In a recent analysis conducted by Truth in Accounting, a striking correlation has emerged between the fiscal health of states and their support for the Convention of States movement.
The Financial State of the States report finds that 11 out of the 22 states that closed fiscal year 2022 with a surplus have actively endorsed the Convention of States Resolution, underlining a connection between sound financial practices at the state level and a commitment to federal government reform.
The states at the forefront of fiscal responsibility, collectively referred to as the "Sunshine States," include Alaska, North Dakota, Wyoming, Utah, and Tennessee. Alaska had the highest surplus of $80,000 per taxpayer.
Remarkably, all five of these financially robust states have not only managed to end the fiscal year with a surplus but have also passed the Convention of States Resolution through both chambers – with the exception of the Wyoming House. This alignment emphasizes a shared belief among economically healthy states that addressing fiscal challenges at the national level requires an Article V convention.
Conversely, the analysis exposes a contrasting reality in 28 states that didn’t have enough money to pay their bills in 2022. Aptly named the "Sinkhole States,” Hawaii, Massachusetts, Illinois, Connecticut, and New Jersey find themselves in the unenviable position of having the worst fiscal health and the highest taxpayer burden in the county. New Jersey had the highest taxpayer burden of $53,600 per taxpayer.
Strikingly, these states have taken little steps to pass the Convention of States Resolution, demonstrating a lack of inclination toward fiscal responsibility at both the state and federal levels.
States committed to fiscal responsibility within their borders are advocating for similar principles on the national stage. The Convention of States movement, as a unifying cause, advocates for the shared goal of achieving fiscal responsibility at both the state and federal levels.
“Every state except for Vermont has balanced budget requirements, yet even with these rules in place, states have accumulated $938.6 billion in debt,” the report notes, adding that all 75 of the nation’s most populated cities have balanced budget requirements as well. State loopholes include inflating revenue assumptions and counting borrowed money as income.
If nearly every state follows a balanced budget, don’t you think the U.S. federal government should too? With a $34 trillion debt and counting, it’s time federal politicians follow tight budget requirements, just like their own states do.
The one way to force fiscal responsibility onto Washington is to call an Article V convention. To support our efforts, sign the Convention of States petition below.
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