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Expert: State Finances Worse Than Lawmakers Say -- FULL INTERVIEW SUNDAY ON WGIL
The state's financial position is a lot worse than any of our political leaders will let on, according to a crusading accountant.

The state is really in the hole by $82 billion, says Sheila Weinberg, founder of the Institute for Truth in Accounting, based in Northbrook.

The state has $29 billion in assets and $111 billion in obligations, including bonded indebtedness, and pensions and health care benefits earned so far by state employees who are not yet retired, she says.

That means the state is virtually bankrupt, but just hasn’t been to court to declare it.

Weinberg says the state should be setting aside billions to pay its obligations, but it doesn't do it, with lawmakers allocating leftover money each year against these looming obligations.

Weinberg was interviewed for this week's "Eye on Illinois" program. Hear the full interview Sunday at 6am on AM 1400 WGIL.
07 16 09 by Newsroom
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