CHICAGO – Those pesky pension obligations and promises made to Cook County workers over the years that weren't kept are catching up with Cook County …
Last Friday, the S&P Global Ratings lowered Illinois' most populated county's general obligation bond rating another notch down – from AA- to A+. The downgrade means any funds the county borrows will cost taxpayers more in higher interest rates.
Cook County Commissioner Sean Morrison – who also serves as the Cook County GOP Chairman – said the debt situation is why he stood alone voting no on the 2020 budget.
"This is why I voted NO on the 2020 Cook County Budget (the only NO vote)," Morrison wrote on his Facebook page Monday. "Instead of increased spending, I wanted Cook County to seize the opportunity and hold the 2020 Budget flat and apply an additional $330 Million to the pension debt. Now, Cook County's bond rating has been lowered."
As to the current makeup of the Cook County Board:
When it hits bottom, throw the Board a shovel so they can dig the hole even deeper.
Be assured: they WILL.