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40 States Drowning In Debt Like The Federal Government

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  • reynolds
    Senior Member
    • Oct 2018
    • 1956

    40 States Drowning In Debt Like The Federal Government

    40 States are now drowning in debt – just like the federal government



    October 3rd, 2019

    As the United States government continues to pile up debt, most states are following in its footsteps.

    Unfunded pension liabilities are the primary factor driving the pileup of state debt. According to the report, “One of the ways states make their budgets look balanced is by shortchanging public pension and OPEB (another post-employment benefit) funds. This practice has resulted in an $824 billion shortfall in pension funds and a $664.6 billion shortfall in OPEB funds.” TIA Founder and CEO Sheila Weinberg said for many states, there is no easy way out of their fiscal mess. “Many of these state governments have no hope of achieving a budget recovery barring significant program cuts or tax hikes”. And don’t expect any states to begin cutting back. Instead, you will be expected to pay for whatever the government demands in the form of higher taxes.

    According to TIA, state governments use a number of accounting tricks to create the illusion of fiscal responsibility. But New Jersey, which has the biggest problem, has a debt per taxpayer of $65,100. That’s a lot of money for people to owe for things they didn’t voluntarily agree to pay for. The TIA report highlights yet another aspect of America’s massive debt bubble that includes not only government red ink but also corporate and consumer debt. Extreme debt load in America today is among the underlying economic fundamentals that simply can’t be ignored, and yet consumers pile it on as corporations go bankrupt for having too much and the government continues to steal more money from people who haven’t even been born to finance their existence.


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