The federal government continues to pile up debt at a staggering rate. In August alone, the US government added $450 billion to the national debt.

But Uncle Sam isn’t the only one who doesn’t have enough money to pay his bills. Forty state governments are also drowning in red ink.

Total state government debt now stands at $1.49 trillion with 40 states lacking sufficient funds to pay their bills according to Truth in Accounting’s (TIA) Financial State of the States report.

“At the end of the fiscal year (FY) 2018, 40 states did not have enough money to pay all of their bills. This means that to balance the budget – as is supposedly required by law in 49 states – elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.”

Unfunded pension liabilities are the primary factor driving the pileup of state debt. According to the report, “One of the ways states make their budgets look balanced is by shortchanging public pension and OPEB (other post-employment benefit) funds. This practice has resulted in an $824 billion shortfall in pension funds and a $664.6 billion shortfall in OPEB funds.”

US Debt Set To Hit 22 Trillion As Globalist Push For Financial Collapse



Alex Jones breaks down how Globalist banking forces are conspiring to create the illusion that along with populists, nationalists, and the policies they advocate comes financial ruin and collapse to convince populations that globalization is their salvation. By the way, we’re currently running our biggest sale since Christmas! Get 50% off products with double Patriot Points and free shipping during our Black Friday Comes Early Sale!

TIA Founder and CEO Sheila Weinberg said for many states, there is no easy way out of their fiscal mess.

“Many of these state governments have no hope of achieving a budget recovery barring significant program cuts or tax hikes.”

In simple terms, if you’re depending on a fat government pension to fund your retirement dreams, your golden years could turn into a nightmare. As we’ve reported, you should probably shouldn’t assume any government pension will ever be paid.

The report ranks the states based on surplus/debt per taxpayer. The numbers represent “each taxpayer’s share of state bills after available assets have been tapped. ”

The following 10 states have budget surpluses. TIA calls these “Sunshine States.”

Alaska, $74,200 per taxpayer North Dakota, $30,700 Wyoming, $20,800 Utah, $5,300 Idaho, $2,900 Tennessee, $2,800 South Dakota, $2,800 Nebraska, $2,000 Oregon, $1,600 Iowa, $700

Taxpayers in every other state are in the red. TIA calls these “Sinkhole States.”

Minnesota, -$200 Virginia, -$1,200 Oklahoma, -$1,200 North Carolina, -$1,300 Indiana, -$1,700 Florida, -$1,800 Montana, -$2,100 Arkansas, -$2,300 Arizona, -$2,500 Nevada, -$3,100 Wisconsin, -$3,200 Georgia, -$3,500 Missouri, -$4,300 New Hampshire, -$5,000 Ohio, -$6,600 Kansas, -$7,000 Colorado, -$7,200 Washington, -$7,400 Maine, -$7,400 West Virginia, -$8,300 Mississippi, -$10,000 Alabama, -$12,000 Texas, -$12,100 New Mexico, -$13,300 Rhode Island, -$13,900 South Carolina, -$14,500 Maryland, -$15,500 Michigan, -$17,000 Pennsylvania, -$17,100 Louisiana, -$17,700 Vermont, -$19,000 New York, -$20,500 California, -$21,800 Kentucky, -$25,700 Delaware, -$27,100 Hawaii, -$31,200 Massachusetts, -$31,200 Connecticut, -$51,800 Illinois, -$52,600 New Jersey, -$65,100

Every state in the US except Vermont has a balanced budget amendment. So, how did states rack up $1.5 trillion in debt? According to TIA, state governments use a number of accounting tricks to create the illusion of fiscal responsiblity.

Inflating revenue assumptions.

Counting borrowed money as income.

Understating the true costs of government.

Delaying the payment of current bills until the start of the next fiscal year so they aren’t included in the calculations.

Hiding a large portion of employee compensation from the budgeting process.

The TIA report highlights yet another aspect of America’s massive debt bubble that includes not only government red ink but also corporate debt and consumer debt. extreme debt load in America today is among the underlying economic fundamentals that simply can’t be ignored.

Raping Of The West’s Economy



Dr. Nick Begich breaks down the booming middle class in Asia and exposes how the west’s economy has been systematically transferred eastward to allow for this financial boom, especially in China.

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