A new report by 24/7 Wall St., and economic-focused news site, found Illinois is the 7th worst run state in the country under Governor Bruce Rauner.
The report placed a large amount of blame on the mismanagement caused by the state’s two-year budget impasse. Governor Rauner went longer than an any Governor in any state in history without passing a budget.
The report reads, “After years of stalemate, the state has just passed a $36 billion budget, its first since 2015. Still, the state has some $64.2 billion in outstanding debt and $250 billion in pension obligations as state workers retire, only 40% of which are funded. Due to the state’s ongoing budget woes, Moody’s is threatening to further downgrade Illinois rating. Such a move would make Illinois the first and only state with a junk credit rating.”
In July, lawmakers passed a state budget without the involvement of the Governor. The bipartisan coalition ultimately decided the Governor’s agenda – which would have pushed the state into a third consecutive year without a budget – would do irreparable damage to the state’s finances and institutions.
The publication reviewed economic indicators, budget allocations, balance sheets, and a range of social measures to rank how well each state is run.
In October, Illinois was rated 49th in state fiscal management according to a report by the Mercatus Center, a university-based research center in Virginia. Only New Jersey was rated worse.