This year, state officials across the country are required to come clean about state pension debt. But there’s one problem: many states are still hiding pension debt from taxpayers and California is one of them.
Truth in Accounting (TIA), a Chicago-based think tank that analyzes government financials, recently released a report on California’s finances.The Financial State of Californiareport reveals that while California state officials are being more transparent about their financial information, they are still hiding a massive amount of debt from taxpayers and ignoring a new rule. To give you an idea of the current plights of California’s financial reporting, let’s break down the numbers.
According to TIA’s calculations, California has $78.9 billion of pension debt – not $74.5 billion like California state officials report. This means $4.4 billion of… Read More