPEA debt was $8,168,366,000 with payments ending in the year 2048.
At the end of FY 2020, the outstanding MPEA debt was $12,111,612,000 with payments ending in the year 2058.
MPEA Authority tax revenue is the sole source of revenue for the MPEA to pay this debt.
In FY 2019, the MPEA Authority tax revenue was $158,915,000.
The scheduled MPEA debt repayment for 2022 is $253,457,000 and then ramps up to $347,242,000 in the coming years. This creates a $6 billion shortfall over the current term of the debt.
MPEA shortfalls are paid with State of Illinois sales tax revenue.
When will things get better?
It won’t be soon.
The MPEA modified financial plan projects McCormick Place operating losses of $51,919,480 in FY 2021 and an operating loss of $60,798,728 in FY 2022.
The MPEA’s current business plan is not sustainable.
Comment by Chicago 20 Friday, Jul 9, 21 @ 12:01 pm
All this good news is ruining a lot of narratives.
Comment by levivotedforjudy Friday, Jul 9, 21 @ 12:45 pm
@ Chicago 20 ====The MPEA modified financial plan projects McCormick Place operating losses of $51,919,480 in FY 2021 and an operating loss of $60,798,728 in FY 2022.====
Things slowed down because of Covid. Things will pick up when Covid is done.
Comment by DuPage Friday, Jul 9, 21 @ 12:47 pm
Before COVID in FY 2019, the MPEA Authority tax revenue was $158,915,000.
The scheduled MPEA debt repayment for 2022 is $253,457,000 and then ramps up to $347,242,000 in the coming years. This creates a $6 billion shortfall over the current term of the debt.
Comment by Chicago 20 Friday, Jul 9, 21 @ 12:56 pm
Chicago 20 - Friday, Jul 9, 21 @ 12:01 pm:
Thank you.
Leader Dan is just throwing out red meat. It is called politics. Sit with him in person and he rolls up his sleeves and goes to work.
Comment by allknowingmasterofraccoodom Friday, Jul 9, 21 @ 1:02 pm
“Leader Dan is just throwing out red meat. It is called politics.”
You call it red meat and politics. I call it the total failure of the ILGOP. When they can’t acknowledge something good, how can I be sure that they know what good is?
Comment by Ducky LaMoore Friday, Jul 9, 21 @ 1:29 pm
“rolls up his sleeves and goes to work”
“we still have the worst unfunded pension liability”
“didn’t sponsor or co-sponsor a single pension bill”
Somebody’s full of it.
Comment by Flying Elvis'-Utah Chapter Friday, Jul 9, 21 @ 2:04 pm