US Published National Debt
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The Truth
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Each Taxpayer's Share: $925,000
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.
What the fraud in Minnesota can teach Illinois
January 16, 2026
Chicago Tribune
Op-ed by Sheila Weinberg, "The Chicago Tribune recently exposed disturbing oversight failures in Minnesota’s federally funded programs, problems that have led to fraud investigations and federal payment freezes. But this is not unique to Minnesota. Illinois’s most recent Single Audit reveals similar systemic breakdowns in federal program oversight, showing that federal taxpayers’ money is at risk far beyond one state."
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.
California’s Bad Audits Tell All
January 8, 2026
Like Minnesota, California faces serious concerns in child care oversight and other federally funded programs. The state’s 2024 Single Audit, issued in December 2025, reviews how California manages and reports on billions in federal funds. In that audit, 10 programs received qualified opinions, meaning independent auditors identified weaknesses in how the programs were run and whether federal rules were followed. These problems have led to federal payment freezes and ongoing investigations, illustrating the real-world consequences of monitoring failure.
Minnesota Isn’t Alone: Illinois Audit Shows Federal Taxpayers’ Money at Risk
January 7, 2026
Minnesota is now under intense scrutiny for major oversight breakdowns in federal programs, failures that a new Truth in Accounting analysis shows are far from isolated, with similar red flags already exposed in Illinois and raising serious nationwide concerns about accountability.
The Burden of Unfunded Pension Liabilities: A National Crisis in State Finances
December 19, 2025
In the 2025 "Financial State of the States" report, Truth in Accounting (TIA) paints a stark picture of fiscal irresponsibility across the U.S., with unfunded pension liabilities emerging as one of the most pressing threats to long-term state solvency. These liabilities represent promised retirement benefits to public employees—such as teachers, firefighters, and state workers—that governments have committed to but failed to adequately fund. By shortchanging pension contributions today, states are effectively borrowing from the future, shifting massive costs onto tomorrow's taxpayers.
Webinar - Unveiling the Shadows: Transparency, Accountability, and AI in Government Finance
November 14, 2025
Dive into the hidden world of government finance and the rising influence of Artificial Intelligence in this thought-provoking webinar hosted by Truth in Accounting. This session unpacks how opaque financial reporting, emerging AI technologies, and real-world cases of mismanagement converge to impact taxpayers, public trust, and the future of democratic accountability.
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