SPRINGFIELD, IL – As Democrats’ favorite governor, J.B. Pritzker, prepares to deliver his eighth State of the State address, Americans for Prosperity-Illinois (AFP-IL) wants to set the record straight on the governor’s worst-in-the-nation fiscal track record. Throughout his time in office, J.B. Pritzker has wildly ballooned the Illinois state budget, racking up a more than 30% increase since 2019. Since his first year in office compared to now, Illinois takes about $18 billion more per year from taxpayers, representing roughly a 51% increase in general fund revenues.
AFP-IL Deputy State Director Brian Costin issued the following statement ahead of Pritzker’s address:
“When it comes to state finances, Governor J.B. Pritzker has compiled the worst record of any governor in modern American history. Independent, nonpartisan authorities say Illinois has the worst tax burden, the worst bond rating, and the worst financial transparency in the nation. You do not get those rankings by accident.
“Illinois is a case study in fiscal failure and has held the lowest bond rating of any state for more than a decade. After eight years under Governor Pritzker, Illinoisans have learned to be skeptical of his budget promises, because the fine print has meant higher taxes, more borrowing, and less transparency.”
BACKGROUND:
Illinois is the worst state to be a taxpayer in. Illinois has the highest combined state and local tax in the nation at 16.48% of median household income, according to WalletHub. The median household in Illinois pays $13,099 in state and local taxes per year. This is over 50% more than the national average state and local tax rate of 10.92%. This means the average Illinoisan household sacrifices an additional $4,472 per year in taxes than it would if it paid only the national average combined state and local tax rate.
Illinois is the fiscally worst-run state in U.S. History. Illinois has had the nation’s lowest bond rating for the past 13 years, according to all 3 major bond rating companies. This is the longest such streak of failure in American history.
Illinois’ Bond Rating is much worse than all other states. Illinois’s bond rating across all three bond agencies is 2-3 levels worse than the next worst state(s). This costs Illinois residents billions in additional bond interest.
| Agency | Illinois Rating | Rungs Below AAA/Aaa | Rungs Below Next Worst State(s) | Next Worst State(s) (lowest AA/Aa) |
| Moody’s | A2 | 5 rungs | 2 rungs | New Jersey (Aa3) |
| S&P Global | A- | 6 rungs | 3 rungs | West Virginia (AA−) |
| Fitch | A- | 6 rungs | 3 rungs | Connecticut (AA−), Louisiana (AA−)
|
Illinois is the only state with more than $100 billion in unfunded state pension debt, totaling $145.5 billion, which is 62 percent higher than California, the second-worst state. If 2025 Democratic pension sweeteners adding $76 billion are enacted, Illinois’ pension debt would rise to roughly $221.5 billion. That would put Illinois at about 147 percent higher than California, widening an already nation-leading gap while exposing local pension systems to similar risk.
Illinois ranks 50th out of 50 states for financial transparency.The 2025 transparency score, according to Truth in Accounting, flags chronic problems such as late financial reports and recurring audit issues, signaling a government that fails to provide timely and reliable information to taxpayers. When basic financial disclosure breaks down, accountability collapses, and Illinoisans are left paying the price for a system that hides its true fiscal condition.
The Pritzker administration is marked by seven straight years of illegal financial reporting delays. The Illinois State Comptroller Act (15 ILCS 405/19.5) requires the Annual Comprehensive Financial Report to be published by December 31 following the end of the fiscal year. During Governor Pritzker’s tenure (FY2019–FY2025), Illinois has missed this statutory deadline every year, with reports released months late or worse and FY 2025 still outstanding. As of Wednesday, February 18, 2026, the cumulative statutory delay during the Pritzker administration totals 1,810 days, reflecting a sustained failure to provide the timely financial transparency required by state law.
ACFR untimeliness
| Fiscal year | Auditor General release date | Statutory deadline | Days late |
| FY2019 | 08/19/2021 | 12/31/2019 | 597 |
| FY2020 | 08/19/2021 | 12/31/2020 | 231 |
| FY2021 | 06/28/2022 | 12/31/2021 | 179 |
| FY2022 | 08/22/2023 | 12/31/2022 | 234 |
| FY2023 | 08/12/2025 | 12/31/2023 | 590 |
| FY2024 | 02/10/2026 | 12/31/2024 | 406 |
| FY2025 | Not yet released | 12/31/2025 | 44+ (and counting) |
The Balanced Budget Provision in the Illinois Constitution is effectively worthless. Since 1970, Illinois governors and legislative leaders have claimed to pass “balanced” budgets every year, but the claim is meaningless. Once a top-tier credit after the 1970 Constitution, Illinois has fallen 5 to 6 bond-rating notches from AAA/Aaa to today’s levels, depending on the agency, leaving the state with the worst bond rating in the nation. In 1970, Illinois’ pension debt was roughly $1.46 billion; today it is around $145 billion, showing that decades of so-called balanced budgets failed to prevent a steady financial collapse.
Illinois’ bond rating upgrades were aided by roughly $30 billion in federal COVID aid, not structural reform. GOMB told rating agencies that ARPA funds were used for revenue replacement and to stabilize the Unemployment Insurance trust fund, materially improving liquidity and near-term balance sheet metrics. IGPA reports that this influx of federal aid enabled early repayment of COVID-era borrowing and temporary fiscal repair, while leaving Illinois’ underlying structural challenges unresolved.
Illinois’ bond rating upgrades were built on higher taxes, not reform, as revenues rose about $18 billion a year. Compared with Gov. Pritzker’s first year in office (FY2019), Illinois now takes about $18 billion more per year from taxpayers, representing roughly a 51% increase in general fund revenues. Those higher collections were driven in part by major tax hikes, including the doubling of the gas tax with automatic inflation increases, new per-wager taxes on sports betting, higher taxes on tobacco and nicotine products, higher telecommunications taxes on phone bills, and expanded hotel taxes applied to short-term rentals, rather than structural spending reform.
© 2026 AMERICANS FOR PROSPERITY. ALL RIGHTS RESERVED. | PRIVACY POLICY
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