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To the Editor:
Recently, Illinois’s credit rating was cut by Standard & Poor’s to an A rating following state lawmakers’ failure to reduce (mostly union) retirement costs. Illinois has an unfunded pension liability of about $83 billion. It had 45 percent of what it needed to pay future union retiree obligations as of 2010, the lowest among U.S. states. The state doesn’t pay its bills on time.
Moody’s rates McHenry County Aaa, the highest credit rating, thanks to our current form of government run by 24 County Board members and a chairman. And special thanks to Marc Munaretto for this great rating. McHenry County pays its bills on time.
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