Texas Receieves a Finanial Grade of "D"!
"A new analysis of the latest available audited financial reports found Texas has a Taxpayer
BurdenTM of $12,100, earning it a “D” grade from Truth in Accounting. Texas’ overall
financial condition worsened by 20 percent from the previous fiscal year mainly because a
large part of the state’s revenue is related to the oil industry.
Texas’ elected officials have made repeated financial decisions that have left the state with
a debt burden of $98.7 billion. That burden equates to $12,100 for every state taxpayer.
Texas’ financial problems stem mostly from unfunded retirement obligations that have
accumulated over the years. Of the $264.4 billion in retirement benefits promised, the state
has not funded $58.8 billion in pension and $71.4 billion in retiree health care benefits."
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