Wednesday, October 20, 2021

State & Local Governments With the Most Debt Per Capita


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Massachusetts
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The COVID-19 pandemic has had huge impacts on state and native governments by lowering tax income, inflicting widespread unemployment, and growing healthcare prices.

Along with lowering spending and, in some circumstances, elevating taxes, state governments have relied on debt to handle their price range shortfalls in the course of the pandemic.

In keeping with knowledge from the U.S. Census Bureau, whole state and native authorities debt was $3.17 trillion in 2019 or about $9,700 per individual.

State governments use debt to finance schooling, infrastructure and to cowl price range gaps, amongst different issues. State and native authorities debt can fluctuate resulting from spending habits or modifications in revenue from taxes and different sources, reminiscent of throughout recessions. Within the Forties and Nineteen Fifties, state and native authorities debt was a lot decrease than as we speak.

Federal, state, and native governments grew considerably in the course of the twentieth century. Spending, income, and debt elevated because the inhabitants grew, and the federal government invested extra in infrastructure, schooling, and social applications.

Main as much as the Nice Recession that started on the finish of 2007, whole state and native authorities debt elevated sharply. It has been falling since 2010 however elevated between 2019 and 2020.

Within the wake of the pandemic, the approaching years will doubtless see a continuation of this pattern. States with rising debt might increase taxes or minimize spending to assist deliver their budgets beneath management.

state and local government debt rising

The quantity of state and native authorities debt relies upon closely on the inhabitants of the state, the quantity of state worker retirement advantages, the dimensions of social applications, and tax income.

In consequence, states differ extensively of their quantities of debt on each a complete and per capita foundation. Whereas New York leads the nation when it comes to per capita authorities debt, at $18,411 per individual, California, essentially the most populous state, has the most important quantity of whole debt, at $507 billion.

Conversely, Wyoming has each the bottom quantity of whole and per capita debt, at about $2 billion or $3,437 per individual.

most debt per capita

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To search out the states with essentially the most state and native authorities debt, researchers at Commodity.com analyzed the newest knowledge from the U.S. Census Bureau and the Bureau of Financial Evaluation.

The researchers ranked states in keeping with the entire quantity of state and native authorities debt per capita. Researchers additionally calculated whole state and native authorities debt, whole state authorities debt, whole native authorities debt, and whole state and native authorities debt as a share of state GDP.

Listed here are the states with essentially the most state and native authorities debt per capita.

U.S. States With the Most Debt Per Capita

Pennsylvania
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15. Pennsylvania

  • Complete state & native authorities debt per capita: $9,778
  • Complete state & native authorities debt: $125,178,460,000
  • Complete state authorities debt: $48,958,884,000
  • Complete native authorities debt: $76,219,576,000
  • Complete state & native authorities debt as a share of GDP: 15.5%
New Jersey
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14. New Jersey

  • Complete state & native authorities debt per capita: $10,384
  • Complete state & native authorities debt: $92,231,421,000
  • Complete state authorities debt: $63,926,685,000
  • Complete native authorities debt: $28,304,736,000
  • Complete state & native authorities debt as a share of GDP: 14.5%

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Texas
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13. Texas

  • Complete state & native authorities debt per capita: $10,410
  • Complete state & native authorities debt: $301,840,025,000
  • Complete state authorities debt: $53,794,342,000
  • Complete native authorities debt: $248,045,679,000
  • Complete state & native authorities debt as a share of GDP: 16.4%
Colorado
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12. Colorado

  • Complete state & native authorities debt per capita: $11,105
  • Complete state & native authorities debt: $63,953,107,000
  • Complete state authorities debt: $19,241,118,000
  • Complete native authorities debt: $44,711,988,000
  • Complete state & native authorities debt as a share of GDP: 16.3%
Rhode Island
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11. Rhode Island

  • Complete state & native authorities debt per capita: $11,283
  • Complete state & native authorities debt: $11,952,946,000
  • Complete state authorities debt: $9,275,273,000
  • Complete native authorities debt: $2,677,673,000
  • Complete state & native authorities debt as a share of GDP: 19.3%
Kentucky
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10. Kentucky

  • Complete state & native authorities debt per capita: $11,885
  • Complete state & native authorities debt: $53,097,229,000
  • Complete state authorities debt: $15,346,875,000
  • Complete native authorities debt: $37,750,353,000
  • Complete state & native authorities debt as a share of GDP: 24.7%
Washington
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9. Washington

  • Complete state & native authorities debt per capita: $12,416
  • Complete state & native authorities debt: $94,548,994,000
  • Complete state authorities debt: $35,584,686,000
  • Complete native authorities debt: $58,964,310,000
  • Complete state & native authorities debt as a share of GDP: 15.4%
Hawaii
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8. Hawaii

  • Complete state & native authorities debt per capita: $12,512
  • Complete state & native authorities debt: $17,715,106,000
  • Complete state authorities debt: $10,001,827,000
  • Complete native authorities debt: $7,713,279,000
  • Complete state & native authorities debt as a share of GDP: 18.5%
North Dakota
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7. North Dakota

  • Complete state & native authorities debt per capita: $12,725
  • Complete state & native authorities debt: $9,697,010,000
  • Complete state authorities debt: $3,375,270,000
  • Complete native authorities debt: $6,321,740,000
  • Complete state & native authorities debt as a share of GDP: 17.0%
California
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6. California

  • Complete state & native authorities debt per capita: $12,823
  • Complete state & native authorities debt: $506,660,567,000
  • Complete state authorities debt: $145,292,660,000
  • Complete native authorities debt: $361,367,923,000
  • Complete state & native authorities debt as a share of GDP: 16.2%
Alaska
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5. Alaska

  • Complete state & native authorities debt per capita: $12,994
  • Complete state & native authorities debt: $9,505,582,000
  • Complete state authorities debt: $6,060,930,000
  • Complete native authorities debt: $3,444,652,000
  • Complete state & native authorities debt as a share of GDP: 17.5%
Picture Credit score: Randall Runtsch / Shutterstock

4. Illinois

  • Complete state & native authorities debt per capita: $13,029
  • Complete state & native authorities debt: $165,097,105,000
  • Complete state authorities debt: $65,272,156,000
  • Complete native authorities debt: $99,824,941,000
  • Complete state & native authorities debt as a share of GDP: 18.6%
Massachusetts
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3. Massachusetts

  • Complete state & native authorities debt per capita: $14,263
  • Complete state & native authorities debt: $98,310,530,000
  • Complete state authorities debt: $78,663,118,000
  • Complete native authorities debt: $19,647,413,000
  • Complete state & native authorities debt as a share of GDP: 16.5%

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Connecticut
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2. Connecticut

  • Complete state & native authorities debt per capita: $15,037
  • Complete state & native authorities debt: $53,612,594,000
  • Complete state authorities debt: $41,822,350,000
  • Complete native authorities debt: $11,790,243,000
  • Complete state & native authorities debt as a share of GDP: 18.6%
New York
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1. New York

  • Complete state & native authorities debt per capita: $18,411
  • Complete state & native authorities debt: $358,150,378,000
  • Complete state authorities debt: $150,744,533,000
  • Complete native authorities debt: $207,405,857,000
  • Complete state & native authorities debt as a share of GDP: 20.2%

Detailed Findings & Methodology

The states with essentially the most state and native authorities debt per capita are unfold throughout the nation, together with each very populous states reminiscent of California and Texas in addition to sparsely populated Alaska. With over $18,000 in state and native authorities debt per resident, New York ranks first in per capita debt.

Native debt in New York is over $50 billion greater than state authorities debt, due largely to excessive quantities of faculty district debt. Nationally, state and native authorities debt totals $3.17 trillion, with native authorities debt making up 63% of the entire.

The state and native debt to state GDP ratio reveals how a lot a state owes in comparison with how a lot it produces. States with much less debt as a share of state GDP are in a greater place to repay their money owed. As a share of state GDP, state and native authorities debt ranges from a low of 4.9% in Wyoming to a excessive of 24.7% in Kentucky.

To search out the states with essentially the most state and native authorities debt, researchers at Commodity.com analyzed the newest knowledge from the U.S. Census Bureau’s 2019 Annual Survey of State and Native Authorities Funds and the Bureau of Financial Evaluation’s Gross Home Product by State for 2019.

The researchers ranked states in keeping with the entire quantity of state and native authorities debt per capita. Researchers additionally calculated whole state and native authorities debt, whole state authorities debt, whole native authorities debt, and whole state and native authorities debt as a share of state GDP.

Complete state and native authorities debt is calculated because the sum of whole long-term debt excellent and short-term debt on the finish of the fiscal 12 months (debt payable one 12 months or much less from its date of challenge).