-By Warner Todd Huston
Illinois ended 2010 as the most indebted state in the union. Sadly, not a thing has been done so far in 2011 to make it better. Instead, it will get worse.
As State House News reports, the state rings in at number 50 in the nation’s most broke states.
Illinois owed $37.9 billion more than all of its assets combined, including cash, investments and property, as of July 1, 2010, according to a recent statewide financial audit by the Illinois Auditor General William Holland and Illinois Comptroller Judy Baar Topinka.
So far and just like the states unpaid vendors, even taxpayers expecting refunds got stiffed because the state somehow forgot to put $1.4 billion in the refund fund for taxpayers that overpaid their taxes. Now those awaiting refunds will have to wait.
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Illinois Budget Deficit: Worst of the Worst”