From the campaign of John Bambenek for State Senate (52nd District)…
CHAMPAIGN, IL (August 30, 2012) — State Senate Candidate John Bambenek commented on the downgrade of Illinois’ credit rating today by Standard &Poor’s. Standard & Poor’s stated that the downgrade from A+ to an A rating with a negative outlook was directly due to the failure of leadership to resolve the state’s fiscal crisis over pensions. The downgrade is yet another sign of the dysfunction in Springfield brought on by the failure of leadership to cut spending, to which State Sen. Mike Frerichs, Mr. Bambenek’s opponent, has been a contributor.
“It’s been almost 2 years into the Frerichs income tax hike that took one week of pay from hard-working families. Now, we realize that the promise that this tax hike would fix our budget mess was a lie. The failure in leadership to rein in spending is crushing our state and driving out jobs.
Frerichs’ only solution is to hike taxes again. We need real leadership to cut wasteful spending, stop the borrowing and bring the jobs back,”Bambenek stated.
The downgrade comes as legislators failed to deliver reforms regarding spending and pensions, and as the revenue from Frerichs’ tax hike fails to deliver promised results.