Institute for Truth in Accounting - Balanced state budgets left out billions in debt and pension liabilities

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Balanced state budgets left out billions in debt and pension liabilities
Although 49 out of the 50 states are technically required to balance their budgets, nearly every U.S. state still owes billions of dollars in off-the-books debt and pension obligations, according to a new report from a government accounting watchdog.

(BusinessInsider.com) The study, conducted by the Chicago-based Institute For Truth In Accounting, found that only four U.S. states — Nebraska, North Dakota, Utah and Wyoming — have enough money to cover all of their financial commitments, including pension payments and retiree healthcare.

The rest remain solidly in the red. In six states, taxpayers would have pay more than $20,000 each to cover their state's obligations.

Read more: http://www.businessinsider.com/balanced-state-budgets-actually-left-out-billions-in-debt-and-pension-liabilities-2011-7#ixzz1RvuHQjcT

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