Surviving Illinois’ Debt Sentence: $106 Billion
Chicago Sun-Times 12/07/2006
The Illinois Debt Counter is calibrated according to the following algorithm: $106,000,000,000 increasing at a straight line interest rate of 6% equals $6,300,000,000 of annual additional debt. This is a debt increase of $530,000,000 a month, $17,424,658 per day, $726,027 per hour, $12,100 per minute, and $201.67 per second.
This counter is a conservative estimate of how the $106 billion of Illinois state government debt can increase. For example the Pension systems charges 8.5 % for the entire amount of the unfunded liability. Since the Facing Facts study by the Civic Committee's Task Force on Illinois State Finance, and the companion article in the Chicago Sun-Times in December, 2006, we have not found another source to update the Illinois state debt figures. And since Illinois state government was nearly shut down during the summer and fall of 2007, we can only assume that the debt has continued to grow exponentially.
Facing Facts: A Report of the Civic Committee’s Task Force On Illinois State Finance
http://www.civiccommittee.org/initiatives/StateFinance/FacingFacts.pdf
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