The Patriot Post® · States Face $5.1T Shortfall

The federal government isn’t the only one having trouble controlling its purse strings. According to an analysis by State Budget Solutions (SBS), the fifty states have racketed up a cumulative $5.1 trillion in debt – a staggering $3.9 trillion of which can be attributed to unfunded public pension liabilities. For perspective, “This total equals roughly $16,178 per capita, or 33 percent of annual gross state product,” according to the study. “Another telling way to view the problem – state debt is equal to 469% of all fiscal year state general and other fund expenditures.” Hardly surprising, California takes first place “with $778 billion in state debt, mostly as a result of the state’s $584 billion unfunded public pension liability.” As long as Big Labor continues getting their way with the help of Demo governors, these figures will only worsen. Lawmakers on Capitol Hill aren’t the only bloc that need a good sweeping. (Source.)