Fiscal Watchdog: States’ Unfunded Liabilities Grow to $1.5 Trillion

Report finds ‘hidden debts,’ ranks New Jersey worst for taxpayer burden

A woman holding a tea party sign at a taxpayer march in Washington on Sept. 16, 2009. Creative Commons

On account of primitive and often misleading accounting, states continue to expand liabilities without the awareness of taxpayers.

A thorough 136-page report released by Truth in Accounting (TIA) on Sept. 24 seeks to cut through the jargon of financial reports. The nonprofit found the combined taxpayer burden of “unfunded state debt” to be $1.5 trillion for the 2017 financial year, up $53.4 billion from 2016.