State debt

Commentators often point out that the big cities run by democrats are in dire straights. Crime invested neighborhoods, high unemployment rates, poverty, poor schools and broken down and dilapidated houses and infrastructure. What they don't say is the debt the whole state incurs because of public employee benefits. Pensions are underfunded and promised retirement health care benefits have put these states in deep debt. Illinois, with Chicago leading the way, is one of the worst examples. 29% of the states annual budget goes toward pensions. This fund is $229 billion in the hole. That is $19,000 for every man, woman and child in the state. The state owes another $56 billion in retirement health care benefits. This is to cover some of the cost for early retirees before Medicare. Money from the Covid relief bill will be used to cover some of this debt. States that have been more fiscally responsible will not benefit as much. States like North Dakota with $32.3 billion in assets and $7.8 billion in liabilities.