Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.

Illinois’ bond rating may not be junk, but the state’s finances still are.

Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.

Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.

Moody’s Investors Service said simply passing a budget won’t be enough to avoid junk because it doesn’t address Illinois’ many crises.

Illinois’ bonds are currently priced like they are junk-rated.

Illinois’ credit rating spirals downward while residents flee to surrounding states with stronger economies and lower taxes.

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.

The state’s bill backlog is expected to hit $22.7 billion and pension costs are predicted to grow 14 percent by fiscal year 2018.

Moody’s Investors Service cited Illinois’ $250 billion in pension debt and the lengthy budget impasse as reasons for its one-notch credit downgrade.