US Published National Debt
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The Truth
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Each Taxpayer's Share: $915,000
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.
Financial State of the States 2024
Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 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.
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.
Where, Oh Where Are the State Financial Reports?
July 31, 2025
At Truth in Accounting, we are wrapping up our annual Financial State of the States report—an in-depth look at each state’s financial condition based on their audited financial statements. This year, as in years past, we are relying on each state’s 2024 Annual Comprehensive Financial Report (ACFR).
But here’s the problem: several states have yet to issue their ACFRs, and time is running out.
Financial Transparency Score 2025
July 8, 2025
In the spirit of promoting clear and accurate fiscal information, Truth in Accounting has once again assessed the transparency of state governments’ financial reporting. While state budgets receive most of the public and media’s attention, their outcomes are detailed in each government's Annual Comprehensive Financial Report (ACFR), which is audited annually by certified public accountants. Our transparency score is based on key criteria outlining best practices, offering government officials and citizens a roadmap to enhance fiscal transparency and accountability.
Response to Social Security’s Go-Broke Date
June 20, 2025
The recent analysis by the Committee for a Responsible Federal Budget regarding the 2025 Medicare Trustees’ Report highlights the looming challenges with Medicare and Social Security, but it only scratches the surface of the deeper fiscal issues our country faces. To understand the full financial reality, we must go beyond trust fund “solvency” and examine the actual commitments the federal government has made—and continues to make—without fully accounting for them.
Congress Created the Oversight System. It’s Time to Oversee It.
June 6, 2025
Recent criticism of the Government Accountability Office (GAO), as reported by Politico and the Washington Post, underscores lawmakers’ frustration with its failure to address federal financial inefficiencies. They’re right to demand accountability, but Congress shares the blame—they fund the GAO and oversee the quasi-governmental board, FASAB that shapes federal accounting standards.
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