Illinois Policy’s Adam Schuster On Mike Madigan’s Debt Legacy
For those keeping score, Illinois' pension debt has grown 753% under Illinois House Speaker Michael Madigan’s leadership.
It probably seems that for many Illinoisans, Mike Madigan has been a part of Illinois government since Abe Lincoln was splitting rails in Kentucky. Okay, maybe not quite that long, but it sure seems like it.
For those who don't recall an Illinois that wasn't under Madigan's thumb, at one time things were different. Before House Speaker Mike Madigan assumed power, Illinois had a perfect credit rating and just $4.5 billion in unfunded pension debt. Under his leadership, pension debt has grown an inflation-adjusted 753% up to nearly $140 billion today, according to an Illinois Policy Institute analysis. And, Illinois’ credit rating has plummeted. Illinois holds the nation’s lowest credit rating from all three major ratings agencies – just one notch above junk status and the lowest of any state in U.S. history.
Illinois Policy's Director of Budget and Tax Research, Adam Schuster, joined the WROK Morning Show on Tuesday to discuss Illinois' pension crisis, budget mismanagement, and culture of corruption--and how we can get ourselves out of this mess by taking the proper measures: