California owes more than it owns. Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows California does not have enough available assets to cover its debt.
“Taxpayer Burden” is each Illinois taxpayer’s share of state debt, after available assets are tapped
TIA analyzes both state assets and liabilities, not merely pension debt
Most state debt in the “Taxpayer Burden” is unpaid retirement promises
California has the 8th worst “Taxpayer Burden” of all 50 states
Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years
Unfunded pensions leave future taxpayers with the bill for services they did not receive
States hide retirement debt from public view. See Hidden Retirement Debt: CA vs US average 2009-2013
See More California Finances at the California Financial State of the State
Link to CA CAFR: California Comprehensive Annual Financial Report
Publishing Entity: California Controller
Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities.