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.