Illinois taxpayers are on the hook for nearly double the debt burden of just 12 years ago. That’s according to a new report on the fiscal state of the state.
Truth In Accounting (TIA) has been evaluating state governments for how much debt the state has versus how much they bring in. Their Financial State of the States 2021 published Tuesday.
For all 50 states, the total amount of state government debt taxpayers must pay back is $1.5 trillion at the end of fiscal year 2020.
For Illinois, TIA Research Director Bill Bergman said the amount owed per taxpayer went from about $30,000 in 2009 to $57,000 in the most recent report.
“In other words, it’s almost doubled since 2009,” Bergman said. “That’s significant for a few reasons, including the beginning of that period was in the middle of the worst economic and financial crisis since the Great Depression and Illinois has only deteriorated since then despite the massive recovery in financial markets since 2009. That’s scary.”
Only two other states were in worse financial condition than Illinois. New Jersey’s taxpayer burden is at $58,300 and Connecticut’s burden is at $62,500 per taxpayer. Only 11 states had taxpayer surpluses. The rest are considered “Sinkhole States” by TIA.
Read more here.
Political and fiscal Malfeasance. This is what happens when you elect unprincipled Republicrats. Now put on your mask and shut-up!