With seven public universities enduring scrutiny after Moody’s drastic downgrade of Illinois’ bond rating, Republican District 29 State Senate candidate Benjamin Salzberg weighed in on ruined promises and threats of fiscal failure.
“(Fiscal) issues in the state (are) very much of a concern of mine,” Salzberg said. “Not only is it impacting universities, impacting community colleges, but it is also impacting the way our current and future generations perceive Illinois.”
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Seven state universities were recently placed on notice for potential downgrade by Moody’s Investors Service following the state’s recent bond rating downgrade to Baa2 from Baa1. The reviewers will examine the impact of Illinois’ budget impasse on each university and each school’s respective ability to adjust to delayed or reduced state funding.
Salzberg decried the ripple effect of the downgrade, saying students who desire a secure future will look at schools outside of Illinois for lower costs — at the literal expense of Illinois’ best colleges. Salzberg asked what would happen to future generations given this trend.
“So, if they are going to other states and other schools, it means they are going to probably look at other companies in other areas to get opportunities for jobs,” Salzberg said. “So again, what is going to happen with our industries? What is going to happen with our taxes? We are going to have a smaller tax base … this is a really devastating situation.”
Citing possible school closings coupled with potential loss of future funding for grants and other programs, Salzberg reiterated that “this is definitely a concern that needs to be fixed immediately.”
The universities impacted are the University of Illinois, Illinois State University, Southern Illinois University, Northern Illinois University, Governors State University, Northeastern Illinois University and Eastern Illinois University.
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