From the Institute for Truth in Accounting…
Only four U.S. states have sufficient assets to pay their debt and obligations related to pension and retirees’ healthcare
Today, the Institute for Truth in Accounting (IFTA) announces completion of a significant, comprehensive study of all 50 states’ assets and liabilities, including pension and retirement healthcare obligations. The study determined that six states had a per taxpayer burden over $20,000: Connecticut ($41,200), Illinois ($26,800), Hawaii ($25,000), Kentucky ($23,800), Massachusetts ($20,100) and New Jersey ($34,600). The Taxpayer Burden represents the funds that will be needed to pay the commitments the state has already accumulated divided by the state’s taxpayers.
“If governors and legislatures had truly balanced each state’s budget, no taxpayer’s financial burden would exist,” said Sheila Weinberg, Founder and CEO of the Institute. She continued, “A state budget is not balanced if past costs, including those for employees’ retirement benefits, are pushed into the future.”
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Truth in Accounting’s Fifty State Study Uncovers the True Financial Condition of the States”