The Institute for Truth in Accounting’s second edition of The Financial State of the States spotlights the lack of truthful accounting and transparency in state government.  Iowa is no different than most of the other states in the country. In reviewing the report, you can see that only six states have a surplus of money to pay their bills: Alaska, Wyoming, North Dakota, Utah, Nebraska, and South Dakota.  The five states with the worst Taxpayer Burden are Connecticut, New Jersey, Hawaii, Illinois, and Kentucky.  As you review the study, you will see that all the states together have over $1 trillion in debt.

As we take a specific look at Iowa in this year’s report, Iowa was short over a half-million dollars in meeting its bills for the year, which translates into a Taxpayer’s Burden of $500 per taxpayer in Iowa.  This data is for the fiscal year ending June 30, 2010.  The previous year’s report spotlighted why Iowa is having difficulty with debt.  The report spotlights the following problems for Iowa: