We all know that the federal government is $16 trillion in debt. However, we are used to being told that states must balance their budgets, and as such cannot accrue debt. Today, the Washington Examiner reported on a study conducted by “State Budget Solutions” that shows how unfunded liabilities (mainly for government workers) have put the states collectively in the red despite the annual balanced budgets. 40 states have incurred $4 trillion in debt. Notice how most of the states that have a strong union presence have incurred the most debt. Wisconsin is barely on the map. I wonder why?
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