PENNSYLVANIA INDEPENDENT: …While the Keystone State owns $38.9 billion in available assets, it owes more than $100 billion, the report says. That makes for $62 billion in obligations, which have been pushed toward the future.
To pay that debt off today, every taxpayer would have to pony up $14,500 — enough to send a Pennsylvania resident to a state university for two years and leave him or her with some beer money, too. It’s the 14th-worst figure in the country.
“One of the reasons Pennsylvania is in this precarious financial position is state officials use antiquated budgeting and accounting rules to report Pennsylvania’s financial condition,” the report says… (more)
