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.
At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.
Every state but Vermont has a balanced budget requirement, but details vary across the country. In some states, a budget must be balanced when introduced, passed by the legislature, or signed by the governor, but need not be adjusted if it falls out of balance later. In many states, the budget must remain balanced.
1) Switzerland. It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.
When it comes to the most affordable best state to live in USA, Mississippi takes the crown as the cheapest state. With a cost of living index of 85, it offers residents a significant economic advantage. Following closely behind as the best state to live in USA is Oklahoma, with a cost of living index of 85.8.
Most states currently have a budget surplus, including deep blue states like California, New Jersey, New York, and Illinois. These short-term surpluses can be misleading, however, as public finances in these states are not on sound long-term footing.
Years of elevated budget deficits, exacerbated by massive federal spending during the COVID-19 pandemic, have taken the debt to historic levels: totaling more than $26 trillion in 2023, U.S. federal government debt is now at its highest percentage of gross domestic product (GDP) since World War II.
Essentially, the Japanese government's strategy is to borrow at an extremely cheap rate and invest in risky, high-return assets—a factor that partially explains why Japan can sustain a high level of debt despite running a consistent deficit.
Related information about Russia Government Debt: % of GDP
In the latest reports, Russia National Government Debt reached 271.6 USD bn in Oct 2023. The country's Nominal GDP reached 494.7 USD bn in Mar 2023.
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.
Jerome Kerviel, The Most Indebted Person In The World, Owes $6.3 Billion To Former Employer, Societe Generale. In a hyper-competitive world where everyone strives to be the biggest, boldest and most famous, no one covets Jerome Kerviel record-breaking achievement.
Researchers at the personal finance publication ranked the 50 states based on scores in five categories: affordability, economy, education and health, quality of life, and safety. Massachusetts topped 2023's list, scoring 61 out of 100. New Jersey came in second.
Hawaii Is Ranked the Healthiest State, According to New 2023 Health Index. Low disease rates, citizen well-being, and solid healthcare all contribute.
GDP per capita also varied widely throughout the United States in 2022, with New York ($105,226), Massachusetts ($99,274), and North Dakota ($96,461) recording the three highest GDP per capita figures in the U.S., while Mississippi ($47,572), Arkansas ($54,644), and West Virginia ($54,870) recorded the three lowest GDP ...
1. Mississippi. Emerging as the most economical state, Mississippi boasts a cost of living index score of 86. It touts the lowest average housing costs in the country, standing at 33.7% below the national average, with a median single-family home priced around $140,818.
Mississippi is the cheapest state to live in in the US, with a cost of living index of 85. The second cheapest state to live in is Oklahoma, with a cost of living index of 85.8. The third and fourth cheapest states to live in are Kansas and Alabama, with cost of living indexes of 87.5 and 88.1 respectively.
According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.
What would happen if China stopped buying US debt? Very little. China holds only about five percent of the US public debt, and roughly the same amount that Japan holds. The largest creditor of the US government is actually the Social Security Administration—in effect, the government itself.
The United States pays interest on approximately $850 billion in debt held by the People's Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.
First, the debt held by the public stands at more than $24.64 trillion. This represents debt securities, like Treasury bonds and notes, bought by banks, insurance companies, state and local governments, foreign governments and private investors.