What Sinkhole States Don’t Want You to Know

What Sinkhole States Don’t Want You to Know

Fergus Hodgson, November 26, 2018

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US states have amassed at least $1.5 trillion in unfunded liabilities in 2017, even though 49 of them have some form of balanced-budget restriction.

Bill Bergman attempts to answer this puzzle. He is director of research with Truth in Accounting, a nonprofit watchdog that publishes the annual Financial State of the States, a report that provides taxpayers with clear and transparent state-accounting information.

Bergman explains that state governments get away with spending and promising beyond their means due to accounting tricks and regulatory capture by lobbying groups. In particular, retirement obligations have grown beyond what states such as Illinois can afford to pay. What can’t happen won’t happen, and Puerto Rico-like default chaos lies ahead.

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