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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Truth in Accounting Summer Quarterly Round-up e-Newsletter”
Well, we’ve finally paid for the cost of government for the year. That’s right, it took over half the year for working folks to pay off what it costs to keep government rolling for a year. Sadly, Illinois does not far as well as most other states.
So, once we get past the vague, gut feeling that not much was done in this past legislative session, we can look over the last several months and assess what Springfield done for us all. As the state was distracted by yet another trial for Rod Blagojevich (this time a successful one) our elected officials were at loggerheads on many issues. But with the Democrats having such a hammerlock on power, most everything went their way. And, in some cases “their way” was no way at all.
Last weekend Americans For Prosperity once again held its
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Herman Cain appeared at last weekend’s RightOnLine conference (June 18) to two standing ovations. His rousing campaign speech apparently hit all the right notes with the conservative audience in attendance. But afterward, in the blogger access room, there were a few sour notes, in one case Cain even angrily yelled at a blogger over a question hard pressed.
This weekend I’ll be writing a few posts about the always great 