(SCHIFF GOLD) – It’s not just the federal government running massive deficits and piling up enormous levels of debt. Thirty-nine US states don’t have enough money to pay all of their bills.
That was the grim conclusion of Truth in Accounting’s annual Financial State of the States report.
The report summarizes a comprehensive analysis surveying the fiscal health of the 50 states prior to the coronavirus pandemic.
Total debt for all states combined totaled $1.4 trillion at the end of fiscal 2019. This does not include debt related to capital assets.