North Egypt News

House Speaker Michael Madigan has been surrounded by federal investigators as he continues to hear calls for his resignation due to alleged corruption and financial mismanagement. 

“Hundreds of politicians share blame for drowning the state’s government in billions of dollars of debt and unfunded pension liabilities. But House Speaker Michael Madigan – a dominant political force for three decades – has been the constant in key decisions that created the mess," Dave McKinney said in a Reuters report. 

With Madigan's position as House speaker, he has held much power over the past two elections, because he appoints committee chairs and decides if a bill can be called for a vote. 

"Madigan has used his power to build unprecedented levels of state debt, primarily by helping secure for politicians and public union workers generous retirement benefits that have proved unaffordable for the private sector workers and businesses who fund Illinois government. In return, union leaders are one of Madigan’s chief special-interest allies and political funders," the Illinois Policy Institute said. 

The watchdog group says the outcome of Madigan's power has been a disaster that includes a low credit rating for Illinois, high taxes and debt, and little public trust. The disaster he has brought has caused Illinois to have a poor economy over the years. 

"The recent FBI probe into Commonwealth Edison’s bribery scheme, in which it admitted to offering patronage jobs and various other payments to the speaker’s allies in return for his backing of favorable legislation, reminds Illinoisans they also pay a price for Madigan’s culture of corruption," Illinois Policy Institute said. 

A recent study showed corruption has cost the state approximately $556 million a year from 2000 to 2018. 

But even if he were to resign, it wouldn't end the disaster Madigan has brought to the state. Illinois will have to focus on reforms to the House rules, implement a budget process reform, and amend the Illinois Constitution with a true pension reform. Implementing these reforms can help to trim debt Madigan has brought to the state. 

"Before Madigan became speaker in 1983, Illinois held the highest possible credit rating from both S&P Global Ratings and Moody’s Investors Service. Fitch Ratings issued its first Illinois rating in 1996," Illinois Policy Institute said. Now, the state has one of the lowest credit ratings in the nation. "Illinois’ poor credit reflects its immense debt, second only to New Jersey’s – relative to the size of each state’s economy." 

Not only does the state have poor credit, but has had a "dramatic increase in debt service payments and outstanding debt since fiscal year 1980," Illinois Policy Institute reported. 

He also is partly responsible for Illinois having mismanaged budgets over the past decades. He is known for taking control over the annual budget process by waiting last minute to release his proposed budget plan, "forcing state senators and governors alike to respond to his demands," Illinois Policy Institute said.