US Published National Debt
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The Truth
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Each Taxpayer's Share: $980,000
Financial State of the Union 2024
Our new Financial State of the Union report shows that the U.S. government’s financial condition worsened by $7.9 trillion in 2023.
Financial State of the Cities 2024
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 States 2023
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.
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.
Government Debt Varies Widely by State
July 19, 2024
Cato Institute
Without reforms, exploding federal debt will generate a major economic crisis. Technically, the solution to the problem is simple (cut spending), but there is no consensus on what political approach or legal mechanisms are needed to avert the coming crisis.
Mayor dodges loan questions, says state 'owes' public schools
July 18, 2024
The Center Square
Mayor Brandon Johnson is not ruling out a loan to cover a Chicago Public Schools deficit of $500 million. There is no official answer on how the mayor will fill the budget gap, after he rejected cuts proposed by CPS administrators.
California is late on its own financial health report for the 6th straight year
July 10, 2024
CalMatters
California — a state whose officials love to tout it as the world’s fifth largest economy — is late producing a report on its own financial health for the sixth year in a row.
We Need More Accountants
July 26, 2024
There is a noticeable shortage of accountants in the United States.
The shortage is even affecting our work. Six states still need to file their 2023 annual comprehensive financial reports. We analyze those reports for our yearly Financial State of the State report. We have heard more than once that one of the reasons for the delay is a need for accountants.
The U.S. Bureau of Labor Statistics (BLS) projects a 6% growth rate in employment for accountants and auditors from 2021 to 2031, which is faster than the average for all occupations. This growth reflects the increasing demand for accounting professionals. (Source: U.S. Bureau of Labor Statistics)
Digital Data Standards Support Greater Transparency and Opportunity in the Municipal Bond Markets
July 19, 2024
Christine Kuglin, director of the Truth in Accounting Project at the University of Denver, served as lead researcher on this paper presented at the 13th annual Brookings Institute Conference on Municipal Reporting.
Our Mission is to Help: A Rebuttal
June 28, 2024
We've all felt some mistrust towards the government. We're trying to rebuild that trust alongside other nonprofits, educators, policy-makers, public servants, and journalists. We're sad to see that the Longview News-Journal didn't see that mission when covering our special report on the city of Longview, TX.
Unlocking Generosity: Transform Your IRA into Vital Donations
June 5, 2024
Discover a powerful way to support the Truth in Accounting mission while maximizing your tax benefits. Did you know that a qualified charitable distribution from your IRA’s annual required minimum distribution can be structured to be tax-free? This means that the transferred amount is not taxable as long as it’s paid directly from the IRA to the charitable organization.
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