Moody's Downgrades Illinois Debt

According to Reuters, Moody's downgraded Illinois' bond rating from A1 to A2, citing the state's "financial woes stemming from the U.S. recession." Their rating is now worse than any other state, except for California. However, since an eventual recession was inevitable, the problem is not the recession, but the inability of politicians to control themselves during good times and bad ((1.4.1 Climate Shift).

The problem, as always with government is the illusion of control, the idea that external events can be controlled in the same way that internal organizations are controlled. Someday, we will elect politicians who understand the different between environments that can be controlled and those that demand strategic decision-mamking. Until then, both taxpayers and especially their dependents will pay the price.

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