Magazine article The New American

40 of 50 States Don't Have Enough Money to Pay Their Bills

Magazine article The New American

40 of 50 States Don't Have Enough Money to Pay Their Bills

Article excerpt

Now that states are required to follow new rules of full financial disclosure, the truth is coming out: Most of the states in the union don't have enough money to pay all of their bills. In Truth in Accounting's (TIA) Financial State of the States report, released in September, Sheila Weinberg noted:

   At the end of the fiscal year (FY) 2018, 40 states did not
   have enough money to pay all of their bills. This means
   that to balance the budget--as is supposedly required by
   law in 49 states--elected officials have not included the
   true costs of the government in their budget calculations and
   have pushed [unreported] costs onto future taxpayers.

While most states report that they are making efforts to fully fund their pension plans, in the past they weren't required to account for liabilities for pensioners' healthcare costs. Now they are.

For example, the state of New York touts its fiscal responsibility by reporting that it has funded 93 percent of its pension liabilities. …

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