Get out your checkbook; you owe Illinois $45,500

That's what every person in Illinois would have to cough up if the state were to pay off its unfunded debt of $186.9 billion. Don't worry though, the state of Illinois will not and cannot pay its unfunded debt. The state's politicians--run by Democratic House Speaker Michael Madigan--have made permanent indebtedness a part of the state's gene pool.

Never mind that in addition to debt of $186.9 billion, the state is hiding another $8.1 billion in IOUs. That's according to a study (pp 121-2) by Truth in Accounting, a Chicago-based, non-partisan, non-profit financial watchdog. So what if the state owes that much? Here's what:  Just the unfunded government employees' retirement benefits represent 76 percent of state bills, according to the group. Maybe one day, the government employees pension funds that have first call on the state's resources, will consume every last cent that taxpayers fork over to Illinois. Say goodbye to the state police, school aid, highway improvements and so forth.

Oh, and by the way, your share of the national debt is $272,000.

Read why Americans need to learn about the nation's most ignored war.

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  • After you, my dear Gaston.

  • In reply to Aquinas wired:

    I'll just let my grandchildren take care of it.

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