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STATE DEBT

State Debt

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    • HEADLINES: New Jersey

      NJ gov't faces $214 billion debt; pensions are biggest cause

      New Jersey Watchdog | by Mark Lagerkvist | January 8, 2014

      Guard your wallets and hide your bank books! New Jersey's state government is facing a $214 billion debt - more than $24,000 for every man, woman and child.

    • HEADLINES: Virginia

      State budget: little wiggle room, much wiggling expected

      Daily Press | by Dave Ress | December 16, 2013

      Nobody was expecting much wiggle room in the state's next budget, but on his way out the door, Gov. Bob McDonnell wriggled free a boost in spending on mental health and higher education, as well as money for a slavery museum.

    • HEADLINES: Illinois

      Quinn touts lower borrowing costs after pension overhaul

      The Chicago Tribune | by Ray Long | December 13, 2013

      Illinois taxpayers saw the first fruits of a massive government worker pension overhaul Thursday, saving $20 million because the new law helped lower the cost of borrowing money for roads, schools and public works projects, officials said.

    • HEADLINES: Wisconsin

      Scott Walker: State budget deficit drops 23% under strict accounting rules

      The Milwaukee Journal Sentinel | by Jason Stein | December 12, 2013

      The report cites the Generally Accepted Accounting Principles, or GAAP, used by publicly traded companies. Those principles demand that the state put liabilities on its books as soon as it makes a hard commitment to spend rather than waiting until the money is actually spent.

    • HEADLINES: New Jersey

      Online gambling is good for New Jersey's credit rating

      Washington Post | by Niraj Chokshi | December 4, 2013

      It’s not much compared to the real thing but virtual gaming stands to generate $250 million to $500 million in gambling revenues in New Jersey in its first year, which is good news for the state’s credit standing, according to Moody’s, the ratings firm.

    • HEADLINES: California

      Desert Hot Springs declares fiscal emergency

      Associated Press | November 20, 2013

      This financially troubled city declared a fiscal emergency Tuesday in an effort to avert a second federal bankruptcy filing.

    • HEADLINES: Iowa

      Branstad: Budget surplus doesn't mean spending spree

      Des Moines Register | by William Petroski | November 18, 2013

      Despite a hefty state budget surplus, Gov. Terry Branstad is vowing he won’t let the Iowa Legislature go on a spending spree during the 2014 session that convenes in January.

       

    • HEADLINES: New Jersey

      Chris Christie, Democratic lawmakers to tangle over tough state budgets

      Star-Ledger | by Salvador Rizzo | November 18, 2013

      Get ready for a rumble in Trenton in the coming months as Gov. Chris Christie and Democratic lawmakers hammer out the first of what are expected to be some of the toughest state budgets in decades.

    • HEADLINES: Connecticut

      State Budget In The Black

      CT News Junkie | by Christine Stuart | November 4, 2013

      The state budget is in better shape this November than it was last November, according to state Comptroller Kevin Lembo’s monthly letter to Gov. Dannel P. Malloy.

    • HEADLINES: New York

      DiNapoli: State spending down, revenue good

      The Rochester Democrat & Chronicle | October 31, 2013

      State spending was nearly $860 million lower than expected through the first half of the fiscal year, and tax collections were slightly lower than projections, Comptroller Thomas DiNapoli reported today.


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    • RESEARCH

      Federal Aid to the States 2008-2011

      by Kristen De Pena | February 21, 2013

      It is well understood that the federal government must make spending cuts-these cuts will most likely drastically change the amount of federal dollars that are allocated to the states. Unfortunately for most states, dependence on federal funding has continually risen since 2008.

    • RESEARCH

      States of Bankruptcy

      by David A. Skeel Jr. | October 25, 2012

      Should Congress provide a bankruptcy option for states, or would bankruptcy be a mistake? The goal of this Article is to carefully vet this question, using all of the theoretical, empirical and historical tools currently available. The discussion is structured as a "case" for bankruptcy.

    • RESEARCH: California, New Jersey, Hawaii

      Is State Debt Constitutional?

      State Budget Solutions | by Kristen De Pena | February 6, 2012

      An analysis of the state constitutional debt provisions in California, New Jersey and Hawaii, and the debt that these states face in spite of those provisions.

    • RESEARCH

      Analysis of total state debt shows Alaska, New Jersey, and Hawaii among states in worst fiscal situations

      State Budget Solutions | by Andrew Guevara | November 17, 2011

      The latest study by SBS reveals total state debt averages $13,754 for every American and $38,721 for each of the private sector workers in this country.

    • RESEARCH

      Report reveals aggregate state debt exceeds $4 trillion

      State Budget Solutions | by Andrew Guevara | October 24, 2011

      State Budget Solutions' second annual state deficit report reveals aggregate state debt presently exceeds $4 trillion. While states themselves can rely on budget gimmicks to hide the extent of the deficit, SBS takes a straightforward approach to calculating total state debt. See where your state ranks.

    • RESEARCH

      States hide trillions in debt

      Aggregate state debt now exceeds $1.8 trillion, with much more potentially hidden off the official books.  As of 2009, total state debt averages almost $17,000 for each of the 107 million private sector workers in the United States.

      Research by State Budget Solutions reveals the total official financial liability for each state according to the latest comprehensive annual data available. The research included total debt outstanding, recent budget shortfalls, pension and retirement health care liabilities, and Unemployment Trust Fund loans. The research also looks at the overall financial landscape for each state by considering top income tax rates, past economic performance, and economic outlook.

    • SOLUTIONS

      How Reality-Based Budgeting Can Permanently Resolve State Budget Gaps

      State Budget Solutions | by Bob Williams | November 7, 2012

      State Budget Solutions recommends that state legislators take action in 2013 to resolve the serious state financial crises by changing their focus from inputs to outcomes by redesigning budgets from the ground up based on priorities and performance.

    • SOLUTIONS: North Carolina

      A Blueprint for Budget Reform

      Civitas Institute | by Brian Balfour | September 12, 2012

      The ongoing state budget "crisis" strongly underscores the urgent need for North Carolina to adapt significant state budget reforms, including putting North Carolina taxpayers back in charge of approving new debt, and forcing legislators and state agencies at reasonable intervals to justify all spending, not just spending increases.

    • SOLUTIONS: Nevada

      Responsible budgeting

      The Nevada Policy Research Institute | by Geoffrey Lawrence | November 3, 2011

      States should use the budget solutions of avoiding budget gimmicks and use any additional revenue to first eliminate all the dubious financial devices from budgets and to avoid state debt.

    • SOLUTIONS: North Dakota

      State debt in North Carolina

      The John Locke Foundation | by Joseph Coletti | December 2, 2010

      North Carolina should limit non-voter-approved debt. Any further borrowing by the state should be subject to voter approval. It should also reform state employee pensions by moving to more portable and flexible benefits, such as a 401(k). State government should set aside reserves to cover future health care costs for retired state employees. Health Savings Accounts would be one solution and will remain an option at least until 2018, when the state will need to meet federal health insurance regulations.