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.
Last year, E.J. scoured state and local financial statements to come up with a total of $205 billion in unfunded state and local liabilities.
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
New York's health insurance affordability gap surged to a new high last year, with state residents paying an average of 16 percent more.
New York's already high Medicaid spending is growing at a double-digit rate for the second year in a row, recently released state figures show.
After dipping during the first year o
The closing days of the legislative session could prove costly for New York health insurance consumers as lawmakers push a raft of proposals that would make coverage more expensive, harder to find, or both.
The health-care agenda laid out by Governor Hochul in her budget proposal this week leaves a lot of questions unanswered. Here are a few of them.
In her State of the State address this week, Governor Hochul prominently called for a $10 billion "multi-year investment" in the state's health care system, including $4 billion earmarked for wages and bonuses, with a goal
With judicious use of her veto pen this month, Governor Hochul could draw a line against spiraling health expenses for consumers and taxpayers.
Several health insurance-related bill
Buried in Governor Hochul's emergency order on health-care staffing is a temporary bar against insurance companies challenging claims submitted by hospitals–and an influential hospital association is taking credit.
Agencies providing home-based care to elderly and disabled New Yorkers face a large-scale loss of employees when the next phase of the state's vaccine mandate takes effect on Oct. 7, according to a newly released industry s