Unfunded Benefits in Illinois

This week's chart is based on the first story in this email, Sheila's op-ed on the importance of citizens being informed. In 1994, Illinois Gov. Jim Edgar led a bipartisan pension bill to solve the state’s $15 billion pension deficit. The plan was supposed to resolve the deficit within 50 years. The problem is the plan doesn’t work. As indicated by the chart below, using this plan the state's pension debt has more than doubled since 2010 to $156 billion as of June 30, 2020. The state’s latest bond offering document emphasizes, “The State’s contributions to the Retirement Systems, while in conformity with State law, have been less than the contributions necessary to fully fund the Retirements Systems as calculated by the actuaries of the Retirement Systems.” Read the full story here.  READ MORE

California, Colorado, Illinois, Maine, and New Jersey Pension Debt

"For context, as of approximately 2015, governments must report their pension obligations on one of their required financial statements, known as the "Statement of Net Position."   READ MORE

Violent Crime Rate in City Per 100,000

Illinois’ richest man, Ken Griffin, has recently announced that he will be moving his investment firm Citadel from Chicago to Miami due to the high crime rates. It’s hard to blame him as Chicago’s crime rates have remained well above the national average for some time. However, Chicago is not the only major city that may be contributing to its state's loss of taxpayers and their wealth , as similar situations can be seen in Baltimore, New Orleans, and St. Louis and their respective states.

Read More: https://www.data-z.org/y/V3KH0TMX0c70c28   READ MORE

City Combined Taxpayer Burden Report 2022

City Combined Taxpayer Burden Report 2022

A more complete picture of the 10 most populous U.S. cities including their largest underlying government units.

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Every 1 in 8 Americans carry student loan debt

Recently, Data-Z released the newest data on Student Debt Per Capita. Every 1 in 8 Americans carry student loan debt according to the May 2021 census data. These are the top three places that carry the most Student Debt Per Capita.

 

Throughout 2018 to 2021, The District of Columbia carried the largest amount of Student Debt per Capita. The District of Columbia had $12,440 in 2021, which almost doubles the amount in comparison to Georgia and Maryland who follow second and third for the largest amounts of Student Debt Per Capita.

Why do you think The District of Columbia has the most Student Debt Per Capita?

Amber Saxon is a Communications and Marketing Consultant at Truth in Accounting.  READ MORE

Connecticut’s Taxpayer Burden grows to more than $62,000

This chart displays Connecticut’s Taxpayer Burden™ over the past eight years. A Taxpayer Burden is the approximate dollar amount that would be required of each taxpayer in order to pay off all of a government's liabilities today. It is calculated by dividing the "money needed to pay bills" by the estimated number of taxpayers in the state or city.

Between 2019-2020 Connecticut’s Taxpayer Burden increased by $11,800 to $62,500 in 2020. Connecticut’s Taxpayer Burden increased because the state has not been properly funding  retirement obligations, such as pensions, for years.

Like a majority of states, Connecticut did not set themselves up to endure the pandemic. Without properly funding its pension and retiree health care promises and making better financial decisions, Connecticut’s Taxpayer Burden will continue to increase.  READ MORE

Five facts for Labor Day using Data-Z

Data-Z offers several different data series on employment and labor including unemployment rate, members of unions, government employees, and more. Use Data-Z to explore more fun facts like this!   READ MORE

Student loan delinquency in Massachusetts falls in 2020

From 2011-2021 student loan delinquency in Massachusetts has greatly fluctuated. Student loan delinquency refers to one’s ability to pay off student loan debt. Prior to 2020, 2011 was the last year in which it was easiest for students in Massachusetts to take care of their student loan debts.   READ MORE

Publicly held debt from 2010-2020

The publicly held debt has increased each year since 2010. The Debt Held by the Public, or public debt, is all federal debt held by individuals, corporations, state or local governments, foreign governments and other entities outside the U.S. Government, less Federal Financing Bank securities. The federal government sells securities, such as bonds, to raise cash to fund its activities. These securities become publicly held debt.   READ MORE

Federal debt ceiling over the past 10 years

In 2020, the federal debt ceiling reached an all-time high of $26.9 billion. The debt ceiling is how much the federal government is allowed to borrow.  Currently, Congress is trying to decide whether to increase the debt ceiling or suspend borrowing. However, if Congress increases the debt ceiling this could cause a major shift in the economy and exponentially increase government debt. 

From 2010 to 2020 the debt ceiling increased by 99.2 percent, meaning Congress continued to increase the debt ceiling. This percentage represents a constant increase in government debt ever since 2010. We can expect that Congress will most likely increase the debt ceiling again.

Let’s break this down to a personal level to help explain what increasing the debt ceiling means. Let’s say when George reaches his credit card limit he takes money out of his children’s college savings accounts to pay for his expenses. Once the credit card company increases his limit, he takes out a cash advance and pays back his children’s college savings accounts.  As a result, his credit card balance significantly increases.  READ MORE

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