ILLINOIS GETS DOWNGRADE, DEBT OF 50 STATES $4.2T

by: Powerline
Thursday, August 30, 2012
Illinois gets downgrade, debt of 50 states $4.2t

Illinois Gov. Pat Quinn speaks at a news conference in Chicago on June 6. The state’s debt rating was downgraded on Wednesday, August 29, by S&P due to its $271 billion in outstanding debt. Photo Credit:AP

As the national debt crosses the $16 trillion mark some time in the next few weeks, let’s not forget that this isn’t the whole story as far as public debt is concerned.

The 50 states have a cumulative debt of about $4.2 trillion.  California is the worst, naturally, with total outstanding debt of $617 billion. Illinois, whose debt rating was downgraded yesterday by S & P, ranks fifth, with $271 billion in outstanding debt, along with an unfunded public pension liability of $83 billion (though likely much higher, as explained in this post a few days ago). …

One of the amazing things about Illinois is that, like most states, it has a balanced budget requirement, yet has run up a cumulative $44 billion budget deficit over the last five years.

 

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Read more:http://times247.com/articles/ill-balanced-budget-defined-271b-in-debt#ixzz255fzikSC

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