Shocking Economic Warning: As Federal Debt Climbs, State Debt is Skyrocketing Too—See Where Your State Debt Stands…

The US national debt is $32 trillion and climbing as the Federal government prints money it doesn’t have, devaluing the dollar and causing inflation.

But if you think state governments are doing a better job… think again.

Total state debt in the US has been steadily increasing. This is partly due to the increasing welfare state, increasing pension funds, and unfunded retirement liabilities–which are used to balance state budgets.

Like the federal government, it’s irresponsible overspending.

This is forcing states to borrow more and more money to finance these programs and infrastructure development, education, healthcare, and public services.

That means more and more tax money goes to banks and investors paying interest on the debt instead of going for things like police, courts, and schools.

In order to raise the extra revenue (when tax revenue isn’t enough), states will issue bonds to raise capital… which are repaid over a period of time with interest. It’s either that or borrowing the money from the federal government.

Excessive state debt can strain state budgets. They must cut, raise taxes, or borrow.

Usually, they use the old standby— raising taxes.

Here’s a list of state debt from the most to the least [note: this is in the billions, not millions]:

1       California–           520 billion

2       New York–           368 billion

3       Texas–                   324 billion

4       Illinois–                159 billion

5       Florida–                131 billion

6       Pennsylvania–      128 billion

7       Massachusetts–     98 billion

8       Ohio–                     93 billion

9       New Jersey–          91 billion

10     Washington–        90 billion

11     Michigan–              82 billion

12     Virginia–               70 billion

13     Colorado–             67 billion

14     Georgia–               63 billion

15     Maryland–            59 billion

16     Minnesota–          59 billion

17     Kentucky–            53 billion

18     Connecticut–       53 billion

19     Indiana–               52 billion

20     Tennessee–         50 billion

21     Wisconsin–          49 billion

22     Missouri–             48 billion

23     North Carolina– 48 billion

24     Arizona–              44 billion

25     Oregon–               42 billion

26     South Carolina–  38 billion

27     Alabama–             35 billion

28     Louisiana–           31 billion

29     Nevada–              29 billion

30     Kansas–              28 billion

31     Utah–                   22 billion

32     Iowa–                   21 billion

33     Arkansas–           20 billion

34     DC–                     2 0 billion

35     Oklahoma–         1 9 billion

36     Hawaii–                17 billion

37     New Mexico–      16 billion

38     Nebraska–           16 billion

39     West Virginia–    15 billion

40     Mississippi–         15 billion

41     Rhode Island–     12 billion

42     New Hampshire–10 billion

43     North Dakota–     10 billion

44     Alaska–                   9 billion

45     Maine–                   9 billion

46     Delaware–              8 billion

47     South Dakota–      7 billion

48     Idaho–                    6 billion

49     Montana–              6 billion

50     Vermont–              5 billion

51     Wyoming–             2 billion

Currently, there are 31 states that don’t have enough revenue to pay their bills. They include:

1. New Jersey
2. Connecticut
3. Illinois
4. Hawaii
5. Massachusetts
6. California
7. Vermont
8. New Hampshire
9. Rhode Island
10. Delaware
11. Maryland
12. New Mexico
13. Texas
14. Louisianna
15. Mississippi
16. Alabama
17. South Carolina
18. Michigan
19. Nevada
20. Washington
21. Arizona
22. Colorado
23. Kansas
24. Missouri
25. Kentucky
26. New York
27. Pennsylvania
28. Maine
29. Wisconsin
30. Ohio
31. Georgia

New Jersey has the highest taxpayer liability in the country at $62,500 per taxpayer, with Connecticut ($58,300) and Illinois ($57,000) close behind.

Read this relatable article: Debt Crisis: 5 Key Impacts on Jobs, Retirement, & Inflation