Monday, May 30, 2011

Illinois debt per household

Rutherford [Illinois Treasurer]  first calculated that the pols who run Illinois have amassed nearly $200 billion in debt. That includes some $45 billion in bond debt, $8 billion in unpaid bills and $140 billion in unfunded pension and health care benefits for public employees. Every household in Illinois owes $42,000. Don't get us started on your share of the debts run up by your profligate local and federal governments. Chicago Tribune
I can add in the share of federal debt owed by Illinois households. Depending on the household size, the average is probably close to $160,000; making each Illinois household owe, directly, some $200,000 in debt for government goods promised from their paychecks. With current interest rates, that is about $8,000-12,000 per year in debt service per household each year. 

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