2024 Financial State of the States

Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states. Click here to view the full report.

Financial State of the Cities 2024

Our seventh annual report found that at the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills. 

Financial State of the Union

Our new Financial State of the Union report shows that the U.S. government’s financial condition worsened by $7.9 trillion in 2023.

US Published National Debt

$

The Truth

$

Each Taxpayer's Share: $980,000

Explore our database at https://www.data-z.org
 
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  • Despite upbeat projections, Pittsburgh's finances on downward spiral

    September 15, 2024
    Pittsburgh Post-Gazette

    City Controller Rachael Heisler urged the mayor not to count on that money in coming years. But Mr. Gainey’s revised revenue projections actually increased the amount of money the city expects to collect.

  • Outdated Pensions Hold Our Cities Back

    August 29, 2024
    Inside Sources

    A report by Truth in Accounting found that 53 of the 75 largest U.S. cities don’t have enough funds to cover their pension obligations, and that doesn’t consider what would happen if pension funds lost their value in a market downturn. These obligations could kneecap cities in the event of true emergencies, making it more challenging to devote financial resources where they’re needed.

  • Cash-Strapped San Francisco Waves Goodbye to Elon Musk’s X

    August 27, 2024
    Liberty Nation News

    Of course, progressives in The City by the Bay will blame the post-pandemic downturn for the abysmal state of its finances. However, Truth in Accounting already sounded alarm bells in January 2018 when it warned that the jurisdiction was drowning in debt, requiring $7.5 billion to pay its bills. In the short term, officials are trying to keep essential services running. In the long-term, according to the think tank promoting fiscal transparency, San Francisco is grappling with approximately $6 billion in unfunded pension promises and about $4 billion in unfunded retiree health care benefits.

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  • Pro forma statements for state and local government?

    September 26, 2024

     

    Why aren't state and local governments doing this? A pro forma statement is a financial document that projects future financial performance based on certain assumptions or hypothetical scenarios. 

     

     

  • Our Governments Make Their Own Accounting Rules – and Mislead Us

    September 26, 2024

     

    The accounting rules our governments make for themselves result in financial reports that mislead the public. Citizens are not receiving the accountability they deserve; they do not have the financial reports needed to responsibly exercise their right to vote.

     

  • The Standard Setters for State and Local Government Accounting

    September 12, 2024

     

    State and local governments have different accounting standards than corporations. Truth in Accounting does not understand or support this position. So, who sets these standards?

  • Bad Definitions Distort Social Security: The Truth Behind the Social Security Trust Fund

    September 3, 2024

    The so-called Social Security "Trust Fund" is neither funded nor can it be trusted—at least according to David Walker, former Comptroller General of the United States. In 1987, the Social Security Trust Fund started with a balance of $46.8 billion. Today, there is no money left in the Trust Fund. In this video, we break down how this is possible and where the money has gone. 

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