Michigan

Michigan

  • Michigan is a Sinkhole State and has the 9th worst per Taxpayer Burden
  • Michigan has only $23 billion to pay the state's bills totaling $81 billion
  • To fill its $58 billion financial hole each taxpayer would have to send $19,300 to the state
  • The Michigan financial statements clearly report $4 billion of retirement liabilities, but in reality the state has more than $51 billion of unfunded retirement promises
  • The Michigan Taxpayer Burden is 49% of an average citizen's personal income of $39,215
  • Outbound moves from Michigan were 54%, the 16th highest of all the states, which usually means more people are moving out of the state
For a comprehensive look into the state's financial position read the Michigan Financial State of the State

Link to MI CAFR:   Michigan Comprehensive Annual Financial Report

Publishing Entity:  Michigan State Budget Office

Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities. 

IN THE NEWS
Pension cuts may block Detroit's bankruptcy

OCTOBER 24, 2013 | DETROIT FREE PRESS

Remember when Detroit's filing for bakruptcy dominated headlines this past summer. Well, possible pension cuts may impede the bankruptcy from going through.

VIEW LESS