The official reason is that in Illinois, we have trouble with the pensions that we pay to our retired public servants. They say that this problem has been building for years. What about budgeting for these expenses? DUH! If you know that you're going to have an expense (mortgage, car payment, utility bill) you budget for it. Cash is set aside! The real reason that Illinois has the worst credit rating of any state in the USA is because it is run by crooks. Crooks who were elected by crooked machine politics. How many of our former governors need to land in the Federal Penitentiary before we learn something?
The poor credit rating is going to cost Illinois additional millions, each year, as we continue to borrow money. Do you think we budgeted for that?
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