Our Financial State of the Union report found that the financial condition of the U.S. government worsened by more than $12.7 trillion in 2022. The majority of the federal debt can be attributed to $64.31 trillion in Medicare promises and $47.74 trillion in Social Security. These are promises that have been made to our citizens, but the government has not set any money aside to fund them.
US Published National Debt
Our fourteenth Financial State of the States report found debt among the states was $938.6 billion, which is down from $1.2 trillion at the end of fiscal year 2021. Overall, it appeared state debt decreased primarily due to the following two factors: tax revenue increases due to the lockdowns ending, and millions, if not billions, of dollars in federal COVID funds received by the states.
Create your own chart with more than 700 data variables at the federal, state, and city levels.
This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities.
November 24, 2023
“Pennsylvania needed more than $51 billion to pay its outstanding bills, including unfunded retirement obligations,” a report by the organization Truth in Accounting said in its bevy of reported grading each states’ fiscal health.
The report — unsurprisingly, in our view, when you consider the above statement — gave Pennsylvania a D. Under the organization’s criteria, Pennsylvania, when compared to other states, ranks 36th.
The organization, in talking to news service The Center Square for a report which ran in Tuesday’s Sun-Gazette, also cautioned that in recent years states are at risk of being overly reliant on federal revenue streams.
Another factor was increased spending from pent-up demand during the pandemic driving the scope of tax revenues up.
But, as the leaders of Truth in Accounting caution, these revenue streams are exceedingly unlikely to be permanent."
November 24, 2023
"(The Center Square) — In a report that scored states on their financial condition, Alabama taxpayers would owe $7,000 each if individually paying off the state’s debts.
The state, ranked No. 32 and given a D grade by Truth in Accounting, owes $5.9 billion. The taxpayer burden is between $5,000 and $20,000.
Truth in Accounting says the state has $17.2 billion in assets and cash on hand to pay $27 billion in bills. Those liabilities include $11.3 billion in bond debt, $10.7 billion in unfunded pensions and $2.75 billion in unfunded health care costs for state and local retirees."
November 24, 2023
"Arizona has published its annual comprehensive financial report for the fiscal year that ended 15 months ago.
The state had more than $6 billion on hand to pay its bills at the start of July last year.
Cash then to pay the state’s outstanding bills was an improvement from a year before, when the firm called Truth in Accounting said Arizona left a burden on individual taxpayers.
Founder and CEO Sheila Weinberg spoke in general terms about the new financial report that Arizona has been chronically late in producing. She said only four states have yet to release theirs.
“Arizona is still one of our delinquent five because, even though they issued it, they did issue it very late," Weinberg said.
Weinberg also said the 300-plus page report would have helped lawmakers when they wrote this year’s budget.
Arizona now faces an estimated $400 million shortfall."
October 6, 2023
Today, I want to reiterate Truth in Accounting's message.
Government accounting is complex—all the more reason to welcome its scrutiny in our representative form of government.
The following concepts highlight various ways government accounting practices and standards can be manipulated, ultimately affecting transparency, fiscal accountability, and the ability to make informed decisions about government finances.
Full Accrual vs. Cash-Basis Accounting Discrepancy: The government uses cash-basis accounting in its budgetary process, which records transactions when cash is received or disbursed. This leads to discrepancies in reporting actual financial health, as it doesn’t account for future obligations or revenue expected to be received.
June 20, 2023
Today's inside look focuses on the wins coming from the Truth in Accounting partnership with the University of Denver, which has opened up new opportunities and introduced our name and work to a wider audience. But these wins aren't for us. They are for you! And we can only rack up more wins with financial support. DU doesn't fund us. We fund the project.
June 13, 2023
"The failure of Silicon Valley Bank (SVB) was not a surprise to regulators or investors who took the time to check the bank’s financial statements and footnotes. By March of 2021, unrealized debt securities losses for the bank had already begun to climb, reaching ($1,343) million by year-end December 2021, and leaping to ($15,160) million a year later, all the while the bank’s stockholders’ equity remained flat."
May 27, 2023
"WASHINGTON, May 18 (Reuters) - The Pentagon overestimated the value of the ammunition, missiles and other equipment it sent to Ukraine by around $3 billion, a Senate aide and a defense official said on Thursday, an error that may lead the way for more weapons being sent to Kyiv for its defense against Russian forces."
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