Illinois’ Mounting Debt
SPRINGFIELD, Ill. (IRN) – A report by one of Illinois’ senators lays out how much debt the state is in and the danger of mounting debt.
U.S. Sen. Mark Kirk (R-Ill.) is taking an unusual role for someone in politics at the federal level. He has compiled a report on Illinois’ debt and how the state could be on the verge of an unrecoverable debt spiral.
“Now why would a federal senator lay out an Illinois debt report? It’s because we have a falling federal credit rating as well,” Kirk said. He says he is worried about employment opportunities in the state with regards to future generations.
According to the report, if each household in the state had to cough up cash to bail the state out, it would cost just over $6,600. Factor in the amount the federal government needs to right the ship and you’re looking at another $149,000 on top of that.
Kirk says key pension reforms are a must in solving the debt problem and staving off a much worse crisis.
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