Debt Bombs: Here Are The States With The Most Debt

Debt Bombs: Here Are The States With The Most Debt

According to a new report from Truth in Accounting, the most-indebted states include New Jersey, Illinois, Connecticut, Massachusetts, Hawaii, Delaware, Kentucky, California, and New York. 
Truth in Accounting published the Financial State of the States report, a regional analysis of the most recent state government financial data, on Tuesday, that is one of the most comprehensive studies of the economic conditions of all 50 states. The report includes the most up-to-date state finance and pension data, trends across the states, and key findings.
The report said all 50 states have had to become more transparent in their financial reporting over the last several years, thanks to the implementation of Generally Accepted Accounting Principles set by the Governmental Accounting Standards Board.
Researchers this year uncovered something truly shocking: “40 states do not have enough money to pay all of their bills and in total the states have racked up $1.5 trillion in unfunded state debt.” 
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Truth in Accounting ranks the states below according to their Taxpayer Burden or Surplus, which at the end of the day, it’s what the taxpayer is on the hook for.
Here are the rankings (from less indebted to most indebted): 

  • Alaska, $74,200 per taxpayer
  • North Dakota, $30,700
  • Wyoming, $20,800
  • Utah, $5,300
  • Idaho, $2,900
  • Tennessee, $2,800
  • South Dakota, $2,800
  • Nebraska, $2,000
  • Oregon, $1,600
  • Iowa, $700
  • Minnesota, -$200
  • Virginia, -$1,200
  • Oklahoma, -$1,200
  • North Carolina, -$1,300
  • Indiana, -$1,700
  • Florida, -$1,800
  • Montana, -$2,100
  • Arkansas, -$2,300
  • Arizona, -$2,500
  • Nevada, -$3,100
  • Wisconsin, -$3,200
  • Georgia, -$3,500
  • Missouri, -$4,300
  • New Hampshire, -$5,000
  • Ohio, -$6,600
  • Kansas, -$7,000
  • Colorado, -$7,200
  • Washington, -$7,400
  • Maine, -$7,400
  • West Virginia, -$8,300
  • Mississippi, -$10,000
  • Alabama, -$12,000
  • Texas, -$12,100
  • New Mexico, -$13,300
  • Rhode Island, -$13,900
  • South Carolina, -$14,500
  • Maryland, -$15,500
  • Michigan, -$17,000
  • Pennsylvania, -$17,100
  • Louisiana, -$17,700
  • Vermont, -$19,000
  • New York, -$20,500
  • California, -$21,800
  • Kentucky, -$25,700
  • Delaware, -$27,100
  • Hawaii, -$31,200
  • Massachusetts, -$31,200
  • Connecticut, -$51,800
  • Illinois, -$52,600
  • New Jersey, -$65,100
  • And what was social media’s response to the new report?
    One user said: “Look at who has controlled the State Legislatures in all the high debt States – in nearly every case it has been the Democrats, and for many years. Governors come and go – it is the Legislature that really decides if a State will be wild spending or not.” 
    Another said: “I live in Illinois. Lifelong Illinoisan. Yes I know it sucks. My 5 year plan is to leave the state before it collapses financially any home value plummets. Property taxes, sales taxes and income taxes are insane over here. DO NOT MOVE HERE.” 
    The biggest take away from the report, as explained by one social media user above, is that when the next recession strikes, the most indebted states will collapse.

    Tyler Durden

    Sat, 09/28/2019 – 22:00

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