The warnings proved true, as Standard and Poor’s Wednesday reduced Illinois’ bond rating from A+ to A. Gov. Pat Quinn and State Treasurer Dan Rutherford agree the Aug. 17 inaction on changing the state’s pension systems was the linchpin.
Click here for summary
“I warned our legislature that this was imminent if we didn’t act promptly on public pension reform,” says Quinn. One person’s “pension reform” is another’s “broken promise.” “This is getting a lot of pushback from a number of the public employee unions. I understand; they don’t like the change,” says Rutherford. But, he adds, the current course “continues to be harmful.” Quinn vowed to meet with the four legislative leaders in early September.