Even after upgrades, Illinois’ credit rating is still worst in the nation

By Ethan Soifer

09/30/2026

The ongoing pension crisis is a big part of it.

Budget black hole: Pensions and debt devour Chicago budget

By Geoff Feinstein

10/21/2025

Pensions and debt dominate Chicago’s spending increases, crowding out core services. Without reform, rising obligations will drag the city into deeper financial trouble.

Chicago Public Schools has same credit rating as Colombia, Vietnam

By Mailee Smith

08/21/2025

The Chicago Public Schools board is set to vote on the district’s 2025-2026 budget on Aug. 28. It must close a $734 million budget hole, but the district’s finances are a mess.

Chicago mayor refuses to stop pushing $300M in tax hikes

By Matheus Cosso

11/27/2024

Chicago Mayor Brandon Johnson wanted a $300 million property tax hike for his big budget. All 50 aldermen said “no.” So then he asked for $150 million and a 35% tax on liquor. Johnson fails to admit it’s not about taxes, it’s about making changes.

TAGS: Brandon Johnson, Chicago

Report: Illinois, Chicago public pension crises worst in U.S.

By Bryce Hill, Justin Carlson

07/19/2023

Illinois state and local pension debt now tallies $218 billion with both debt to GDP and funding ratios the worst in the nation, according to a new Equable Institute report.

TAGS: pensions

Chicago taxpayer contributions to pensions could spike due to recession

By Patrick Andriesen

10/05/2022

A new financial report predicts residents in the nation’s largest cities will pay more for pensions next year as inflation and recessionary fears “erase” 2021 gains. Chicago topped the big cities for pension debt.

TAGS: Chicago, pensions

5 things wrong with Illinois holding 30% of U.S. pension bond debt

By Adam Schuster, Aneesh Bafna

09/10/2021

Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.

TAGS: credit rating, debt, Illinois, pension obligation bonds

Pritzker seeks credit upgrades despite growing pension debt, budget deficits

By Adam Schuster

08/17/2021

Pension debt is a record $144.2 billion while Illinois’ short-term debt is on track to reach $22 billion in three years, exceeding the record $16.7 billion hit during the budget impasse.

TAGS: credit rating, debt, JB Pritzker, pensions

S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions

By Noah Shaar

08/11/2021

S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.

TAGS: debt, Illinois, outmigration, pensions, population

Illinois’ state budget practices earn poor marks from fiscal watchdog

By Justin Carlson

07/15/2021

A Volcker Alliance report on truth and integrity in state budgeting finds Illinois lacking. Debt, budget gimmicks and thin reserve funds gave the state poor marks.

TAGS: budget, ILGA: Illinois General Assembly, JB Pritzker

S&P Global Ratings

Even after upgrades, Illinois’ credit rating is still worst in the nation

Budget black hole: Pensions and debt devour Chicago budget

Chicago Public Schools has same credit rating as Colombia, Vietnam

Chicago mayor refuses to stop pushing $300M in tax hikes

Report: Illinois, Chicago public pension crises worst in U.S.

Chicago taxpayer contributions to pensions could spike due to recession

5 things wrong with Illinois holding 30% of U.S. pension bond debt

Pritzker seeks credit upgrades despite growing pension debt, budget deficits

S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions

Illinois’ state budget practices earn poor marks from fiscal watchdog

Taxed out: 10 reforms to stop Illinois from losing people and jobs

Report Archive

Take advantage of the various ways to vote

Process for unionizing non-state workers raises red flags

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students