If every person in Illinois dished out about $55,000, the state could pay off its debt. A State Budget Solutions report shows Illinois has about $271 billion worth of debt, among the worst states in terms of total debt.
The analysis reveals private sector workers are at a higher risk for the debt because they're the ultimate tax base for reducing state liabilities. The debt includes unfunded pension liability, state retiree insurance benefits, budget gaps and outstanding bonds.
All 50 states combined have $4.19 trillion worth of debt, the equivalent of $37,486 for every private sector worker in the country.
(posted 4:18 p.m. 10/03/2012 by Alex Degman)