The Washington Examiner
Everyone knows state governments are swimming in red ink, but how deep exactly is the fiscal hole?
The nonprofit watchdog group State Budget Solutions has conducted an extensive analysis of state government finances, and the results are not unlike what one might find after an audit of a college freshman following her first-credit card spending binge.
Reuters sums up the dismal findings:
“State Budget Solutions combined states’ major debt and future liabilities, primarily for pensions and employee health care, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps. It found that in total, states are in debt for $4.2 trillion.”