Theodore Roosevelt National Park in western North Dakota (Photo: National Park Service)
A new report confirms that Democrats are in “total control” in five U.S. states with the biggest debts, while North Dakota ended up on the other end of the scale, with Republicans in control there, and the state’s $21 billion more than it needed to pay bills.
According to an analysis by the Washington Stand, the Truth in Accounting organization gave the GOP-run North Dakota an “A” grade for having a surplus of $72,300 … per taxpayer.
“While oil, gas, and coal tax revenues declined due to lower energy prices, the decrease was offset by strong investment earnings and federal grant revenue,” the TIA report said.
The report, the 17th annual version of the “Financial State of the States,” assesses the 50 state governments in terms of assets and liabilities.
In North Dakota, Republicans hold the offices of governor, attorney general and secretary of state, and have majorities in both the state House and Senate.
The other end of the scale was occupied by New Jersey, with just $56.8 billion to fund $219.1 billion in outstanding debt, the report said.
“Every New Jersey resident would have to pay $45,800 in taxes to eliminate the deficit. The biggest share of the outstanding debt is in unfunded pension and retiree health care benefits. The former debt is more than $79 billion, while the latter exceeds $91 billion,” the Washington Stand documented.
There are Democrats in all the state’s biggest executive branch jobs, and Democrats in majorities in both legislative chambers.
The Stand confirmed, “Connecticut is the second least healthy state government, according to the TIA report, with every resident having to pay an additional $41,400 in taxes to restore the Nutmeg State’s financial health. Third is Illinois, with a deficit per resident of $36,900, followed by Massachusetts, where $24,100 would have to be paid by each resident, and California at $16,000.”
Democrats are in control of all branches of those governments.
The healthy part of the state population is seconded by Alaska, with a surplus valued at $64,200 per resident. Alaska Republicans occupy the three highest executive branch positions, and the GOP controls the state Senate, but Democrats hold the lower chamber, the report said.
Wyoming is No. 3, with a surplus valued at $30,300, followed by Utah at $14,900 and Tennessee at $11,400. Republicans hold all of the top executive branch positions, as well as control of both chambers of these states’ legislatures.
The residents were voting with their feet, the Washington Stand said.
“Together, the top five states gained nearly 48,000 new residents, while the bottom five lost almost 350,000, with California the biggest loser at 229,000.
“Twenty-four states still carry significant debt burdens, driven by rising costs, inflation, and ongoing pressure to fund promised pension benefits. The investment markets have also significantly affected how government debt is reported. When markets perform well, the value of investments held by public pension systems often increases. These higher valuations offset the estimated cost of promised pension benefits, making a state’s pension debt appear lower. However, these are unrealized, or ‘paper,’ gains, not actual profits. In volatile markets, these gains can quickly evaporate, causing pension debt to rise and increasing the overall reported debt burden,” the report said.
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[ H/T WorldNetDaily ]
