Random: I am continually amazed that this news doesn’t get attention. The numbers are staggering. This is above the 17T debt for the Federal Government.
From coast to coast, taxpayers are stuck paying for massive debt payments over the coming decades as state governments continue to abuse their metaphorical credit cards. Last week, a new report was released that says state governments have more than $5.1 trillion in debt, largely because of pension obligations to former and current state employees, which states now lack the assets to pay off. Pension debt accounts for more than $3.9 billion of that total, but the report also includes outstanding bonded debt, unemployment compensation trust fund debt and debt in the form of “other post-employment benefits,” or OPEB, which is closely linked to pensions and includes retired public employees’ health-care costs.
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