3. Illinois Debt per capita
: $4,790 (11th highest) Budget deficit
: 40.2% (2nd largest) Unemployment
: 9.8% (tied-10th highest) Median household income
: $53,234 (18th highest) Pct. below poverty line
: 15.0% (25th highest)
Although many states have budget issues, Illinois’ faces among the biggest problems. In 2010, the state’s budget shortfall was more than 40% of its general fund, the second-highest of any state. Both S&P and Moody’s gave Illinois credit ratings that were the second-worst of all states. In addition, the state only funded 45% of its pension liability in 2010, the lowest percentage of any state. Governor Patrick Quinn has made the now-$85 billion pension gap a top priority for the new legislative session beginning in January.
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