Economy Rockford: How Much Does The State and Federal Budget Deficit Really Cost Us?

By: Kristin Burke
By: Kristin Burke

Mounting state and federal debt is hitting our wallets big time these days. In Tonight's Economy Rockford report... Get out your checkbook.. a local financial advisor adds up how much the budget deficit is costing each of us.

The federal government is twelve point six trillion dollars in the red and the debt is climbing by the second.

23 News financial expert Brad Gummow says that breaks down to about 41- thousand dollars for each of us in Rockford. Then tack on about two thousand dollars more to pay for Illinois' budget woes...and the grand total for each of us rings up to 43-thousand dollars.

In areas like Rockford that have high unemployment rates... Gummow adds 80 percent of us that are working... end up shouldering an extra 20 percent of the cost.

"Here in the greater metro area the average person when they are employed contributes about $6500 per year in state and federal taxes. when we get 10 people back to work were at $65,000 and you can see how this quickly adds up as we get thousands of people back to work in this area it's going to go a long way towards softening that debt for all of us."

During previous downturns our economy was able to grow its way out of this problem. But this time around Gummow thinks belt tightening and more revenue will be the only way to knock down the debt.

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  • by Elvis Hoffa Location: Rockford on Mar 31, 2010 at 08:09 PM
    I've check out Gummow's 80% / 20% math...and it's all good . Whew! My Dist. 205 education is sure paying off ! None the less's really important to have beurocrats like this fellow around to help us understand that 20 % (that's one in every 5) of us isn't pulling his own (and that of the beurocrat) weight. Those people without jobs must simply be lazy, or too stupid to get a job ...that's the implication , isn't it ? The implication is that if you're "upset" about throwing huge amounts of money into abysmal potholes..that never go ought to look to the guy that has no job as the cause of the dismal return on your social cash investment (taxation)...that if that lazy slacker would get a job and quit whinning ...everything would be just fine. And the message between the lines is; "You should be happy t hat you have a carrot to chase; your NOT one of those lazy bums...but as long as you have to pony up that dumb bum's 20%, you can forget about catching your carrot.
  • by Dave Location: Illinois on Mar 31, 2010 at 11:34 AM
    We definitely need to help people get back to work anyway we can. That is the key to bringing down the debt and getting out of this economic slump. Dave Mengel President / Founder
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