US Election 2020 Biden Lujan Grisham

In this Jan. 21, 2020, file photo, New Mexico Gov. Michelle Lujan Grisham gives her State of the State address during the opening of the New Mexico legislative session in the House chambers at the state Capitol in Santa Fe, N.M.

(The Center Square) – A financial watchdog ranked New Mexico 36th in the nation and gave the state a “D” grade for its current fiscal health.

The Financial State of the States report from the nonprofit government watchdog Truth In Accounting (TIA) found that New Mexico is among 39 states without enough money to pay all its bills, leaving every state resident with a taxpayer burden of $17,000.

TIA's report is based on the state’s 2020 audited Comprehensive Annual Financial Report, the latest available data.

Fifteen state governments including New Mexico received a near-failing “D” grade for a taxpayer burden between $5,000 and $20,000, determined by calculating the state’s debt divided by the number of taxpayers.

New Mexico had $10.3 billion available to pay $20.1 billion worth of bills – leaving $9.8 billion in debt, which breaks down to $17,000 per taxpayer.

At the end of the fiscal year 2020, 39 states did not have enough money to pay all of their bills. The total debt of the 50 states amounted to $1.5 trillion.

“The majority of states were financially unprepared for any crisis.” TIA CEO Sheila Weinberg said in a statement. “When states can’t pay their bills, taxpayers are on the hook.”

The top three indebted states were:

  • Connecticut: per taxpayer burden of $62,500
  • New Jersey: per taxpayer burden of $58,300
  • Illinois: per taxpayer burden of $57,000

The average taxpayer burden across the 50 states was $9,300 for fiscal year 2020, $2,000 worse than the prior year. The most fiscally healthy states were:

  • Alaska: per taxpayer surplus of $55,100
  • North Dakota: per taxpayer surplus of $39,200
  • Wyoming: per taxpayer surplus of $19,500

Nationwide, most state debt stems from unfunded retirement benefit promises, such as pension and retiree health care liabilities. For 2020, pension debt totaled $926.3 billion, and other post-employment benefits (OPEB), mainly retiree health care, totaled $638.7 billion.