Without reforms that level the playing field between the public and private sectors, the cost of Illinois’ public sector workers will continue to damage the state’s labor market, economy and taxpayers.View Report
Fitch Ratings has issued a warning about a pension plan pushed by one Illinois think tank, which includes no reform and would harm the state’s credit rating. The response from the Center for Tax and Budget Accountability proves how indefensible the plan really is.
Of the three major ratings agencies, only Moody’s Investors Service has indicated that Illinois lawmakers’ lack of long-term solutions for reducing that debt is a severe problem.
Illinois House Bill 3868 would give Gov. Bruce Rauner the authority to trim costs and reorder the state’s spending priorities to balance the budget.
The New York-based credit agency cited the lack of action on a budget as the primary reason for the downgrade.
The Illinois General Assembly is refusing to fix Illinois’ structural problems. Downgrades are the consequence.