US Published National Debt
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The Truth
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Each Taxpayer's Share: $1,064,000
Financial State of the Union 2026
Truth in Accounting’s analysis of the most recent audited Financial Report of the U.S. Government found its overall financial condition worsened by $11.6 trillion in 2025.
Financial State of the Cities 2026
The report examines the fiscal health of America’s five largest cities–Los Angeles, Houston, Philadelphia, Chicago, and New York City.
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.
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.
The Pension Time Bomb: Why the GASB’s Accounting Rules Demand Congressional Oversight
April 23, 2026
America’s state and local governments are sitting on a hidden fiscal crisis. Under today’s official accounting rules, hundreds of billions of dollars in underfunded pension promises are not reflected as liabilities in the budgetary fund statements used for budgeting decisions. The result? Distorted budgets, squeezed funding for schools, roads, and public safety, and a massive transfer of costs to future generations.
Regime Change at the Fed: From Big Bank Bailouts to Local Productivity
February 24, 2026
ScheerPost
On January 30, when former Federal Reserve board member Kevin Warsh was nominated by President Trump as the central bank’s next chair, markets sold off and gold and silver plunged. Investors were positioned for a “dove,” someone inclined to cut rates aggressively and keep money loose; and Warsh has a long-standing reputation as a “hawk.”
The Chicago Teachers’ Mystery Audits
February 1, 2026
The Wall Street Journal
The Chicago Teachers Union (CTU) has resisted making its financial audits public, and we are starting to learn why. The union recently produced audits going back to 2020, and the records show that its finances haven’t always received a clean slate by its official independent auditor.
Ohio Audit Exposes Major Mess in Handling Billions of Your Tax Dollars
June 3, 2026
Ohio families are working harder than ever, paying their taxes, and expecting the state to handle federal money responsibly. But a new state audit has some troubling news: Ohio has serious problems managing billions in federal funds for healthcare, school meals, unemployment assistance, and energy assistance for low-income families.
13 States Fail to Earn Clean Audit Opinions
May 29, 2026
In the newly released 2026 Financial Transparency Score report, Truth in Accounting delivers a sobering assessment of how well state governments disclose their true financial condition to taxpayers. While the report examines multiple aspects of financial reporting—including timeliness, pension data accuracy, and off-balance-sheet liabilities—one finding stands out as particularly troubling: 13 states did not receive clean audit opinions on their financial reports.
Financial Transparency Score 2026
May 12, 2026
Truth in Accounting’s Financial Transparency Score 2026 evaluates how effectively each state government discloses its true financial condition through audited financial reports.
Illinois: Tier 2 Pension Costly Benefit Increases Supercharge the State’s Pension Crisis, and Local Governments Would be Hit Hardest
May 6, 2026
Illinois’ public pension systems are in severe crisis, with chronic underfunding threatening retirees, taxpayers, and the state’s fiscal stability. Truth in Accounting has reported on this issue for years, highlighting how the state’s failure to make full actuarially determined contributions (ADC) has exacerbated the problem. As of fiscal year 2024, Illinois’ pension systems face $148.6 billion in unfunded liabilities, with a funded ratio of just 47.8%. This is well below the 65% threshold considered critical under private sector pension funding standards established by federal law. Pension payments consume approximately 20% of the state budget, crowding out investments in education, infrastructure, and public services. Benefit increases without corresponding funding adjustments will worsen the state’s long-term pension imbalance.
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