Your share of the national debt is $246,000,but state indebts can add another $23,000 to your tab

August 17, 2011 @

 

Using $40,000 as an average yearly income,this means our government has eaten through more than six years of our income. If these numbers were the only debt piled on our heads it would be bad enough,unfortunately this $246,000 is only our share of the federal debt. Depending on the state you live in,your indebtedness can be much worse.

A new report from the Institute for Truth In Accounting (IFTIA) holds some disturbing news about how deep some states have fallen into the financial hole. It states that while 49 states have balanced budget requirements either in statute or in their constitution most don’t live up to either the letter or spirit of their fiscal responsibilities.

Only Vermont has no constitutional requirement to operate on a balanced budget and it has had a decade of balanced budgets. Nevertheless,if you are tempted to think socialism means balanced books read on.

The combined indebtedness of the states is $1 TRILLION dollars! The five worst,as identified by the IFTIA,are Connecticut,New Jersey,Illinois,Hawaii and Kentucky.

The average citizen in these states owes an additional $23,000 because of the reckless vote buying policies of legislatures and governors. At the state level all of these states have been either totally or largely run by liberal Democrats for years.

Read More at Coach is Right By Kevin “Coach” Collins, Coach is Right

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