Continuing pension problems have earned Illinois another reduction in its credit rating.As Speaker of the Illinois House almost continuously since 1982, Michael Madigan has been a major force in Illinois politics for decades. Yet over those same decades, the state government has failed to fund Illinois public pensions (and at least compared to those of state government employees nationally, they aren't particularly generous). (See The Illinois Pension Funding Problem: Why It Matters or March 2012 Financial Condition of the Illinois State Retirement Systems) This failure is Michael Madigan's poisonous legacy.
Standard & Poor's Ratings Services announced Wednesday that it is lowering Illinois' general obligation rating to A from A-plus. The decision is based on weak funding for government pensions and a "lack of action on reform measures."
Thursday, August 30
What has Illinois earned?
S&P lowers Illinois credit rating over pensions