With one proposal to pay off Illinois’ pension debt asking the typical homeowner to pay more than $1,900 in additional property taxes for the next 30 years, the stakes for pension reform have never been clearer.View Report
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.
The president of the Chicago Teachers Union defied the school board to require teachers to pay more of their own retirement costs.