Despite a growing U.S. economy, 40 states cannot afford to pay all of their bills. Unless state legislators can find a way to improve our states' financial health, all of us will have to pay more taxes, receive less in services, or both. Many legislators are likely to push the can down the road.
, which findings concur with many of Truth in Accounting’s findings. “Many states still struggle to balance budgets in the face of mounting obligations for health care, infrastructure, education, and public employee retirement costs.” The Volcker Alliance recommends that states need to do much better budgeting to prevent a fiscal crisis.
In its latest report, TIA ranks each state based on its Taxpayer Burden or Taxpayer Surplus. TIA defines a Taxpayer Burden as “the amount of money each taxpayer would have to contribute if the state were to pay all of its debt accumulated to date. Conversely, a Taxpayer Surplus is the amount of money left over after all of a state’s bills are paid, divided by the estimated number of taxpayers in the state. We split the states into two groups.
Alaska, North Dakota, Wyoming, Utah, and Idaho are the Top Sunshine States, since they have a surplus per each of their states’ taxpayers.Unfortunately, there are also sinkhole states where taxpayers are on the hook for the bills that the state cannot pay. New Jersey, by far is in the weakest condition.By definition, if a state has a balanced budget requirement, then spending should be equal to revenue brought in during a specific year.
Delaying the payment of current bills until the start of the next fiscal year so they aren’t included in the calculationsTIA also grades states from A – F based on their financial health and how much they leave their residents on the hook for unfunded liabilities. Only Alaska, North Dakota and Wyoming had an A. 44% of the states have a D or an F.
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