S&P has just put out a report (no link) on the amount of money that state governments have promised to current and future retirees in “other post-employment benefits” (OPEB), mostly health.
The total in unfunded liabilities? $545 billion — of which New York State owes $55.9 billion, or 10.3 percent.
That’s more than New York’s 6.4 percent of the U.S. population.
New York clocks in at #10 in the amount that each individual person in the state owes, with a $2,859 unfunded liability per capita.
In worse shape than the Empire State, on a per-capita basis, are Alaska ($12,376), Connecticut ($7,551), New Jersey ($6,808), Hawaii ($6,786), Delaware ($6,530), West Virginia ($4,083). North Carolina ($3,508), Alabama ($3,249), and Maryland ($2,868).
The national median is $1,011 per capita. But the national average is $1,884 per capita, showing wide divergence.
S&P warns against making the direct comparisons without taking some differences into account. Some states, for example, include local school districts’ liabilities in the state burden. New York doesn’t.
UPDATE: In its enacted budget (p27), New York has provided an updated figure of $60.2 billion for state liabilities, including $10.1 billion for the State University of New York (SUNY).
You may also like
State Delays Disclosing Emails About $1B Home Health Contract
For a third time the state Health Department has postponed releasing records related to a disputed $1 billion Medicaid contract, saying it needs another six weeks or more to locate and redact the materials in question. Read More
Budget Update Paints Less Alarming Picture of Federal Health Cuts
A new fiscal report from the state Budget Division suggests federal funding cuts will hit New York's health-care budget less severely than officials have previously warned.
A relea Read More
In the Fight Over ACA Tax Credits, the Stakes Are Lowest for New York
As Washington skirmishes over the future of enhanced tax credits under the Affordable Care Act, New York has relatively little to gain or lose.
The number of New Yorkers using any A Read More
New York’s Immigrant Health Coverage Becomes a National Flash Point
A little-noticed New York program that provides Medicaid coverage to elderly undocumented immigrants was thrust onto the national stage this week as the White House sparred with congressional Democrats over the federal gove Read More
Why New York’s Health Premiums Keep Going Up
New Yorkers continue to face some of the costliest health premiums in the U.S., and the insurance industry's recently finalized rate applications shed light on why that is.
In summa Read More
How Immigrants Became a Cash Cow for New York’s Essential Plan
The Hochul administration's move to shrink the Essential Plan in response to federal budget cuts has exposed a surprising reality:
For the past decade, immigrants have been a cash c Read More
Hochul’s $17B Medicaid Surge Leaves Little to Brag About
Governor Hochul has made Medicaid her dominant budget priority over the past four years, increasing the state's annual share of the program by $17 billion – which is more new money than she allocated for every other part Read More
New York’s Hospital Quality Remains Among the Worst in the U.S.
The federal government recently updated its hospital quality ratings, and New York once again fell near the bottom.
Among 132 New York hospitals that , the average grade was 2.5 out Read More