From the Institute for Truth in Accounting…
Truth in Accounting Identifies Five Sinkhole States
The lack of truth and transparency in state budgets have concealed $1 trillion of outstanding bills.
The Institute’s ‘Financial State of the States’ study reviewed each state’s Comprehensive Annual Financial Report to determine the state’s true financial condition. This study included a detailed analysis of pension and retirees’ health care plans. The Institute took painstaking steps to determine the states’ share of each plans’ unfunded liability. By analyzing the assets each state has available and all of its bills, the Institute was able to determine a ‘Taxpayer’s Burden’ for all fifty states. Click here to download the full report.
The Institute’s extensive research found most states are sinking in debt, despite the existence of a balanced budget requirement in all but one state. The Institute identified the top five ‘Sinkhole’ states each with a per taxpayer burden of more than $23,000. These are Connecticut, New Jersey, Illinois, Hawaii and Kentucky. Wyoming, North Dakota, Nebraska, Utah and South Dakota are considered ‘Sunshine’ states, because a per taxpayer’s surplus or minimal per taxpayer’s burden exists in these states.
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