Many households are struggling in Sought Carolina right now, especially due to the pandemic. But even before Corona swept the nation, the state found itself $20.8 billion in debt. If the taxpayers shoulder the burden, that’ll mean $13,400 in future taxes. Remember, that’s without receiving any benefits or related services.
As many as 110,266 people are behind on rent, 110,148 households are behind on their mortgage payments and a whopping 747,889 are having difficulties even paying usual household expenses!
What’s worse than the state’s $5.8 billion debt? The fact that Rhode Island is also expected to lose as much as $1 billion in revenue due to the Coronavirus pandemic. The $5.8 billion would cost around $14,700 per taxpayer to pay off… and that’s not happening any time soon!
As many as 143,282 residents are having trouble paying their household expenses, which it’s surprising given that 17,626 people in Rhode Island lost their jobs due to COVID-19 since March 13, and another 18,776 think they’ll lose their jobs in the near future.