US Published National Debt
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The Truth
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Each Taxpayer's Share: $920,000
Financial State of the States 2025
Our sixteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.
Financial State of the Union 2025
According to the most recent audited Financial Report of the U.S. Government, our nation’s true debt has climbed to $158.6 trillion, burdening each federal taxpayer with $974,000.
Financial State of the Cities 2025
The Financial State of the Cities report found that 54 cities did not have enough money to pay their bills. Each city has some form of a balanced budget requirement, but this new report shows that cities have not met the intent of their requirement and have pushed costs onto future taxpayers.
Data-Z (database for state and city data)
Create your own chart with more than 700 data variables at the federal, state, and city levels.
Federal Oversight of State Pension Plans
October 16, 2025
State pension plans, particularly those for public employees like teachers, firefighters, and government workers, are subject to various federal regulations, including IRS rules and other federal laws, to ensure compliance with tax, nondiscrimination, and retirement benefit standards. These rules apply because state pensions often receive tax advantages (e.g., tax-deferred contributions) and may opt out of Social Security; therefore, they must align with federal standards to maintain their tax-qualified status or avoid penalties. Below are detailed examples of how state pensions fall under IRS rules and other federal regulations, with a focus on key provisions and their implications.
Each taxpayer’s share of the state debt: $4,100
October 8, 2025
Michigan Capitol Confidential
Paying off the obligations the state of Michigan owes public retirees and others would require each taxpayer to surrender another $4,100 to the public treasury, according to a new report from a nonprofit that analyzes state budgets. The report also warns that Michigan’s budget could face an 8% shortfall if the federal government were to reduce its financial support of Michigan to its pre-pandemic level.
Illinois taxpayers each owe $38,800 for state’s unpaid bills
October 3, 2025
Illinois Policy Institute
llinois taxpayers in 2024 owed an average of $38,800 each, ranking No. 3 in the U.S. Illinois earned an “F” for fiscal management.
Exposing the Double Standard: States' Late Financial Reports Go Unpunished, While Corporations Face Delisting
October 22, 2025
In the world of finance, timeliness isn't just a courtesy—it's a cornerstone of trust, accountability, and informed decision-making. Yet, when it comes to state governments, this principle seems optional. Truth in Accounting's (TIA) sixteenth annual Financial State of the States report, released in September 2025, shines a harsh light on this issue.
States’ Rights and ERISA: Selective Sovereignty Hurts Taxpayers
October 17, 2025
In August 2025, Illinois Governor JB Pritzker signed legislation boosting pensions for Chicago police and firefighters, a move projected to cost the city $11 billion over 30 years. Despite warnings from Chicago’s Chief Financial Officer about the “devastating” financial impact and a police pension fund that is currently funded below 20%, the state pressed forward.
It's Time to Amend ERISA
October 15, 2025
The retirement benefits landscape is complex, but one federal law stands out for its role in regulating private-sector pensions: the Employee Retirement Income Security Act (ERISA). Enacted in 1974, ERISA introduced accountability, transparency, and worker protections.
Pandemic Programs Expire, Leaving States with Major Funding Gaps
October 14, 2025
States face a significant loss of federal dollars as temporary pandemic-related programs that were initiated in 2020 come to an end and national fiscal pressures rise.
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