If Illinois sold all of its assets

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.

What was America's greatest come-from-behind war? Go here to find out.

To subscribe to The Barbershop, type your email address in the box and click the "create subscription" button. My list is completely spam free, and you can opt out at any time.

Leave a comment

  • ChicagoNow is full of win

    Welcome to ChicagoNow.

    Meet our bloggers,
    post comments, or
    pitch your blog idea.

  • Advertisement:
  • Fresh Chicago News

  • Subscribe to The Barbershop

    Enter your email address:

    Delivered by FeedBurner

  • Dennis Byrne’s Facebook Fan Page

  • Like me on Facebook

  • google-site-verification: googlefdc32e3d5108044f.html
  • Meet The Blogger

    Dennis Byrne

    Chicago Tribune contributing op-ed columnist and author of forthcoming historical novel, "Madness: The War of 1812." Reporter, editor and columnist for Chicago Sun-Times and Chicago Daily News. Freelance writer and editor.

  • Our National Debt

  • Twitter

  • Categories

  • Tags

  • Recent Comments

  • Monthly Archives

  • /Users/dennisby/Desktop/trailer.mp4
  • Advertisement: