The federal government isn’t alone drowning in debt. Most US states don’t have enough money to pay their bills either.
That was the conclusion of the Truth in Accounting annual State of the States 2018 report. According to the report, American states have racked up $1.5 trillion dollars in unfunded state debt. Much of the red ink is related to pension plans and retiree benefits
Could the country’s pension mess be more widespread than we even realize?
Martin Armstrong of Armstrong Economics thinks so. He says, “under no circumstances assume that any government pension will actually be paid.”
And he means even government pensions in states now considered economically sound.