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STATE DEBT

State Debt

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    • HEADLINES

      How states spend their cash, in 5 maps

      Washington Post - GovBeat | by Niraj Chokshi | January 24, 2014

      States spent more than they made for the third time in four years, according to new Census data.

    • HEADLINES

      Data Shows Correlation Between Government Union Power and State Government Solvency

      Union Watch | by Mike Shedlock | January 23, 2014

      In terms of long-term solvency (the most critical issue), New Jersey and Illinois are at the bottom of the heap. Pension plans and union activism are to blame.

       

    • HEADLINES

      Unfunded public employee pensions drive state debts skyward

      The Washington Examiner | by Mark Tapscott | January 21, 2014

      State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.

    • HEADLINES: Illinois

      Report: State budget deficits will rise despite pension reform

      The State Journal-Register | by Doug Finke | January 21, 2014

      A new report shows that Illinois' recently enacted pension reform law will not eliminate the state's chronic structural deficit. Even keeping the temporary income tax increase in place, coupled with pension reforms, the state's budget deficit will continue to grow.

    • HEADLINES: Pennsylvania

      Pennsylvania Pension-Fix Impasse Punishes Investors: Muni Credit

      Bloomberg | by Romy Varghese | January 17, 2014

      Pennsylvania, which shoulders one of the biggest pension burdens among U.S. states, is bucking the wave of local governments trimming the benefits. Its bondholders are paying the price.

    • HEADLINES: Illinois

      Report: 5 state pension funds owed $100.5B

      The State Journal-Register | by Doug Finke | January 9, 2014

      The report from Auditor General William Holland's office shows the unfunded liability of the five state-funded pension systems was $100.5 billion as of June 30, the end of the state's fiscal year. That's an increase of $5.9 billion from the previous year.

    • California

      Jerry Brown’s budget plan proposes cautious spending, paying down debt

      The Sacramento Bee | by David Siders, Jim Miller and Jeremy B. White | January 9, 2014

      Bracing against calls for more spending after years of recession-era cuts, Gov. Jerry Brown today will propose modest increases for social services next fiscal year, with billions of dollars in surplus revenue going to reduce state debt.

    • HEADLINES

      State Budget Solutions' Fourth Annual State Debt Report

      by Cory Eucalitto | January 8, 2014

      State governments face a combined $5.1 trillion in debt, equal to over $16,000 per resident. Click to see your home state's debt and how your state ranks.

    • 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.


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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.