Comment on State Government Up to Its Eyeballs in Pension Debt

State Government Up to Its Eyeballs in Pension Debt

Unlike Washington D.C., Michigan’s state government is constitutionally prohibited from spending more than it takes in each year and borrowing to make up the difference. Yet state taxpayers are still liable for large amounts of state debt, for purposes both practical and problematic. The debts of greatest concern to residents are general obligation bonds, backed by general taxpayer dollars.

 

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