States have $5T in debts taxpayers will have to pay

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.

Newsdesk International

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.

View original post 122 more words

Advertisements

About Brian Fulmer

Brian is the owner of Crossroads Property Management Inc. (www.crossroadsproperty.com) He writes six blogs and has written two books. He also works with various missions around the world. His first love is Guatemala.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s