US states with shocking debts bigger than some countries

State of the Nation

Source: MSN Money

State debt piles that eclipse those of entire countries

While all states have some debt, an increasing number are seeing their borrowing figures grow larger than the debts of entire countries. Click through to find out which states are heavily in the red and how much they owe, according to the Census Bureau’s most recent figures. 

#1 California, $151.3 billion, more than Finland

Like many states, California is struggling to meet its retirement benefit obligations, but it wasn’t always that way. During the 1990s and early 2000s the California Public Employees Retirement System was fully funded. During the Great Recession of the late 2000s it took a $100 million hit, and currently it reports gaps of almost $140 billion between its estimated obligations to retirees and the current value of its assets. The CIA estimates Finland’s public and private debt at $150.6 billion, which is just less than that of California.

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