June 28, 2013 § Leave a comment
Ten U.S. states have public pension liabilities that are at least as big as their annual revenues, according to a Moody’s Investors Service report released on Thursday that found the Illinois pension bill was equal to 241 percent of its revenues. …
According to Moody’s, Illinois has the largest net pension liability in the country, $133 billion, equal to $10,340 per person in the state. The liability is equal to 19.8 percent of the state’s gross domestic product.
It’s worth nothing that the $133 billion owed for the pensions does NOT include the over $45B in state issued bonds or over $8B in unpaid bills sitting on the Treasurer’s desk. (Source.)
The reality is every man, woman, and child in Illinois owes the state at least $14,400.
Every man, woman, and child in the U.S. owes the G $53,400.
So if you live in Illinois add up your net worth and subtract $67,800. Of course, if your a taxpayer you actually owe about 2x this amount… but that’s another story.