Massachusetts owes more than it owns. |
Massachusetts' Taxpayer Burden™ is -$28,100, and it received an "F" from TIA. |
Massachusetts is a Sinkhole State without enough assets to cover its debt. |
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. |
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt. |
Massachusetts only has $41.5 billion of assets available to pay bills totaling $115.5 billion. |
Because Massachusetts doesn't have enough money to pay its bills, it has a $74 billion financial hole. To fill it, each Massachusetts taxpayer would have to send $28,100 to the state. |
Massachusetts's reported net position is overstated by $8.2 billion, largely because the state delays recognizing losses incurred when the net pension liability increases. |
The state's financial report was released 302 days after its fiscal year end, which is considered untimely according to the 180 day standard. |