It still would be in deep, deep financial trouble. Explained Scott Reeder in the Illinois News Network:
Maybe the latest report from Illinois Comptroller Judy Baar Topinka should have come wrapped in brown paper – because the numbers in it are just obscene.
Don’t get me wrong. Topinka’s office did an admirable job compiling the numbers.
But the numbers are more than a bit troubling.
Perhaps the most disturbing is the “net position of government activities.”
That’s accountant-ese for: What is the state government worth once you subtract all of the liabilities from all the assets?
In the case of the state of Illinois, our liabilities exceed our assets by $48 billon.
That’s right. If the state sold off all our state parks, prisons, the State Capitol, the Thompson Center, all its investments and then subtracted all of the money we have promised to pay or borrow, we would be in the hole to the tune of $48 billion.
That's the worst of all the states surveyed.
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