State and local government debt by state U.S. 2021 | Statista (2024)

FAQs

State and local government debt by state U.S. 2021 | Statista? ›

1. Hawaii: The Most Indebted State. The state ranks third-highest for household debt per capita, with the average resident carrying a debt of $82,650.

1. Hawaii: The Most Indebted State. The state ranks third-highest for household debt per capita, with the average resident carrying a debt of $82,650.

State and Local Government Debt

State and local governments com- bined had total debt outstanding of $3.3 trillion in 2021, with the local government share of the debt at 63.8 percent, while the state government share was at 36.2 percent.

Answer and Explanation:

The limits are based on restrictions that ensure taxpayers are asked to carry the burden of excessive local and state government spending and to prevent excessive borrowing that results in excessive interest charges that would curtail the potential for long-term growth.

“Idaho has the lowest per capita government debt in the nation, at $3,107.52, which accounts for 5.43% of the state's total GDP,” the report added. These numbers do not include the federal debt burden, which recently surpassed $100,000 per American, as The Center Square previously reported.

The public owes 74 percent of the current federal debt. Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt.

The largest holder of U.S. debt is the U.S government. Which agencies own the most Treasury notes, bills, and bonds? Social Security, by a long shot. The U.S. Treasury publishes this information in its monthly Treasury statement.

California's state and local government debt is roughly $1.6 trillion, which includes a proper accounting of the state's unfunded liabilities. To put this in perspective, this works out to about $125,000 of debt per California household and exceeds the annual GDP of all but 13 countries.

Do any states have a balanced budget? ›

According to the National Association of State Budget Officers (NASBO), all states except for Vermont have some stipulations to balance their operating budgets—but prohibitions and enforcements vary.

Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial.

State and local governments do not have the economic ability to run fiscal deficits to encourage aggregate demand like the federal government. With this macroeconomic handicap, many state and local economies ask for federal aid during times of hardship.

U.S. state and local government outstanding debt 2021, by state. In 2021, the federal state of California had about 541.24 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2021.

Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

India takes the top spot. The world's most populous country owed $38.3bn to the WB at the end of 2022, down by almost $1.5bn from a year earlier. India's outstanding balance is almost double that of the next biggest debtor, Indonesia, with $20.6bn.

Here's a look at the states with the highest and lowest average American credit card debt, according to the most recent data from Experian. Alaska had the highest credit card debt at $7,338, and Indiana had the lowest with an average credit card balance of $5,017.

An economic downturn in the state, marked by a falloff in technology investment and rising overall unemployment, has resulted in unprecedented shortfalls in tax revenues.