27 state governments lack the necessary cash on hand to pay their bills, according to researchers. The debts largely relate to the public pension system, which provides lifetime benefits to state and local government employees. $800b in federal aid during the pandemic obfuscated the long-term challenges of states. As that extra aid expires, even economically powerful states have to tighten their budgets. That could mean more tax hikes or cuts to public services like education and transportation.
Chapters:
[01:25-03:39] Chapter 1: Revenue boom
[03:39-06:07] Chapter 2: Pensions
[06:07-08:45] Chapter 3: Emerging risks
[08:45-11:25] Chapter 4: Stress Tests
Produced and Edited by: Carlos Waters
Supervising Producer: Lindsey Jacobson, Shawn Baldwin
Animation: Jason Reginato
Additional Footage: Getty Images
Additional Sources: Associated Press, Charles Schwab, Committee For Responsible Budgets, Congressional Budget Office, Equable, Federal Reserve, Illinois Comptroller, Maryland Dept. of Transportation, New Mexico State Legislature, National Association of State Budget Officers, National Council of State Legislatures, Reason Foundation, Rutgers University, The Pew Charitable Trusts, S&P Global, Tax Policy Center, Treasury Department, Truth in Accounting, U.S. Senate, WalletHub, Washington State Department of Retirement Systems
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Why 27 U.S. States Are Going Broke
Chapters:
[01:25-03:39] Chapter 1: Revenue boom
[03:39-06:07] Chapter 2: Pensions
[06:07-08:45] Chapter 3: Emerging risks
[08:45-11:25] Chapter 4: Stress Tests
Produced and Edited by: Carlos Waters
Supervising Producer: Lindsey Jacobson, Shawn Baldwin
Animation: Jason Reginato
Additional Footage: Getty Images
Additional Sources: Associated Press, Charles Schwab, Committee For Responsible Budgets, Congressional Budget Office, Equable, Federal Reserve, Illinois Comptroller, Maryland Dept. of Transportation, New Mexico State Legislature, National Association of State Budget Officers, National Council of State Legislatures, Reason Foundation, Rutgers University, The Pew Charitable Trusts, S&P Global, Tax Policy Center, Treasury Department, Truth in Accounting, U.S. Senate, WalletHub, Washington State Department of Retirement Systems
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to earn more money at work? Take CNBC’s new online course How to Negotiate a Higher Salary. Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Register now and use coupon code EARLYBIRD for an introductory discount of 50% off through Nov. 26, 2024: https://cnb.cx/4f4s3rZ
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
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Why 27 U.S. States Are Going Broke