What to believe about state finances
Regarding Jack Kenesey’s recent letter under the headline “Whom should you believe?" I am always surprised about how many have short memories.
Some do not remember how close Republican Gov. Rauner came to making our state go bankrupt (as Sen. Mitch McConnell desired) Rauner’s (at least) $1.7 billion late-payment penalties, $16.7 billion backlog of unpaid bills. eight credit downgrades, helped give Illinois the lowest credit rating of all 50 states - one notch above junk bond status.
As anyone who has ever had a loan knows, bad credit equals high rates, good credit low rates.
Unwarranted raises to top employees salaries 11% - 94% before they actually earned it. Money for nothing. Wouldn’t it have been helpful if Illinois could have used the $1.7 billion, or the unwarranted raises to staffers, for far more meaningful things like paying down the pension, instead of playing Rauner’s costly games? Lucky he was only there one term, and that was too much. Is this really what the voters wanted? Did they hear what the powerful McConnell said?
Gov. J.B. Pritzker and his team jumped in and dug Illinois out of the “the Rauner junk bond disaster.” NPR Illinois reported “Illinois earns 7th credit upgrade in less than two years.“ Current credit ratings: Moody’s - A3, S&P - A, Fitch - A+ (as 01/03/2024).
“Whom should you believe?” Read “Comptroller Mendoza: Illinois Closes Fiscal Year 2023 Hitting Milestones Not Seen in Decades.” This will give you real information of whom you should believe, and make it a point to read her reports, and also Illinois Treasurer Michael Frerichs’.
Jim Simmons
Yorkville