"U.S. states are facing trillions of dollars worth of debt that includes a wide range of unfunded liabilities including pensions, according to a new analysis.
California owes the most while Vermont owes the least, found the report by the nonprofit State Budget Solutions. According to analysts, states are on the hook for about $4.2 trillion, mostly for pensions and employee healthcare, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps, CNBC.com reported.
The group, which generally advocates for limited taxes and spending, said in its report that deficit calculations states make "do not offer a full picture of the states' liabilities and can rely on budget gimmicks and accounting games to hide the extent of the deficit"................READ MORE
No comments:
Post a Comment