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.
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“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.
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