Stock photo
Stock photo
Illinois’ debt burden reached $236.1 billion during 2020, reflecting a burden of $57,000 for every taxpayer in the state, according to a new analysis from the Truth in Accounting policy institute.
That represents the third highest taxpayer debt burden among the 50 states, behind New Jersey and Connecticut. The state’s financial burden increased by $10 billion during the past year, despite receiving federal assistance from the Coronavirus Aid, Relief and Economic Security (CARES) Act and other COVID-19-related grants, the study found.
Illinois’ latest “F” grade in the annual analysis comes as the majority of the states’ finances worsened last year, the researchers said. Only 11 states were found to have adequate funds set aside to pay their bills, according to Truth in Accounting.
Unfunded retirement obligations that continue to accumulate were pegged as a key source of Illinois’ financial ills, the study found. The state has reserves amounting to only 37 cents for every dollar promised in pension fund outlays, according to the report.
Every state except Vermont has a balanced budget requirement, but the true extent of their liabilities shows most states have passed on debt burdens to future generations, according to Truth in Accounting.
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Taxpayer Debt Burdens / Surpluses by State
| Rank | State | Taxpayer Surplus / Burden |
| 1 | Alaska | $55,100 |
| 2 | North Dakota | $39,200 |
| 3 | Wyoming | $19,500 |
| 4 | Utah | $6,500 |
| 5 | South Dakota | $5,200 |
| 6 | Tennessee | $4,400 |
| 7 | Nebraska | $3,800 |
| 8 | Idaho | $3,000 |
| 9 | Iowa | $2,000 |
| 10 | Oregon | $1,000 |
| 11 | Minnesota | $200 |
| 12 | Virginia | -$300 |
| 13 | Indiana | -$900 |
| 14 | North Carolina | -$1,400 |
| 15 | Colorado | -$1,800 |
| 16 | Florida | -$1,900 |
| 17 | Wisconsin | -$2,000 |
| 18 | Arizona | -$2,200 |
| 19 | Oklahoma | -$2,300 |
| 20 | Arkansas | -$2,300 |
| 21 | Nevada | -$2,600 |
| 22 | Montana | -$3,200 |
| 23 | Georgia | -$3,500 |
| 24 | Missouri | -$4,400 |
| 25 | New Hampshire | -$4,800 |
| 26 | Ohio | -$5,400 |
| 27 | Kansas | -$7,500 |
| 28 | Washington | -$7,800 |
| 29 | West Virginia | -$8,100 |
| 30 | Maine | -$8,200 |
| 31 | Alabama | -$9,800 |
| 32 | Mississippi | -$11,500 |
| 33 | Texas | -$13,100 |
| 34 | Rhode Island | -$16,100 |
| 35 | Michigan | -$16,800 |
| 36 | New Mexico | -$17,000 |
| 37 | Maryland | -$18,200 |
| 38 | Pennsylvania | -$18,300 |
| 39 | South Carolina | -$18,700 |
| 40 | Louisiana | -$18,700 |
| 41 | New York | -$20,100 |
| 42 | California | -$21,100 |
| 43 | Vermont | -$24,700 |
| 44 | Kentucky | -$26,000 |
| 45 | Delaware | -$31,300 |
| 46 | Hawaii | -$37,000 |
| 47 | Massachusetts | -$38,100 |
| 48 | Illinois | -$57,000 |
| 49 | New Jersey | -$58,300 |
| 50 | Connecticut | -$62,500 |
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