$4 Trillion in Unfunded Liabilities

Every state, except for Vermont, has to balance their budget. But Joshua Rauh explains why 92% of economists surveyed by University of Chicago agree or strongly agree some states will require federal bailouts, austerity budgets, or default. More at Russ Roberts' EconTalk.

Pretty shocking stuff.

One of the problems is unfunded healthcare benefits for state retirees.

Here's a breakdown of unfunded liabilities related to state retiree healthcare benefits (using optimistic assumptions). Click on your state to complain.

Let's start with a list of states with 0% of their liabilities funded:

Arkansas 

Connecticut 

Florida

Hawaii

Iowa

Louisiana 

Minnesota 

Mississippi

Montana

New Jersey

New York 

Oklahoma  (No major liabilities.)

Rhode Island 

South Dakota

Tennessee

Washington 

Wyoming 

The following states have funded 0.1% to 1% of their liabilities:

California (0.1%)

Illinois (0.1%)

Maryland (1%)

Pennsylvania (1%)

Texas (1%)

Vermont (0.5%)

The following states have funded between 2% to 5% of their pension liabilities: 

Alabama (5%)

Delaware (2%)

Georgia (3%)

Indiana (5%)

Kansas (2%)

Massachusetts (2%)

Michigan (2%)

Missouri (3%)

Nevada (2%)

New Hampshire (2%)

New Mexico (5%)

North Carolina (3%)

South Carolina (5%)

The following states have funded more than 5% of their liabilities:

Alaska (50%)

Arizona (69%)

Colorado (14%)

Idaho (12%)

Kentucky (15%)

Maine (6%)

North Dakota (30%)

Ohio (32%)

Oregon (31%)

Utah (22%)

Virginia (26%)

West Virginia (6%)

Wisconsin (38%)  

(No data for Nebraska.) [Pew Trust source.]