Taxpayers told debt boosted by $1 trillion
A new report by Truth in Accounting reveals vast new piles of debt for American taxpayers – in addition to the estimated $14.5 trillion in the national debt.
While the new debt doesn’t reach that stratospheric level, the total, in the range of $1 trillion, is not pocket change, and the reporting organization calls it a “very real crisis.”
The debt is mostly what states have agreed to provide in payment for future employee pensions and health care but have yet to secure with a funding mechanism.
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The state with the biggest developing headache, according to the report, is Connecticut, which has an estimated $53.3 billion shortfall, or a burden for each individual taxpayer of $41,200.