Illinois state Sen. Jason Plummer (R-Edwardsville)
Illinois state Sen. Jason Plummer (R-Edwardsville) wonders just how longer the state can survive under the weight of its mounting debt.
“Public finances in Illinois are a house of cards,” Plummer posted on Facebook in response to a new Truth In Accounting Financial States of The State Report that finds Illinois now has only $28.9 billion in assets for its $252.8 billion in bills.
With that, the government watchdog group concludes every state resident is now on the hook for at least $52,600 in taxpayer burden and ahead of only New Jersey, at $65,100, for most debt per individual. Researchers slapped Illinois with a grade of “F” for the state’s handling of fiscal matters.
“Frankly, I think they're being conservative,” Plummer said of the estimate. “I strongly encourage you to glance through this report and share it with family and friends.”
Researchers also deemed Illinois a “sinkhole state,” or one of 40 across the country without enough assets to cover its bills. Overall, such states are said to have racked up at least $15 trillion in unfunded state debt.
Taxpayer burden is defined as “each taxpayer’s share of state bills after its available assets have been tapped,” with measurements incorporating everything from assets and liabilities to pension debt.
Since his days of being a candidate, Plummer has argued that Illinois has become its own worst enemy given many of the policies coming out of Springfield.
“This new poll points to data that proves everything I and others have been saying about all the crippling policies,” Plummer previously told the Metro East Sun of an Illinois Issues Survey that recently found 53 percent of state residents admitted they have thought of leaving the state due to high taxes and dysfunctional government. “I’ve long maintained Illinois is a great place that’s being wrecked by bad public policy. It pains me to have to say that, but it’s the absolute truth.”