Illinois universities have hiked tuition and relied on state subsidies to pay for exorbitant administrative salaries — and now credit rating agencies are punishing them for that destructive behavior.
House Bill 2379 would require fiscal impact statements on every executive order. However, less than 3 percent of bills enacted into law in the 99th General Assembly had fiscal notes.
Though Illinois Democrats insist Gov. Bruce Rauner’s reform agenda has nothing to do with the state’s budget, Rauner’s original proposed spending reforms would allow the state to balance its budget without hitting up taxpayers for more revenue.
S&P cited Illinois lawmakers’ failure to pass a budget and the lengthy budget impasse as reasons for its one-notch credit downgrade. Over the years, Illinois’ state credit rating has been downgraded multiple times due to massive spending and excessive borrowing.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.