Illinois worst-in-the-nation public pension debt grew 19% year over year. It will continue hurting the state economy and job growth, driving more people out of Illinois, unless there are reforms.
Pensions set to consume 29% of Illinois’ budget amid $7 billion debt increase
New official reporting from the state of Illinois shows both rising debt and rising costs in state retirement systems, with essential government services again facing cuts.
Illinois moves closer to becoming first ‘junk’ state with negative credit outlook
Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.
Pritzker’s accounting gimmicks can’t fix pension crisis, but real reform can
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
State of Illinois previously owned helicopter in crash that killed Kobe Bryant
The state sold the helicopter in 2015 to ease budgetary pressures.
Oak Lawn credit rating hits junk status amid skyrocketing pension costs
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.
Moody’s report: Illinois one of two states unprepared for next recession
Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.
Moody’s: New taxes could accelerate Illinois exodus
Ahead of Gov. Pritzker’s first budget address, one of the “big three” credit rating services warned the new governor against raising taxes.
States with a progressive income tax more vulnerable to fiscal shocks
Despite finding favor among some politicians and political candidates in Illinois, states with a progressive income tax are more vulnerable during recessions than flat-tax states.
Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.