Skip to comments.State Debt Report Reveals $5.1 Trillion in Debt Among the 50 States
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 ...
What about the other 7?
Those ones must be completely debt free!
Many states celebrate surpluses as Congress struggles with debt
What do they have in common???
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.
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.
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.
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”
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.
Ditto Gov. Branstad in Iowa. I think we’re abut $1B too.