A stunning report by the Wisconsin Policy Research Institute (WPRI) illustrates how dramatically debt in Wisconsin has skyrocketed because the debt issued by the state far exceeds the ability of taxpayers to pay.
Too often, the state has budgeted using a credit card, thrusting Wisconsin into a highly risky scenario of forcing future generations to pay.
According to the WPRI, “In 1979, outstanding General Purpose Revenue (GPR)-supported general obligation bonding equated to 16.1% of state GPR. By 2006, that number had more than doubled, to 33.9%. In December 2006, Wisconsin had $19.3 billion in outstanding debt, or $3,476 for every state resident. Where once Wisconsin ranked 40th in the nation in outstanding debt per capita, we now rank 10th.”
Read the WPRI press release.
Here is the entire report, prepared by my former staffer, Christian Schneider.
