Michigan

Michigan

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

  • Taxpayer Burden  is each Michigan 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
  • Michigan has the 9th 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: MI vs US average 2009-2013
See more about Michigan finances at the  Michigan Financial State of the State
Other Resources

Link to MI CAFR:   Michigan Comprehensive Annual Financial Report

Publishing Entity:  Michigan State Budget Office

  • Michigan has only $23 billion assets available to pay the state's bills totaling $81 billion
  • To fill its $58 billion financial hole, each Michigan taxpayer would have to send $19,300 to the state
  • This $19,300 Taxpayer Burden is 49% of an average citizen's personal income of $39,215
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