Total states’ level of debt in fiscal 2019 was $1.4 trillion. The majority of U.S. states are struggling to pay all their bills, and the coronavirus pandemic will make it worse for states' revenue levels.
. Revenue losses are likely to push states to increase the high level of debt that the vast majority of them already have.
All U.S. states, with the exception of Vermont, have a law that requires them to balance their budgets. Hence, elected officials have not included all of their costs in their budget calculations to make their budget balance and have pushed costs onto future taxpayers. Unfunded retirement liabilities are the largest contributing factor to states’ debt. According to CEO Weinberg “One of the ways states make their budgets look balanced is by shortchanging public pension and OPEB funds.
TIA divides the amount of money needed to pay bills by the number of state taxpayers to come up with what it calls the Taxpayer Burden.™ TIA ranks each state based on its Taxpayer Burden or Taxpayer Surplus.. The states that accounted for the decrease in debt were Alabama, Alaska, Georgia, Massachusetts, New Jersey, New York, and Pennsylvania.
Tennessee’s financial condition improved by 22% in fiscal year 2019 from the 2018 fiscal year, which resulted in the state having a $7.1 billion surplus, or a $3,400 surplus per Tennessee taxpayer. Unfortunately, TIA’sAlaska remains the state with the highest taxpayer surplus.The states in the worst shape are New Jersey, Illinois, Connecticut, Hawaii and Massachusetts. New Jersey has been in the last place due to its high level of debt since 2014, every year in a row.
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