Illinois' hidden state government debt=$51.9 billion

In addition to the crushing debt that everyone (except Democrats) is talking about there is $51.9 billion that the state has hidden.

Reports Truth in Accounting, a non-partisan government financial watchdog:

Repeated decisions by state officials have left the state with a staggering debt burden of $210.4 billion, according to Truth in Accounting's (TIA) analysis of the most recent financial filings. That burden equates to $50,400 for every Illinois taxpayer.

These statistics are troubling, but what's more troubling is that state government officials continue to obscure large amounts of retirement debt on their balance sheets, despite new rules to increase financial transparency. This skewed financial data gives state residents a false impression of their state's overall financial health.

Here's a snapshot:

Source: Truth in Accounting

Source: Truth in Accounting

For this, Truth in Accounting gives Illinois an "F". F for failure, fiasco, flop and fake.

Here's my truth: The state, run by House Speaker Mike Madigan and his government employee union overlords, will never fix this. It's possible that nothing can fix this, even legions of angels. The state will have to go into utter financial collapse before anything is done. What that will be is anyone's guess. But it ain't good. Even for those retired government employees who think their pensions are forever safe.

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

Find out what freelance editorial services I can provide for you.

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