EARLY RELEASE: Financial State of Chicago

While the city of Chicago grapples with its next budget, its financial condition has deteriorated by $2.6 billion, leaving each Chicago taxpayer with a Taxpayer Burden™ of $40,600 and earning it an “F” grade.

Petition: Require Full Accrual Accounting in Federal Financial Reporting and Budgeting

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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.

US Published National Debt

$

The Truth

$

Each Taxpayer's Share: $ 994,000

Explore our database at https://www.data-z.org
 
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  • A New Year: Resolve to be Financially Empowered

    January 21, 2025
    The Business Times

    Concern about the U.S. economy is front and center with the electorate. The election results verified the majority of Americans wanted more accountability and fiscal responsibility at the national level.

    With the national debt at $36 trillion, according to the Truth in Accounting website and not including the total unfunded Social Security and Medicare promises, no wonder Americans are concerned about an unsustainable debt and the resulting inflation because of printing money to cover the debt.

  • Why Public-Owned Bank Beats Wall Street

    January 16, 2025
    LA Progressive

    Like private banks, a publicly owned bank has the ability to create money in the form of bank credit on its books, and it has access to very low interest rates. But the business model of private banks requires them to take advantage of these low rates to extract as much debt service as the market will bear for the benefit of the bank’s private investors. A public bank can pass low rates on to local residents and businesses. It can also recapture the interest on local government projects, making them substantially cheaper than when funded through the bond market.

    The BND’s profits belong to the citizens and are generated without taxation, lowering tax rates.On Oct. 2, 2024, Truth in Accounting’s annual Financial State of the States report rated North Dakota #1 in fiscal health, with a budget surplus per taxpayer of $55,600.

  • Letter to the editor: We should hold politicians accountable

    January 12, 2025
    Billings Gazette

    According to a recent study released by Truth in Accounting, the end of 2024 brought the U.S. government $153 trillion of total liabilities. Your government currently holds claim to $966,000 of future productivity for every citizen in the United States.

read more in the news
  • EARLY RELEASE: Financial State of Chicago

    January 13, 2025

    As part of a sneak peek to our annual Financial State of the Cities report, we have released the Financial State of Chicago. 

    While the city of Chicago grapples with its next budget, its financial condition has deteriorated by $2.6 billion, leaving each Chicago taxpayer with a Taxpayer Burden™ of $40,600 and earning it an “F” grade according to our new report.

  • The SEC's job is about protecting ALL investors!

    December 6, 2024

    New SEC Chair Paul Atkins should investigate the misleading and confusing accounting practices in municipal securities.

  • Supporting the Next Generation of Financial Transparency Leaders!

    October 4, 2024

    The University of Denver Truth in Accounting Project is mentoring two teams participating in the Association of Government Accountant's 2024 CCR competition. These students are using Truth in Accounting’s comprehensive resources—along with Data Z—to help create reports on the State of Maine, ensuring that the state’s financial picture is not only accurate but also accessible to the general public.

  • 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. 

     

     

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