 |
|
|
WICD - Search Results
The following is an archived video story. The text content of that video story is available below
for reference. The original video has been deleted and is no longer available.
Illinois' Credit Rating Lowered to A-
It's a move the state treasurer says will cost Illinois taxpayers millions: Illinois' credit rating has been lowered again. As predicted, state lawmakers' failure to pass pension reform forced Standard & Poor's rating service to lower the state's credit rating. We've now gone from a A rating to an A-minus. It's the second decrease from the S&P since August.
When the announcement was made today, state Treasurer Dan Rutherford called an emergency press conference. He said Illinois' pension liability for state employees has skyrocketed to more than $98 billion, yet S&P said there's no reason why Illinois should not be able to pay its bills.
The agency pointed to the fact that Illinois benefits from above-average incomes, and lawmakers have an almost unlimited ability to raise taxes and other revenues.
Yet even after raising income taxes, Rutherford said our lawmakers continue to drop the ball.
"Every deadline set and inaction occurred will cost a negative issuance," Rutherford said. "We now have joined the bottom of the pile. We are the bottom of the pile, according to Standard & Poor's."
Rutherford demonstrated, date-by-date, exactly when and how state lawmakers' failure to fix the state's financial problems has directly impacted our bond rating. Rutherford urged lawmakers to stop putting pension reform on the back burner, and to pass legislation now, before it gets even worse.
Illinois' Credit Rating Lowered to A-
It's a move the state treasurer says will cost Illinois taxpayers millions: Illinois' credit rating has been lowered again. As predicted, state lawmakers' failure to pass pension reform forced Standard & Poor's rating service to lower the state's credit rating. We've now gone from a A rating to an A-minus. It's the second decrease from the S&P since August.
When the announcement was made today, state Treasurer Dan Rutherford called an emergency press conference. He said Illinois' pension liability for state employees has skyrocketed to more than $98 billion, yet S&P said there's no reason why Illinois should not be able to pay its bills.
The agency pointed to the fact that Illinois benefits from above-average incomes, and lawmakers have an almost unlimited ability to raise taxes and other revenues.
Yet even after raising income taxes, Rutherford said our lawmakers continue to drop the ball.
"Every deadline set and inaction occurred will cost a negative issuance," Rutherford said. "We now have joined the bottom of the pile. We are the bottom of the pile, according to Standard & Poor's."
Rutherford demonstrated, date-by-date, exactly when and how state lawmakers' failure to fix the state's financial problems has directly impacted our bond rating. Rutherford urged lawmakers to stop putting pension reform on the back burner, and to pass legislation now, before it gets even worse.
