US Published National Debt
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The Truth
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Each Taxpayer's Share: $1,066,000
Financial State of the Union 2026
Truth in Accounting’s analysis of the most recent audited Financial Report of the U.S. Government found its overall financial condition worsened by $11.6 trillion in 2025.
Financial State of the Cities 2026
The report examines the fiscal health of America’s five largest cities–Los Angeles, Houston, Philadelphia, Chicago, and New York City.
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.
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.
The Pension Time Bomb: Why the GASB’s Accounting Rules Demand Congressional Oversight
April 23, 2026
America’s state and local governments are sitting on a hidden fiscal crisis. Under today’s official accounting rules, hundreds of billions of dollars in underfunded pension promises are not reflected as liabilities in the budgetary fund statements used for budgeting decisions. The result? Distorted budgets, squeezed funding for schools, roads, and public safety, and a massive transfer of costs to future generations.
Regime Change at the Fed: From Big Bank Bailouts to Local Productivity
February 24, 2026
ScheerPost
On January 30, when former Federal Reserve board member Kevin Warsh was nominated by President Trump as the central bank’s next chair, markets sold off and gold and silver plunged. Investors were positioned for a “dove,” someone inclined to cut rates aggressively and keep money loose; and Warsh has a long-standing reputation as a “hawk.”
The Chicago Teachers’ Mystery Audits
February 1, 2026
The Wall Street Journal
The Chicago Teachers Union (CTU) has resisted making its financial audits public, and we are starting to learn why. The union recently produced audits going back to 2020, and the records show that its finances haven’t always received a clean slate by its official independent auditor.
Why David Cotton’s Call for Auditing Reform Matters Now More Than Ever
July 31, 2026
At Truth in Accounting, we believe that transparency and accountability in government finances are a cornerstone for an informed electorate. That’s why we’re enthusiastic about David Cotton’s recent article for the Association of Government Accountants, which takes a hard look at the shortcomings of Single Audits in uncovering fraud, waste, and abuse involving federal dollars. This is particularly timely in light of the recent and alarming fraud in Minnesota, which we have reported on before.
FASB Tightens the Screws on Corporate Transparency (Financial Statement Location Dimensions — Yes, That’s the Actual Name)
July 23, 2026
The Financial Accounting Standards Board’s (FASB) new guide on Financial Statement Location Dimensions is meant to enhance corporate transparency through better XBRL tagging. Its intended purpose is to demonstrate how structured data can clarify where items are reported, reducing ambiguity for users. Time will tell.
The PROMISE Act: A Procedural Step That Must Deliver Full Transparency and Honest Accounting
July 16, 2026
Truth in Accounting (TIA) welcomes the bipartisan introduction of the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act by Senators Cassidy, Durbin, Tillis, Kaine, and colleagues. As the Social Security Trust Fund faces depletion in 2032—with an automatic 22% benefit cut looming without action—this legislation creates a much-needed procedural framework to force congressional debate and a vote on long-term solvency.
However, any meaningful solution must go beyond process. True solvency requires full accrual accounting that honestly reflects the enormous scale of Social Security’s unfunded promises.
Colorado's 2025 State Audit Reported: Billions in Accounting Adjustments, Millions in Reporting Errors, and Continued Flaws in Government Oversight
July 10, 2026
Colorado's 2025 Single Audit identified 48 findings across state agencies, highlighting recurring weaknesses in financial reporting, cybersecurity, internal controls, and oversight of federal grant programs. While auditors noted that agencies had made progress in some areas, they also found that many longstanding problems remained unresolved.
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