Many reforms are still needed in Illinois higher education system despite credit rating affirmations and upgrades to seven Illinois universities.

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.

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.

The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.

As pension debt mounts, Moody’s Investors Services has downgraded the city of Rockford to an A2 rating.

Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.

New findings from the Mercatus Center highlight how Illinois’ reliance on debt and costly pension and other employment benefits have put the state on the wrong fiscal track.