Regarding “It doesn’t pay to stiff bond market” (Editorial, Feb. 7):
It has taken eight years to expose the ruinous financial effects of the 1988 Retail Rate Law. Why has the largest subsidy in Illinois history (one that was vetoed by business-oriented Gov. James Thompson as far too costly for Illinois, only to have it overridden by the legislature) taken so long to be repealed? Because the subsidy was and is expensively lobbied for by those who will gain the greatest from it. No matter how it is disguised, it is a subversion of the best interests of the people of Illinois by the incinerator developers, and it is now a worse subversion by the bullying bond houses.
Should we interpret this to mean that the Tribune thinks it is OK to stiff the taxpayers of Illinois? Illinois can’t afford to properly fund our children’s schools, law enforcement, Medicaid payments, necessary social services, etc., but you endorse taking $500 million away from those who need it and those who pay for it, for the sake of an elite few.
lllinois’ good name will not be damaged but instead strengthened in the world financial markets because of the passing of House Bill 1523. Logically the repeal strengthens our bottom line, which truly dictates the interest rates we the taxpayers pay for full faith and credit borrowing. The repeal resoundingly tells the financial markets that “Illinois won’t waste its tax dollars”–the tax dollars needed to repay the bond buyers of highly rated, highly desirable Illinois bonds.
