Here’s a nice reminder that the Republican Party’s failure isn’t just at the federal level:
Individual state debt continues to be a problem. State Budget Solutions calculated the debt owed by each state. The calculation includes a state’s regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, other unfunded post-unemployment benefit liabilities, and the state’s unfunded pension liability, says Cory Eucalitto, an author and research analyst at State Budget Solutions and Sunshine Review.
Unfunded public pension liabilities are a giant source of state debt concern, making up more than half of all state debt.