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Truth in accounting; Maryland a "sinkhole state"

DECEMBER 24, 2023 | by Gianna Desiderio | FOX BALTIMORE

"A new report from the nonpartisan organization truth in accounting reveals the fiscal condition of each state, Maryland received a "D" ranking. 

CEO of Openthebooks.com, Adam Andrzejewski, joins Fox45 Morning Show to break this down for us.

Andrzejewski said a "sinkhole state" means people living in Maryland owe more than what they have. 

Currently, taxpayers have to cover a hefty $25 Billion of debt that the state of Maryland is in. That roughly estimates each taxpayer having to hand over $11,400 yearly.

When asked how this happened Andrzejewski responded this issue was caused mainly by the state legislator and the governor, they have been promising public employees on salary and retirement benefits more than what they have been funding. The entire state liability is in regard to those programs, they are making promises that they are not funding. 

Andrzejewski said to turn this around three things need to be done. The first one is radical transparency; taxpayers deserve to see where every dime of their money is being spent.

Next, everything needs an audit, it's a great way to track money and holds up in court."