Chicago, Illinois – Today, Truth in Accounting (TIA), an economic think tank based in Chicago, will release the FY 2013 Financial State of the States report, an in-depth study of each state’s financial condition for fiscal year 2013.
“These reports publicize accurate, timely and transparent accounting information, so that our fellow citizens can be better informed about the true nature of our national and state deficits,” said Sheila Weinberg, Founder and CEO of TIA.
In the 2013 study, TIA has identified the five states with the best fiscal health, Sunshine States, as well as the five with the worst, Sinkhole States. The Sunshine States include: Alaska, North Dakota, Wyoming, South Dakota, and Utah. The Sinkhole States include: Connecticut, Illinois, New Jersey, Hawaii, and Massachusetts.
A large share of the Sinkholes’ debt burdens comes from unfunded pension liabilities, often due to failure to pay minimum yearly contributions. In the Sunshine states, governments are able to fund operations and pensions without taking on additional debt. TIA researchers calculated more than $1 trillion of debt across all 50 states, a huge financial burden for current and future taxpayers.
TIA believes the taxpayer burden is more than just a number: high taxpayer burdens are linked to lower quality of life, poor highway systems, and the sluggish recovery of home prices.
Founded in 2002, Truth in Accounting is dedicated to educating and empowering citizens with understandable, reliable, and transparent?government financial information. Sheila Weinberg is a Certified Public Accountant with more than 30 years experience in the field.
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