One analysis suggests that as many as 27 states are unable to finance their existing liabilities -- most notably underfunded pensions owed to former public employees. The most indebted states, according to Truth in Accounting, include Connecticut, New Jersey, Illinois, Massachusetts and California.

A reestablished School Finance Authority need not be as disruptive to Chicagoans as the 1980 intervention, either. It need not add yet another property tax hike on Chicagoans who already face the second-highest commercial property taxes and some of the highest residential property taxes in the nation.

Nor does it need to pile more debt onto residents, each of whom are already on the hook for nearly $43,000 in debt from the city according to a report by Truth In Accounting – the second most of the 75 cities reported. That does not include the $37,000 of state debt every Illinoisan is saddled with – the third most of any state in the country.

Minnesota placed 8th in the fiscal rankings based on the per capita of its unrestricted net position for governmental activities in 2022. This is much better than California’s placing 43rd (see Long Overdue Financial Report for California Brings Bad News, March 18, 2024).

Truth in Accounting also ranked Minnesota well (see NEW REPORT: California Ranks Among Bottom of 50 States for Financial Transparency, April 23, 2024). But this seems to have encouraged Governor Walz to be greedier and demand more from Minnesotans.