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.”
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.
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In a private, competitive, free market of goods and services, businesses EARN what they get through voluntary exchange. If they choose to incur debt to grow, etc. the only folks on the hook, if they fail, are those who voluntarily lent them the money. If the services they provide are substandard, a competitor will take business away and they will go under.
Government claims that we all NEED everything they are spending money on, yet they cannot even take care of the essential items the government worshipers claim we MUST have government for (aka, what about the roads?).
Government (versus peaceful society), is the greatest evil ever created my man.
“A million here, a million there, pretty soon, you’re talking real money.” Sen Dirksen claimed this Truth that was a newspaper misquote in the early 1960s. Financial profligacy (Welfare) will destroy ALL the Taxpayers in Blue states as sure as Hell. We need a Federal law that Liberals cannot move to a Red state.
The Yankee pipeline from Massachusetts to Florida is well-established.
More laws are what got us into this mess.
Quite right, Robert. I made a similar point on a thread
earlier this year (voting rights for anyone moving from
a Blue state to a Red state should be suspended for at
least a decade, but such a suggestion was not
particularly well thought of, judging by the number of
down-votes).
The major problem with Blue-Staters moving to Red
States is that they bring the same stupid-ass mentality
that crapped up the place they’re fleeing from to
wherever they’re moving to.
As George Orwell noted:
“A people that elect corrupt politicians, impostors,
thieves and traitors are NOT victims……
but accomplices.”
That is such a true statement by George Orwell.
More than half of the American public never cared who or what they were voting for. Most people still believe Obama is married to a woman.It was so obvious Obama was a homosexual and a Marxist but was voted into office twice.
Oh look! The Garbage State tops the list for per capita debt.
I would’ve never guessed it given it has one of the worst credit ratings in the US. It’s just another reminder to pack up and sell the house before property values plummet and taxes go up. I’ll be more than happy to leave Jersey to the Orthodox Jews and minorities who will be the only ones able to rent it after the Bubble pops.
if you truly plan to leave within a few years,sell the house & rent so you are not trapped–doubly true if in illinois–
If you haven’t sold by now you may very well be screwed especially in these states The crash is very close and I don’t think many people with cash are looking to buy at bubble prices
You sure even they will be able to rent it afterwards because I’m not
There’s a big exodus from NYC as the Jews are leaving the city to relocate.
The single largest Orthodox community is Lakewood, NJ, and they’ve pushed into the surrounding communities near Jackson and Toms River. The Orthodox typically have larger families and that means they need homes outside of the communal apartments. The need for property and homes has spurred Jewish real estate agents to canvass neighborhoods looking to deal personally with non-Jewish residents who might be willing to sell. I’ve had to run off multiple solicitor real estate pests – for now.
Given the fact Jackson has complied with state low income housing rules recently and the township has plans to develop sports facilities it means an influx of people needing shelter. The house will sell, no doubt.
The author is wrong.
They are not the states most likely to “collapse.”
They are the most likely states to get bailed out by the taxpayer.