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State Debt Report Reveals $5.1 Trillion in Debt Among the 50 States
American Legislator ^ | 1-22-14 | Ben Wilterdink

Posted on 01/23/2014 2:31:32 PM PST by ThethoughtsofGreg

State Budget Solutions, a non-partisan public policy organization, has released their 4th annual report on state debt. The findings are not pleasant. The data shows that the total combined state debt is equal to $5.1 trillion. For perspective, this figure is almost five times as much as the bipartisan appropriations bill ($1.1 trillion) now working its way through Congress. This stunning amount of debt is a clear threat to state budgets and should deeply concern taxpayers who will eventually find themselves on the hook to repay this debt, either through decreased government services and/or tax increases. Pension-reform

The drivers of this massive amount of debt are unfunded pension liabilities, unfunded other post-employment benefits (OPEB), outstanding debts, and outstanding unemployment trust fund loans. While all of these are contributors to state debt, unfunded pension liabilities account for more than three quarters of the total debt. The total combined unfunded pension liabilities from across the states stands at a staggering $3.9 trillion. The chart below illustrates the extent of the unfunded pension liability problem.

(Excerpt) Read more at americanlegislator.org ...


TOPICS: Business/Economy
KEYWORDS: debt; economy; federalism; spending

1 posted on 01/23/2014 2:31:32 PM PST by ThethoughtsofGreg
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To: ThethoughtsofGreg

What about the other 7?


2 posted on 01/23/2014 2:34:24 PM PST by Veggie Todd (I don't always talk to Obama voters, but when I do I ask for Large Fries.)
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To: Veggie Todd

Those ones must be completely debt free!


3 posted on 01/23/2014 2:38:16 PM PST by ThethoughtsofGreg
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To: ThethoughtsofGreg

Many states celebrate surpluses as Congress struggles with debt

http://m.washingtontimes.com/news/2011/jul/17/many-states-celebrate-surpluses-as-congress-strugg/

What do they have in common???


4 posted on 01/23/2014 2:48:37 PM PST by smokingfrog ( sleep with one eye open (<o> ---)
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To: ThethoughtsofGreg

Socialists at all levels of government and in both political parties are responsible for the debt and regulations against property rights and new, small manufacturing starts. Generally, they’re behind the many causes of the economic collapse.


5 posted on 01/23/2014 3:16:57 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: familyop

Apparently folks missed Wisconsin Governor Walker’s speech last night. Wisconsin has a $1 Billion surplus.

Even a “Blue state” with a Republican governor can do it if they WANT TO.


6 posted on 01/23/2014 3:40:17 PM PST by DaveA37
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To: Progov

Excellent point. We need 50 Governor Walkers and armies to protect them from the mobs of debt-sucking bosses in every level of government and government-linked business.


7 posted on 01/23/2014 3:45:00 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Veggie Todd

Texas is 8.8 - 12 Billion Surplus depending on who’s #’s you look at.

Never fear the zero is here to save the day!

He will just take and give the surplus to the ones in the red and fix it all!

After all he is the “amazing zero”


8 posted on 01/23/2014 4:25:43 PM PST by mabarker1 (Please, Somebody Impeach the kenyan!!!!)
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To: ThethoughtsofGreg

I’m still waiting for some prominent conservative leader to start talking about and advocating for public-private retirement plan parity... It is such a sham that public pensions are so far over promised vs. what people in private employment receive; and it is the tax paying public, most of whom work in the private sector, who pay the lions share of the costs for those fat public pensions.

For years the government employee unions lobbied for parity in compensation... and received it and in many cases ended up exceeding wage/salary levels for privately working employees. However, they didn’t stop there, and were successful in getting their pensions to far exceed those provided typically to people in the private sector.

Gotta start targeting and working toward retirement plan “equality” or parity for public vs. private. Public “servants” should not receive hefty pensions that far exceed what comparable positions would receive in the private sector.


9 posted on 01/23/2014 8:28:07 PM PST by JustTheTruth
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To: Progov; familyop

Ditto Gov. Branstad in Iowa. I think we’re abut $1B too.


10 posted on 01/23/2014 9:22:05 PM PST by Free Vulcan (Vote Republican! You can vote Democrat when you're dead...)
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