Quinn is slated to announce Thursday, the first day of the state’s new fiscal year, where he’ll cut spending, borrow money and delay bills to keep state government afloat… Quinn argues borrowing is the best of a bunch of bad choices, but Republicans in the state Senate are blocking the legislation.
The states bond rating is near junk status and its credit rating is shot. Borrowing money means higher interest rates due to the dismal bond and credit rating; loan shark interest rates. If Quinn is allowed to borrow at these higher interest rates the state will never get out of debt. It will continually pay interest, never reducing the principal.
Quinn has proven over and over again he is ineffective, inept, and irresponsible. He is reckless and feckless. Quinn, like the President, loves to blame others for his woes. Since he does not have George Bush to kick around, he blames the state legislature. Who put us in this mess? Quinn’s predecessor- the indicted and impeached Rod Blagojevich. Quinn was right by his side, advocating for more spending and higher taxes.
Now the fiduciary chickens have come home to roost. The state is in debt up the whazoo, bills are not getting paid, suits are being contemplated, the credit and bond ratings are shot, and all Quinn can do is borrow money at predatory rates, make cuts hurting the most vulnerable people in the state, and continue to spend and spend to appease the special interests who are bank rolling him.
The state is facing a massive environmental disaster. Its red ink is spilling out faster than the BP oil leak in the gulf. It is time for Pat Quinn to face reality. It is time for him to start slashing, or better, eliminating all non-essential services. Better, it is time for him to drop out of the governor’s race; for the good of the people.