Rooted in Reason: Nurturing the Seeds of Liberty


Brah, Can You Spare $25K? by maliab

The Institute for Truth in Accounting has released its comprehensive study of the assets and liabilities of all 50 states, ranking them by the depth of their debt.  And, for the first time, the Institute was able to take into account pension and health care obligations.  That ominous sound you hear is our tax dollars slowly being sucked into the bottomless abyss of government debt.

For what it’s worth, few states made a particularly good showing in the study.  Only four (Nebraska, North Dakota, Utah, and Wyoming) have assets available to pay their debt and obligations related to pension and healthcare.  And I understand that none of them have good surfing.

Unfortunately, Hawaii was particularly bad.  Bottom five bad.  $11,490,322,000 in liabilities bad.  The Institute ranking left Hawaii in 47th place (surpassed only by Illinois, New Jersey, and Connecticut) with a per-taxpayer of $25,000.  In other words, each of us would have to cough up $25K in order to raise sufficient funds to pay the State’s outstanding bills.  Of course, by now (considering our ever-growing liabilities and the government’s complete inability to stop spending or balance the budget) it’s probably a bit more than that.  And you thought your cousin was an irresponsible spender.  But no single human being can spend money like decades of unaccountable politicians all looking to win votes in their next election.

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