With Moody's upgrade for Illinois' finances, Republicans say structural
problems persist
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[April 22, 2022]
By Kevin Bessler | The Center Square
(The Center Square) – Now that Gov. J.B.
Pritzker has signed what he called a balanced budget, Republicans say it
is a temporary fix.
Pritzker said the state budget brings “real improvements to the lives of
working families and sets up a stronger fiscal future.” The governor
announced Thursday that Moody’s Investor Service has given Illinois a
credit upgrade.
“That’s less than a year after we received our first two credit rating
upgrades in decades,” Pritzker said. “Fiscal responsibility is paying
off.”
Illinois is still among the worst rated states in the country because of
substantial unfunded liabilities, including the state's estimated $140
billion unfunded pension liabilities.
House Speaker Emanuel "Chris" Welch, D-Hillside, said Thursday's upgrade
shows Illinois is "on its way to long term fiscal surety."
"Moody's credit rating increase is further affirmation that Democrats
are getting Illinois' finances back on track through steadfast,
responsible leadership," Welch said in a statement. "We've turned
[former Illinois Governor] Bruce Rauner's $17 billion debt into a
surplus, and now we're using that financial stability to make historic
investments in human services and public safety, and put money back into
the pockets of hardworking families. This is the financial
responsibility Illinoisans deserve."
Senate minority Republicans are skeptical.
“The Governor is grabbing ahold of anything within reach to try and
trick the people of Illinois that he is creating a fiscally responsible
government while ignoring the fact that this year’s budget was only
attainable because Illinois received over $16 billion in federal bailout
money,” said Senate Republican Leader Dan McConchie, R-Hawthorn Woods.
“The truth is, Pritzker continues to put Illinois on a path toward
fiscal insolvency by increasing state spending and failing to address
the systemic issues that are causing people to flee this state.”

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Earlier in the day, state Sen. Jason Barickman, R-Bloomington, told the
Paul Simon Public Policy Institute at Southern Illinois University the
state’s finances still need a lot of work and the budget is not what it
may seem.
“The analogy would be, we had a gaping wound on our leg that was
hemorrhaging, and I think it has been bandaged well, but it is not
healing,” Barickman said.
Barickman said the 2023 budget passed by Democrats is an election-year
budget.
“It is designed to attract the attention of voters, while they’re paying
attention before the November election, then all the goodies that were
there magically disappear as soon as the election is over,” Barickman
said.
Pritzker also said the budget includes $500 million that will be put
into the state’s Pension Stabilization Fund. Barickman said not enough
was done to shore up Illinois’ pension mess.

“If anything, under Governor Pritzker, there’s been advances and new
laws that actually aggravate that problem and enhance some benefits in
the pension system,” said Barickman.
As for the recent spring session in the General Assembly, Barickman said
Democrats were busy trying to repair some of the political damage from
their crime and justice reform measures, such as the SAFE-T Act, but
they fell short and will pay for it in the upcoming elections.
“I think voters are really in tune to the shift that has occurred on
crime, and there are going to be Democrats who are punished at the
ballot box as a result,” said Barickman.
Kevin Bessler reports on statewide issues in Illinois for
the Center Square. He has over 30 years of experience in radio news
reporting throughout the Midwest. |