The French Nation and a French State

Predictably, Moody’s downgraded France’s AAA bond status due to large, unfunded liabilities and an impressive unwillingness to make needed reforms to their budget even in the face of certain economic hardships.

France Stripped of Prized AAA Credit Rating [Telegraph.co.uk]

A little closer to home in the Land of the Illini (or as the French would say Illinois), the Governor of Illinois attempts to launch a PR campaign to increase public support for reforming pension plans that are strangling the state’s budget, crushing jobs, and causing cuts to other programs, like Education. This is just Act I of this play. Most are labeling it a comedy so far because it would appear the State of Illinois thinks its citizens are children, given the simplistic presentation and lack of any solutions, and because it is totally unnecessary. Governor Quinn, a Democrat, presides over a House of Representatives and Senate dominated by double-digit Democratic majorities.

Governor Quinn Pension Reform [Tribune.com]

Ultimately, Governor Quinn is right, though. Illinois’ fiscal situation is a nightmare. It would be best if the people of Illinois fixed their own problems rather than being at the mercy of the federal government which should most likely dictate terms of a bailout.

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