EXography: Unfunded Public Employee Pensions Drive State Debts Skyward

 

 

 

State Debt

 

Click Image To Go To Interactive Graphic And See How Much Your State Is In The Red





State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.

  Calculated on a per capita basis, the $5.1 trillion represents an obligation of $16,178 for every state resident in the country, according to State Budget Solutions’ fourth annual State Debt Report.

  State Budget Solutions is a 501(c)(3) educational foundation that focuses on state spending and budget issues.

  The $5.1 trillion has accumulated despite various forms of balanced-budget requirements and spending limitations on the books in most states.”

 

 

This should be no surprise to any thinking individual …

 

” Viewed in terms of total debt, big states dominate the top 10, with California being in the worst shape at $778 billion. Most of the Golden State’s total is accounted for by public pension liabilities at $584 billion.

  Given the prominence of unfunded public employee pension liabilities in state debt, the role of unions representing government workers is an important factor.

  Nearly 36 percent of all government employees in America are members of unions, according to the Bureau of Labor Statistics, but the situation varies greatly from one state to another.

  According to federal Current Population Survey data compiled by unionstats.com, 59 percent of all state and local public employees are members of unions in California.

  But New York, which ranks second on total debt, has a far higher portion of its public employees in unions, at 71 percent.”

 

 

 

 

 

 

 

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