3rd Worst-Run State: Illinois Debt per capita: $5,041 (11th highest) Budget deficit: 18.5% (9th largest) Unemployment: 8.9% (10th highest) Median household income: $55,137 (16th highest) Pct. below poverty line: 14.7% (tied-24th lowest) Illinois has the worst credit rating in the U.S., having received the lowest rating of any state from both Standard & Poor’s and Moody’s. Explaining its reasoning, Moody’s pointed to the state’s underfunded pension and ongoing weak fiscal practices such as bill payment delays. Only 40.4% of the state’s pension obligations were funded in 2012, the worst rate in the nation. Illinois also had the fourth-largest debt in the country at the end of fiscal 2011 at nearly $65 billion. The state faced high foreclosure and unemployment rates in 2012, both among the worst in the country.
Posted on: Mon, 25 Nov 2013 16:03:04 +0000
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