Illinois' Debt Equals $55K For Every Private-sector Worker, Report Says
From Illinois Watchdog
Every private-sector employee in Illinois would have to pony up more than $55,000 each to pay for all of the state’s accrued debt, according to a new analysis.
Illinois has $271.1 billion worth of debt, among the worst states in terms of total debt, according to a report by research group State Budget Solutions released in late August. The debt includes unfunded pension liability, state retiree insurance benefits, budget gaps and outstanding bonds.
All 50 states combined have $4.19 trillion worth of debt — the equivalent of $37,486 for every private-sector worker in the country.
An updated analysis this week shows that Illinois’ debt breaks down to $55,084 for each private-sector employee in Illinois.
“Private sector workers are at increased risk, as they are the ultimate tax base for reducing state debt,” according to the analysis.
Read more in our daily News Update...
From Illinois Watchdog
Every private-sector employee in Illinois would have to pony up more than $55,000 each to pay for all of the state’s accrued debt, according to a new analysis.
Illinois has $271.1 billion worth of debt, among the worst states in terms of total debt, according to a report by research group State Budget Solutions released in late August. The debt includes unfunded pension liability, state retiree insurance benefits, budget gaps and outstanding bonds.
All 50 states combined have $4.19 trillion worth of debt — the equivalent of $37,486 for every private-sector worker in the country.
An updated analysis this week shows that Illinois’ debt breaks down to $55,084 for each private-sector employee in Illinois.
“Private sector workers are at increased risk, as they are the ultimate tax base for reducing state debt,” according to the analysis.
Read more in our daily News Update...