Kentucky

Kentucky

Illinois owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Illinois does not have enough available assets to cover its debt.   

 “Taxpayer Burden  is each Kentucky 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

Kentucky has the 6th 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: KY vs US average 2009-2013

See more about Kentucky Finaces at the Kentucky Financial State of the State

Other Resources

 

Link to KY CAFR:    Kentucky Comprehensive Annual Financial Report

Publishing Entity:  Kentucky Finance and Administration Cabinet

  • Kentucky has only $12 billion assets availableto pay the state's bills totaling $44 billion
  • To fill its $32 billion financial hole, each Kentucky taxpayer would have to send $26,500 to the state
  • This $26,500 Taxpayer Burden is 73% of an average citizen's personal income of $36,239
  • Kentucky is among 41 "Sinkhole States," without enough assets to cover their debt
  • Outbound moves from Kentucky were 56%, the 7th highest of all the states, which usually means more people are moving out of the state
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