Illinois’ debt picture got a lot worse in 2020. The choice between continuing the downward slide or a comeback in our state will be determined by the next big decisions we make. Illinois' Taxpayer Burden is -$52,000, and it received an "F" from TIA. Mortgage debt grew by 7% in 2020, reaching $10.3 trillion. Long-standing laws required Illinois to make pension contributions and bond payments even without a budget. Illinois Governor J.B. Pritzker wants to hike the income tax during a recession. The proposal would change the state constitution to allow for a progressive income tax. The Wheaton Park District conferred a $273,243 pension on retired administrator Elizabeth Kutska. Request for comment: Before publication, we reached out all every entity mentioned. Numbers current as of 11/1/2020. Cities & villages (8,000) – Small town managers rake in the pay, perks, and pension benefits. Pension reforms were passed. • In 2003, Illinois issued $10 billion in bonds to inject into pensions. Hartman now receives a $176,872 pension. About 6,000 shots are expected to be administered daily. ... as both sides of the issue gear up for an expensive and contentious battle in 2020. A marriage can end through an annulment or a divorce in Illinois. a pin and scroll down to see the results in your neighborhood rendered in the chart beneath the map. August 3, 2020 7:00 AM ET NPR Staff The COVID-19 pandemic could swipe roughly $200 billion from state coffers by June of next year, according … State of Illinois Real Time Debt Clock. Illinois owes more than it owns. A contributing factor to much of the surge in overall mortgage debt was the increased number of people applying for home loans. Decades of bad decisions put us in this predicament. Illinois has between 0.55 and 1.13 times the cash needed to cover short-term obligations, well below the US average. Winners include those covered by "Obamacare" or just now signing up, self-employed people who buy their own insurance and don’t currently get federal help, laid-off workers struggling to retain employer coverage, and most anyone collecting unemployment. newsletter, actuarial analysis of a plan developed by the Illinois Policy Institute, How you can honor those who’ve been on the front lines of this pandemic, Don’t dodge COVID only to get hit by guilt, New York Gov. Adam Andrzejewski (say: And-G-F-ski) is the CEO/Founder of OpenTheBooks.com. State police countered that it "is a time consuming and deliberate process. Possible solutions to the Illinois crisis. Many Americans view the 2020 election as a pivotal moment, a time to decide what we want the future of our country to look like. If Illinois were to fund its pensions like most other governments, says Kriz, its amount due next year would be roughly $13 billion. Six retired superintendents pocketed $300,000+ pensions, including Lawrence Wyllie (Lincoln-Way CHSD 210 – $341,019); Henry Bangser (New Trier Township HSD 203 – $331,489); Gary Catalani (Wheaton-Warrenville Unit SD 200 – $330,015); Laura Murray (Homewood-Flossmoor CHSD 233 – $324,677); and Mary Curley (Hinsdale CCSD 181 – $315,336). Website (usgovernmentdebt.us). Local park district administrators outearned the state director of parks ($116,500). (July 5, 2020). Illinois's borrowing costs would probably go even higher, which would only make the budget problems worse. Not a problem — but these toys were, States undermining federal gun laws put every state, including Illinois, at risk, Pentagon set to OK extending Guard deployment at Capitol, First shots administered at United Center mass vaccination site at, Many in US still face COVID-19 financial loss: poll, Julia Turshen’s new cookbook a ‘Simply’ personal guide to food — and her life, Black-owned Turner Haus Brewery aims to set up shop in Bronzeville, COVID bill to deliver big health insurance savings for many. SBA is providing debt relief to existing SBA loan borrowers during the COVID-19 pandemic. Illinois’s debt is rated as nearly “junk debt” and Illinois pays a significant premium because bondholders know Illinois will eventually renegotiate and reduce its debt. To pass the Illinois bankruptcy Means Test, you can show that your income is lower than the median family income for families of your size in Illinois. This week, U.S. Senate Leader Mitch McConnell suggested another path, “I would certainly be in favor of allowing states to use the bankruptcy route.” McConnell specifically mentioned Illinois along with Connecticut, California, and New York. Bankruptcy is a court process that helps people who have too much debt. Colleges & universities (16,000) – Bradley Underwood made $2.9 million as the basketball coach at the University of Illinois. Brian Dorn pulled down $247,071 at North Shore Water Reclamation while Edward Stevenson made $214,856 at the Forest Preserve of DuPage County. It is also much cheaper than reparations. Just click a pin and scroll down to see the results in your neighborhood rendered in the chart beneath the map. Moody’s Investors Service yesterday said the total price tag for Illinois unfunded pension promises is now over 300 billion-dollars. These savings are possible through temporary targeted COLA freezes to allow inflation to catch up to past benefit increases and replacing the 3% guaranteed compounding raise with a true COLA tied to inflation. The $317 billion shortfall is more than double the state’s official debt estimate of $144 billion . This is the first report to give a complete picture of Illinois’ total retirement debt. Illinois is a Sinkhole State without enough assets to cover its debt. Illinois is a Sinkhole State without enough assets to cover its debt. It hasn’t worked yet. New data shows what the state now faces. A court-ordered monitor, Dr. Stewart Pablo, cost taxpayers $327,600 to report on the lack of mental healthcare availability within the prison system — $1 million in total during the past three years. Politicians promised to deliver on perks that were too good to be true. The state debt per capita was $5,002. These administrators include Michael Ellis (Village of Grayslake – $296,654); Richard Nahrstadt (Village of Northbrook – $290,603); Dane Bragg (Village of Buffalo Grove — $280,000); Patrick Nagle (Village of Rosemont — $279,523); Michael Cassady (Village of Mount Prospect — $278,282); and Reid Ottesen (Village of Palatine – $274,067). • In 1989, Illinois politicians passed legislation, without an actuarial cost estimate, that was the start of the 3% compounding benefit increases for retirees in Illinois pension systems. That’s $400 more than the previous year’s report. When it comes to splitting payment of the debt in a divorce, the debt will be split fairly but not necessarily 50-50. Specifically, interest rates aren't likely to rise all that much in the years ahead, he said. These included James Pilmer ($212,794) at Fox Valley; Raymond McGury ($209,443) at Naperville; and Michael Bernard ($206,819) at Wheaton. Junior college power couple Dale Chapman ($491,095) and Linda Terrill Chapman ($242,070) combined for a $733,000 income at Lewis and Clark Community College. High taxes are the top reason for leaving Illinois, according to public opinion polling for NPR and the University of Illinois-Springfield. New data shows what the state now faces. In quarter four of 2018, America owed a total of $870 billion in credit card debt alone — a 5 percent increase from 2017.

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