Posted on 10/05/2021 8:36:24 AM PDT by george76
At the end of the fiscal year 2020, 39 states did not have enough money to pay all of their bills.
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Total debt among the 50 states amounted to $1.5 trillion at the end of the fiscal year 2020
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Retirement plans, such as pension and retiree health care benefits .. account for the majority of state debt ... on average, the 50 states had only set aside 64 cents to fund pension promises and 8 cents to fund retiree health care promises
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When states cannot make up investment shortfalls, then taxpayers have to make up the difference.
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Connecticut replaced New Jersey to be the state in the worst fiscal health and with the highest per resident tax burden, $62,500. Connecticut only had $16.8 billion, or 17% of the necessary funds to pay $96.3 billion worth of bills. Connecticut catapulted to last place due to pension plan liabilities which rose faster than investment income.
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accounting tricks include..
• Inflating revenue assumptions.
• Counting borrowed money as income.
• Understating the true costs of government.
• Delaying the payment of current bills until the start of the next fiscal year so they aren’t included in the budget calculations.
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the most common accounting trick states use is hiding a large portion of employee compensation from the budgeting process.” Employee compensation packages include healthcare, life insurance, and pensions .. unfortunately, some elected officials have used portions of the money that is owed to pension and OPEB funds to keep taxes low and pay for politically popular programs. This is similar to charging earned benefits to a credit card without having the money to pay off the debt. Instead of funding promised benefits now, they have been charged to future taxpayers.
(Excerpt) Read more at forbes.com ...
Did Forbes mention the political persuasion of those states?
well then, they’d best stop spending/wasting so damned much of our tax money
Not to worry, they’ll find the money in your pocket.
The professional politicians and embedded bureaucrats are the true enemies of this country
Its OK - we have a Federal Reserve that can create money from nothing to buy huge quantities of Government debt.
That money then gets spent to bailout all the organs of progressive-leftist government and state power all the way down to your local paid activists.
Wash-rinse-repeat.
Ask the illegals. They are getting lots of money from biden admin
Retirement plans, such as pension and retiree health care benefits .. account for the majority of state debt ...
Everything is fine.
I think that companies raise their prices to the state to make up for the time it takes that state to pay the bill.
I wouldn’t be surprised to see this done on purpose to benefit donors.
Ten bucks says that that kind of thing is happening in every major city...and many of the not so major ones as well.
The Biden/Harris regime will bail out the states using taxpayer’s money. McConnell and McCarthy will publicly oppose the bail out but privately support it.
They NEVER have enough money because they steal it, waste it on unnecessary trips and functions and throw the rest into their retirement and health care funds.
They provide very few services anymore.
Don’t do upkeep on streets and essentially blow it on free gas for their vehicles for their own private use. I have seen them filling up their own private cars at the city pumps on the weekends
Hence the need to steal an election and force Red states to bail out Democrat dumps. These states are bankrupt and worse, have no way of coming back. They’re financially not viable and like “The Ruins of Detroit”, will become a living history of decline.
It’s common practice to promote retiring state and local government employees a week or even day before they retire so their pension and benefits are increased. Great way to game the system.
Or bring up the massive amounts of monies going to social programs and entitlement spending that goes to illegals and refugees. And that doesn’t include all the money for schools, court systems and other aspects of life they’re allowed to take advantage of.
And it’s only getting worse.
95,000 afghans. If half are women, within the next 12 months or sooner that number will go up by around 40,000, after they give birth to US citizens. Numbers will climb when family reunification kicks in for them.
And that isn’t including the savages coming from Mexico.
Delaware just missed at #45. Way to go, dummies. Just keep voting Democrat
Kill babies
Kill old people
Kill jobs
Kill. Kill. Kill
Can we assume the deadbeat state were primarily run by democrats the last 15 years?
Odd how the FED won't print money to help the Post office... or 'print' to save Social Security for the next hundred years. Guess they only use that BS 'excuse' for commie redistribution...
Pensions and health bennies for public workers, and Medicaid.
I include education in that first one cuz that’s most of where education spending goes, pensions and cadillac health bennies.
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