North Cook News

Illinois soon may have trouble borrowing money after S&P Global Ratings recently reduced its credit rating to BBB from BBB+.

This reduction places the state's bond rating closer to junk-level status and comes in the midst of the lingering state budget impasse.

Mel Thillens | Contributed photo

The credit-monitoring agency cited the state’s history of unfunded spending, inability to address fiscal imbalances, massive operating deficit, high debt burden, and, most notably, its high pension liability as the reasons for the downgrade.

Mel Thillens, the Republican candidate for the District 28 state Senate seat, said Illinois’ pension debt is getting out of hand and that there needs to be changes.

“Our pension debt keeps getting worse and worse,” Thillens told North Cook News. “We must reform our pension system as soon as possible. To show my commitment to pension reform, I will not contribute to Illinois’ pension obligations. I will decline a pension as a state senator.”

Thillens said the state cannot rely solely on taxpayers to repair the fiscal problems that have plagued it for years.

“We can’t simply raise taxes to fix our problems,” Thillens said. “We’ve tried it unsuccessfully before, when politicians in Springfield raised the income tax. The money didn’t go toward fixing the problems it was supposed to fix.”

The money Illinois has gained from its revenue streams did little to reduce the deficit burden it has accumulated. A recent report indicates that the state’s shortfall may be worse than expected.

The Center for Tax and Budget Accountability said that due to the carry-forward deficit from last year, Illinois’ actual deficit for fiscal year 2017 actually may be as high as $16.9 billion – double what was projected.

Thillens said the state needs reform and needs people who will champion those reforms.

“Illinois needs structural reforms to change the way state government operates,” Thillens said. “The best way to reform government in Illinois is to elect reform-minded legislators, not the same status quo of ineffective and incompetent politicians.”

Thillens' fervor for change has caught the attention of several media outlets that have provided their support.

“In the past week, I’ve received the endorsement of both the Chicago Tribune and Daily Herald,” Thillens said. “I’m proud to have the support of both newspapers in my fight for property tax relief, term limits, fair maps and small-business reforms.”

Thillens also previously received the backing of the Illinois Chamber of Commerce, the National Federation of Independent Business (NFIB), Associated Builders & Contractors, and the Technology & Manufacturing Association -- groups that support the proliferation of businesses in the state and like Thillens' commitment to business growth.

Thillens also was endorsed by a coalition of District 28 small-business owners, including Camcraft, Grant Merchant Services, E.J. Coyne & Company, Millennium Bank, Jarosch Bakery, North Suburban Vision Consultants, Addison Building Materials, Curves, Nelson Automotive and Terra Consulting Group, Ltd.

“It’s an honor to have so many local business owners supporting my campaign for state senate,” Thillens told North Cook News. “Like me, they know how difficult it is to operate a business in Illinois. We need more people in Springfield that know what it means to have families relying on them to make good decisions and balance a budget.”

Thillens vows to continue his pro-growth crusade if he becomes a state senator.

“We can’t afford to keep losing people and businesses because of failed leadership,” Thillens said. “As a state senator, I will fight to make sure Illinois is a place where businesses want to start and expand.”