US Published National Debt
$
The Truth
$
Each Taxpayer's Share: $918,000
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.
Illinois comptroller ‘frustrated’ with late annual audits, says FY25 will be quicker
July 21, 2025
The Center Square
Illinois taxpayers still don’t have audited financials from fiscal year 2023, but the state’s comptroller says they’re working to speed annual reports up.
Truth In Accounting founder Sheila Weinberg said Illinois continues to be among the states with tardy financial reporting.
Coming in last place ... the state of Illinois
July 21, 2025
The News-Gazette
Truth-in-Accounting, a Chicago-based fiscal watchdog, has issued another in its series of reports on transparency in the states’ financial reporting.
Illinois, unfortunately, finished 50th in the ranking of all 50 states.
Property tax-cut push creates double bind for Deegan
July 20, 2025
Jacksonville Today
Meanwhile, a big-picture view of local finances, via the watchdogs at Truth in Accounting, suggests that the city council is as complicit as the mayor in not reining in big spending at the expense of the future.
Earlier this year, the group reported a per capita debt of nearly $10,000 for every person in the city, which puts Jacksonville 60th out of 75 cities ranked.
A Love Letter to Our Unsung Heroes
October 2, 2025
Dear teachers who light the spark of curiosity in young minds, firefighters who charge into the inferno to save strangers, police officers who stand as sentinels in the night, and all you public sector warriors who stitch the fabric of our communities together – this is for you.
Statement from Truth in Accounting on the Federal Government Shutdown
October 1, 2025
As the federal government grinds to a halt today, it’s not just a temporary inconvenience; it's a stark reminder of the chronic fiscal irresponsibility that elected officials on both sides of the aisle have perpetuated for decades, hiding the true cost of government behind opaque accounting practices.
Delays in State Financial Reporting
September 30, 2025
In an era where fiscal accountability is more critical than ever—amid ballooning government debts, pension shortfalls, and economic uncertainties—timely access to government financial data should be a cornerstone of our republic. Yet, our new report reveals a troubling reality: seven U.S. states are lagging far behind in releasing their annual comprehensive financial reports (ACFRs), casting a shadow over their fiscal health and undermining public trust. Our 16th annual Financial State of the States report, released in September 2025, analyzes the balance sheets of all 50 states for fiscal year 2024 (ending June 30, 2024, for most). While it paints a broader picture of state finances—with 25 states unable to cover their bills and a collective $832 billion in unfunded pension and retiree health care liabilities—the spotlight on reporting delays underscores a systemic flaw in government transparency.
Is Gov. Pritzker Violating a SEC Cease and Desist Order?: Analysis of the Pension Funding Disclosures
September 10, 2025
In 2013, the Securities and Exchange Commission (SEC) charged the State of Illinois with securities fraud for misleading municipal bond investors about its pension funding obligations. The SEC’s investigation found that Illinois, between 2005 and 2009, misrepresented the risks associated with its pension funding schedule when offering more than $2.2 billion in municipal bonds. The state failed to disclose that its statutory plan significantly underfunded pension obligations, thereby increasing financial risks. In 2013, Illinois agreed to a cease-and-desist order to resolve SEC charges under Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933.
Get this in your e-mail. Subscribe below.
