It’s where unemployment benefits come out of when you lose your job. Before the pandemic, the trust fun was at a surplus of around $2.2 billion, but that quickly plummeted as businesses closed and fraudsters received money. The debt currently stands at $4.5 billion.
How far in debt is Illinois?
Illinois’ debt, relative to the size of its economy, is the nation’s worst. The unfunded liabilities of state-managed pension systems are $313 billion, which is around 30 percent of Illinois’ gross domestic product. Even sustained brisk economic growth would not solve the pension crisis under current law.
Is Illinois debt decreasing?
Illinois reported its worst-in-the-nation public pension debt decreased $14 billion in fiscal year 2021 – the first drop in four years, according to the state legislature’s Commission on Government Forecasting and Accountability.
Is Illinois in financial trouble?
Despite the billions in aid money, Illinois lawmakers passed another out-of-balance budget for fiscal year 2022, the 21st time they have done so since 2001. Illinois isn’t the only state struggling with huge debts and high taxpayer burdens.
Which state is in the most debt?
In 2019, the federal state of California had about 506.66 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2019.
Where does Illinois get most of its money from?
As shown in Figure 1, the Federal Government is the largest single source of revenue for the State of Illinois, due in large part to programs such as Medicaid that are jointly funded between the state and federal government. Income tax and sales tax are also large parts of the state’s revenue stream.
How much money is Chicago in debt?
Overall, Chicago had $9.9 billion in available assets but a total debt burden of over $48.5 billion. Just to catch up to pension payments, the report stated Chicago would have to lay off all of its city workers, firefighters and police officers – for eight years.
Does Illinois have a budget surplus?
Illinois budgets have not been balanced since 2001
On a single year cash basis, Pritzker’s budget office projects a $279 million surplus.
What is the Illinois state deficit?
Pritzker’s budget office is projecting a 2023 shortfall of $406 million, down from $2.9 billion estimated in 2019, and the 2024 deficit was cut to $820 million from $3.2 billion, according to the statement.
How much does the state of Illinois owe?
U.S. Census Bureau
| [hide]Total fiscal year 2015 state debt, U.S. Census Bureau | ||
|---|---|---|
| State | Total state debt | State debt per capita |
| Illinois | $64,221,381,000 | $5,002 |
| Indiana | $22,463,710,000 | $3,397 |
| Missouri | $19,350,325,000 | $3,185 |
Why is Illinois debt so high?
The debt taxpayers owe worsened by more than $20 billion over the four-year tax hike period. That $20 billion-plus increase occurred despite the fact that most, if not all, of the tax hike went to pay for Illinois’ growing pension costs.
How wealthy is Illinois?
Illinois is the 11th-wealthiest of the 50 United States, with a per capita income of $23,104 according to the 2000 census.
Is Illinois losing residents?
Nearly all Illinois metro areas lost population in 2021
Illinois’ population decline reached record levels in 2021 as the state’s population dropped by 113,776 residents from July 2020-July 2021. During the year, population decline was widespread, affecting nearly all metropolitan areas of the state.
Is there a state with no debt?
States With the Least Debt in 2020
Mountain states, such as Idaho, Montana, Utah and Wyoming made the top-10 list, as did upper Midwest states like Nebraska, North Dakota and South Dakota. Alaska takes the No. 1 spot, with a tiny debt ratio of only 14.2%.
Which state has the most debt 2021?
States with the Most Debt
- New York. New York has the highest debt of any state, with total debt of over $203.77 billion.
- New Jersey. New Jersey has the second-highest amount of debt in the country.
- Illinois.
- Massachusetts.
- 5. California.
Is Texas in debt?
As of August 31, 2021 Texas had a total of $63.21 billion in state debt outstanding, including both general obligation and revenue debt. Texas’ general obligation debt is rated at Aaa/AAA/AAA/AAA by the credit rating agencies, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings and Kroll.
What is the largest industry in Illinois?
The insurance industry
Illinois. The insurance industry is the largest in Illinois, accounting for 5.6% of the state’s 2016 GDP.
How is the economy in Illinois?
The 2018 total gross state product for Illinois was $857 billion, placing it fifth in the nation. The 2017 median household income was $62,992, one of the nation’s highest.
Economy of Illinois.
| Statistics | |
|---|---|
| GDP | $938.347 billion (2021) |
| GDP per capita | $74,052 (2021) |
| Population below poverty line | 11.5% |
| Gini coefficient | 0.469 |
How does Chicago make money?
Manufacturing, printing, publishing, insurance, transportation, financial trading & services, and food processing also play major roles in the city’s economy.
Why is Chicago going broke?
Chicago’s financial woes stem largely from out-of-control pension promises. More than 68% of the city’s total debt burden stems from unfunded pension liabilities and nearly 2% comes from unfunded liabilities for retiree health insurance, meaning fully 70% of the city’s debt is related to retirement benefits.
Is the city of Chicago broke?
Chicago only has $9.9 billion of assets available to pay bills totaling $48.6 billion. Because Chicago doesn’t have enough money to pay its bills, it has a $38.7 billion financial hole. To erase this shortfall, each Chicago taxpayer would have to send $43,100 to the city.
