Unfunded Obligations of State and Local Governments
By Arnold Kling
When adjusted using a more appropriate discount rate, however, states’ unfunded obligations were 22 percent of U.S. GDP. All but 10 states and the District of Columbia have total adjusted unfunded liabilities above 15 percent of their state GDP, and four states — Alaska, Hawaii, New Jersey and Ohio — have adjusted unfunded liabilities above 35 percent of their state GDP.
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