Friday, October 26, 2012

Facts are stubborn things

I covered this a year or so ago.  Illinois is in pretty bad shape and has run up a terrible debt and isn't paying it's contractors and suppliers.  Revisiting the situation, things haven't improved a whole lot.
Illinois’ state debt:
•Illinois' total state debt is $271 billion.
•Illinois' state debt per resident is $21,000.
•Illinois has roughly $8.5 billion in unpaid bills.

Illinois’ economic performance:
•39 states have a lower unemployment rate than Illinois.
•It will take 43 months for Illinois’ unemployment rate to recover to its pre-recession low, given the current pace of job creation and assuming no growth in the labor force.
•Unemployment in Chicago is stalled at 10.5%
•Illinois is 48th in job growth.
•Illinois is 48th in economic outlook.
•Illinois is 48th in economic performance.
•The rate of entrepreneurship in Illinois has been below the national average every year since 1996, with the exception of 2001.
•Chicago is tied with Detroit for the worst entrepreneurship rate among the 15 largest metropolitan areas in the country.
•Illinois has had 12 credit downgrades since 2008.
•Illinois has more units of local government than any other state in the nation.

Illinois’ pensions:
•Illinois has the worst funded pension in the nation.
•Illinois' pension inaction costs the state $18 million per day.
•Illinois pension funds need 19 percent annual investment returns in order to pay for the promised benefits.

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