Texas 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 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
- Texas has the 26th 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
For a comprehensive look into the state's financial position, read the Texas Financial State of the State
Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities.