A new report by the organization Truth in Accounting ranks Pennsylvania 36th in the nation and gives it a letter grade of “D” for its fiscal health. As outlined in thecentersquare.com, Truth In Accounting claims that if each Pennsylvania taxpayer was given a bill for the amount of debt the state is carrying, the shared burden would amount to $11,300 apiece.
The state is ranked as a “sinkhole” state because it doesn’t have enough money to pay its $51.3 billion in outstanding debt. Those whose debt is fully funded are called “sunshine” states.
“Unfunded pensions and other employee retirement obligations continued to plague the state,” according to the report, which specifically cites the State Employees Retirement System as a main culprit.
Alaska is the top sunshine state, with an actual surplus of $80,000 per taxpayer rather than a deficit. New Jersey is the worst of the sinkhole states. Taxpayers there would owe $53,600 each in order to cover the debt.
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