Debt explodes as state passes 194th birthday
Treasurer: It is time to right financial ship
Illinois achieved statehood in December 1818. We’re rapidly approaching 200 years of achievement and general prosperity in this great state I’ve always called home and will always love.
After 194 years, not all is financially right in our beloved state. Illinois’ accumulated debt was modest just 10 years ago, but today’s totals leave the state heading toward a financial demise. Escalating debt, associated mainly with rising pension costs, is eating away at our ability to fund even essential Illinois services like education and public safety.
In 2002, Illinois had been in existence for 184 years and had accumulated only $21 billion of bonded debt. As of 2012, our state is on the hook for $58 billion of bonded debt – nearly tripling our debt in only the last decade.
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