Fitch Ratings, one of three major ratings agencies, today lowered Illinois’ credit rating after lawmakers failed to enact a solution to fix the state’s nearly $100 billion pension shortfall.
The firm said it would drop the Illinois rating from “A” to “A-.” Illinois already has the lowest rating in the nation. Lower ratings mean paying higher interest rates on borrowed money.
Democrats OWN Illinois’s credit rating – the lowest in the country.
Inaction by the Democratic controlled legislature in Springfield costs $17,000,000 every day. (http://www.pjstar.com/free/x863239280/Quinn-says-hell-call-leaders-together-on-pensions) The pensions debt grows and grows and grows while the elected are too chicken to make tough choices. The unions won’t agree to any meaningful reforms to permanently fix the pension systems.
As this debt grows, funding for everything else will decreased. Schools will have less money. Roads won’t be built or repaired. There will be fewer State Police Officers available. Good thing concealed carry passed!
Eventually pensions obligations will need to be paid from the general funds because the pensions trusts will be out of money. The Democrats have shown no ability to govern. It is more important to have mass union support for the next election than actually fix problems.
I’d really like to hear why the unions continue to vote for Democrats! Democrats voted not to fund the pensions. Democrats refuse to do anything about the crisis. Democrats are responsible for Illinois having the lowest credit rating in the country. Lisa Madigan – 2014?
It’s too late to save all the benefits promised by Democrats to union members. This only leaves 2 options: