Moody’s Investors Service yesterday said the total price tag for Illinois unfunded pension promises is now over 300 billion-dollars. SPRINGFIELD – A new report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion, the highest of any state in the nation. The situation without … Illinois’ debt picture got a lot worse in 2020. August 3, 2020 7:00 AM ET. As of June 30, 2020, the report stated, the total unfunded liabilities of the […] That cost was 261 billion in 2019, as of the end of 2020 the unfunded promises reached 317 billion. SPRINGFIELD – A new report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion, the highest of any state in the nation. With the state’s gross domestic product estimated to have fallen 2.5% in 2020, that pension liability amounts to roughly 37% of the state’s total economic output, up … As of June 30, 2020, the report stated, the total unfunded liabilities of the state’s five pension systems stood at $317 billion, a 19 percent increase from the prior year. Moody’s Investors Service yesterday said the total price tag for Illinois unfunded pension promises is now over 300 billion-dollars. In total, Illinois’ long-term debt from borrowing, pensions and retiree health is expected to equal 48 percent of the state’s GDP in 2020, up from 38 percent the year before. Tony Arnold From. The $317 billion shortfall is more than double the state’s official debt estimate of $144 billion . Rating firm Moody’s Investors Service announced Wednesday that Illinois’ adjusted net pension liabilities (ANPL) spiked 19% in 2020 … Disputing a Debt A debt collector may not contact you if, within 30 days after the collector’s first contact, you send the collector a letter stating that you do not owe the money. Moody’s blames low interest rates for the spike in debt. SPRINGFIELD – A new report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion, the highest of any state in the nation. If, however, the collector sends you proof of the debt, such as a copy of the bill, the collector can resume collection activities. Illinois’ long-term debt has passed a grim milestone. That cost was 261 billion in 2019, as of the end of 2020 the unfunded promises reached 317 billion. When you put it together, it’s $6.2 billion more in debt for a state that already had a multi-billion bill backlog. At the same time, Illinois is bringing in about $5 billion less in revenue annually primarily because of the sunset of the temporary income tax increase. Illinois’ debt picture got a lot worse in 2020. ... of much of the state's economy through his stay-at-home orders and business closures has blown an epic hole in the Illinois state budget.
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