Surviving Illinois’ Debt Sentence: $106 Billion.
Chicago Sun-Times 12/07/2006
http://findarticles.com/p/articles/mi_qn4155/is_20061207/ai_n16894641
The Illinois Debt Counter is calibrated according to the following algorithm: $106,000,000,000 increasing at a straightline interest rate of 6% equals $6,300,000,000 of annual additional debt. This is a debt increase of $530,000,000 a month, $17,424,658 per day, $726,027 per hour, $12,100 per minute, and $201.67 per second. This counter is a conservative estimate of how the $106 billion of Illinois state government debt can increase. Since the Facing Facts study by the Civic Committe's Task Force on Illinois State Finance, and the companion article in the Chicago Sun-Times in December, 2006, we have not found another source to update the Illinois state debt figures. And since Illinois state government was nearly shut down this summer and early fall over a budget showdown, we can only assume that the debt has continued to grow exponentially. Facing Facts: A Report of the Civic Committee’s Task Force On Illinois State Finance
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