A report released Monday says Illinois’ poor credit rating should be blamed on “governance weakness,” not the state’s economy.
Fitch Ratings says although Illinois has the lowest credit rating in the country, the state also has a “robust economic base.”
Eric Kim, Fitch's head of U.S. Public Finance, said the credit rating ought to be higher and that’s despite Illinois' massive debt and pension liabilities.
“The policymaking environment in the state has become so dysfunctional over the past several years that they have just been unable to make key fiscal decisions," Kim said.
After nine years of economic recovery, Kim says government finances should be in a much stronger position. But policymakers have repeatedly failed to match tax revenues to spending.
Because of the political dysfunction, Kim says Illinois government is not prepared for the next economic downturn.
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