South Carolina owes more than it owns. |
South Carolina's Taxpayer Burden™ is -$14,400, and it received a "D" from TIA. |
South Carolina 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. |
South Carolina only has $25.5 billion of assets available to pay bills totaling $47.4 billion. |
Because South Carolina doesn't have enough money to pay its bills, it has a $21.9 billion financial hole. To fill it, each South Carolina taxpayer would have to send $14,400 to the state. |
South Carolina's reported net position is overstated by $3.8 billion, largely because the state delays recognizing losses incurred when the net pension liability increases. |
The state's financial report was released 135 days after its fiscal year end, which is considered timely according to the 180 day standard. |