Illinois could be worse off than Greece - And no one here seems to pay attention
I'm shocked that Illinois state and municipale debt crisis is not leading the local and national news every night. We are completly upside down and mortgaging the futures of our kids. Will they all leave Illinois due to the huge tax burden they will have to clean up our mess?
Below is a video from Cook County Treasurer talking about municipale debt from this summer. It is shocking.
Stunning Municipality Debt Brought to Light
Chicago, June 21, 2011– Cook County taxpayers are on the hook for a staggering amount of local debt, according to figures presented by Cook County Treasurer Maria Pappas today. Cook County’s numerous local governments face mounting debts totaling more than $108 billion. And, for the first time, specific figures have been collected for municipal unfunded pensions obligations totaling in excess of $25 billion, almost a quarter of debt countywide. The total figures translate into an average debt-per-household in the city of Chicago of $63,525, and $32,901 in the suburbs.
Another good read is
Why Isn’t Illinois A Bigger Story Than Greece?




