- Wed Jun 21, 2017 5:00 am
#89604
SPRINGFIELD, Ill. — Illinois taxpayers realize the state is buried in debt.
Illinois’ worst-in-the-nation pension systems alone owe at least $130 billion, but now comes a new warning about the high cost of simply managing that debt.
In her latest fiscal report, Illinois Comptroller Judy Baar Topinka warns that Illinois will see billion dollar payments in interest on the state’s exploding debt.
“(Last year) Illinois spent $1.45 billion on its general obligation bonds’ interest alone,” Topinka wrote in the December Fiscal Focus report. “Every dollar spent on interest is a dollar not spent on some other pressing need.”
- See more at: http://watchdog.org/122841/illinois-tax ... CVD0Q.dpuf" onclick="window.open(this.href);return false;
Illinois is among the worst offenders. The Land of Lincoln is in the top five when it comes to debt per capita ($25,959), debt in relation to state spending (727 percent) and unfunded pension liability ($254 billion). - See more at: http://watchdog.org/122841/illinois-tax ... CVD0Q.dpuf" onclick="window.open(this.href);return false;
http://watchdog.org/122841/illinois-tax ... nage-debt/" onclick="window.open(this.href);return false;
This is all from state union pensions over loading the system.
If you buy a lotto ticket in Illinois, good luck in collecting it if you win.
A lottery that doesn’t pay its winners and other tales of financially incompetent U.S. states
anyone who won prizes worth more than $600 wouldn't get paid until the legislature and governor passed a budget, something it hasn't been able to do for months. The state has been issuing IOUs to winners of prizes worth more than $25,000 since August, with the Comptroller's office arguing that it wasn't legally allowed to make payments without a budget. Since it's not usually kosher to sell tickets for a lottery that you're unable to pay promised prizes for, aggrieved winners have brought the state government to federal court, hoping to make them pay, or at least stop selling tickets in the meantime.
http://fortune.com/2015/10/16/illinois- ... e-budgets/" onclick="window.open(this.href);return false;
Way to go unions
Illinois’ worst-in-the-nation pension systems alone owe at least $130 billion, but now comes a new warning about the high cost of simply managing that debt.
In her latest fiscal report, Illinois Comptroller Judy Baar Topinka warns that Illinois will see billion dollar payments in interest on the state’s exploding debt.
“(Last year) Illinois spent $1.45 billion on its general obligation bonds’ interest alone,” Topinka wrote in the December Fiscal Focus report. “Every dollar spent on interest is a dollar not spent on some other pressing need.”
- See more at: http://watchdog.org/122841/illinois-tax ... CVD0Q.dpuf" onclick="window.open(this.href);return false;
Illinois is among the worst offenders. The Land of Lincoln is in the top five when it comes to debt per capita ($25,959), debt in relation to state spending (727 percent) and unfunded pension liability ($254 billion). - See more at: http://watchdog.org/122841/illinois-tax ... CVD0Q.dpuf" onclick="window.open(this.href);return false;
http://watchdog.org/122841/illinois-tax ... nage-debt/" onclick="window.open(this.href);return false;
This is all from state union pensions over loading the system.
If you buy a lotto ticket in Illinois, good luck in collecting it if you win.
A lottery that doesn’t pay its winners and other tales of financially incompetent U.S. states
anyone who won prizes worth more than $600 wouldn't get paid until the legislature and governor passed a budget, something it hasn't been able to do for months. The state has been issuing IOUs to winners of prizes worth more than $25,000 since August, with the Comptroller's office arguing that it wasn't legally allowed to make payments without a budget. Since it's not usually kosher to sell tickets for a lottery that you're unable to pay promised prizes for, aggrieved winners have brought the state government to federal court, hoping to make them pay, or at least stop selling tickets in the meantime.
http://fortune.com/2015/10/16/illinois- ... e-budgets/" onclick="window.open(this.href);return false;
Way to go unions