Gov. Walker: Illinois treasurer says he would warn against lending to Illinois
Excerpt: Madison Yesterday, in the St. Louis Post-Dispatch the Illinois Treasurer, Dan Rutherford, said that he would tell the financial industry that lending more money to the state of Illinois was a major risk. Rutherford went on to say that, If I need to send letters to the rating companies to tell them the treasurer of Illinois is opposed to more borrowing, Im going to do that. Rutherfords comments are just the latest in a string of tough financial news for Illinois. In recent weeks the Wall Street Journal reported that Illinois was on track for an $8 billion shortfall. The Chicago Tribune reported that Governor Quinn is seeking to borrow $8.75 billion and that Illinois 67 percent income tax rate increase will not bring in enough money. The Associated Press reported that the state owes $4.5 billion to businesses and organizations that have done work for the state and it owes $1.2 billion for employee health insurance and owes $850 million in tax refunds. Reuters wrote, Illinois' widening structural deficit, huge unfunded pension liability, inability to pay bills on time, cascading bond ratings, and its propensity to borrow its way out of financial problems have made the state a top concern in the $2.9 trillion U.S. municipal bond market. Two weeks ago, Wisconsin jumped 17 spots in the business rankings of Chief Executive Magazine. Wisconsins improvement is believed to be the greatest improvement in the history of the magazine. In contrast, Illinois has dropped 40 places in the rankings in the last 5 years, in what the magazine called a death spiral. Since Governor Walker took office in January, he has worked diligently to improve Wisconsins business climate and grow jobs for the state. Within weeks the Wisconsin legislature passed and the Governor signed into law major pieces of legislation to improve the states legal environment, provide tax relief to small businesses, end the state tax on Health Savings Accounts, increase tax credits available for expanding and relocating businesses, and create the Wisconsin Economic Development Corporation (WEDC), a public-private partnership focused on job creation. Excerpt: In January after Illinois passed its massive tax increase, Governor Walker warned, Businesses make plans based not just on whats happening today, but on what they see happening in the future. The contrast between Wisconsins trend line and Illinois could not be greater. Were not only lowering taxes, were reforming the regulatory and litigation climate; Illinois is heading in the opposite direction. Today, Governor Walker continues to encourage Illinois businesses to Escape to Wisconsin. We are working hard to open Wisconsin for business and to encourage the private sector to grow jobs, said Governor Walker. We want businesses in Wisconsin, in Illinois and across the country to know that they are welcome here. Job creators should know that our state is putting our fiscal house in order now to encourage long-term economic growth. Read more here: link <http://www.wisbusiness.com/index.iml?Article=237330> J - Ninety percent of politicians give the other ten percent a bad reputation. - Henry Kissinger Politicians are people who, when they see light at the end of the tunnel, go out and buy some mor ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:338310 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
