What state has the worst debt? (2024)

What state has the worst debt?

“Hawaii is the most indebted state, with government debt at $13,681.67 per capita,” the report said. “The total state debt balance of $19.7 billion represents 19.49% of the state's GDP.”

Which state has the largest debt?

Who has the worst national debt?

At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.

Where does the US owe most of its debt?

What is the highest US debt?

Total US federal government debt breached $30 trillion mark for the first time in history in February 2022. As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt.

What states are debt free?

The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.

Which US city has the most debt?

What country is debt free?

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.

How much does China owe the US?

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.

What was the lowest U.S. debt ever?

Our records show that debts incurred during the American Revolutionary War amounted to $75,463,476.52 by January 1, 1791. Over the following 45 years, the debt grew. Notably, the public debt actually shrank to zero by January 1835, under President Andrew Jackson.

Who owes America the most money?

Does any country owe the US money?

China owes the United States $1.3 trillion, which is the most debt out of all the countries that are its debtors. Japan was the primary debt holder until 2008, but now comes in second place, with $1.2 trillion. Other countries with outstanding U.S. debt include Russia, India and South Korea.

Who does us owe 31 trillion to?

The public owes 74 percent of the current federal debt. Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt.

Can us get out of debt?

Reducing the debt will require Congress to make politically difficult decisions to either curb spending, raise taxes, or both. Other experts say the United States can safely afford to continue borrowing at present levels because it pays relatively little interest due to its unique position in the global economy.

How will the US pay its debt?

It ultimately comes down to the U.S. taxpayers. That means in order to pay it off, or at least make a larger dent in the debt, the federal government would have to raise taxes and cut spending.

Why is the US in so much debt?

Tax cuts, stimulus programs, increased government spending, and decreased tax revenue caused by widespread unemployment generally account for sharp rises in the national debt.

How many Americans are 100% debt free?

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.

Why can't states go into debt?

While the federal government can raise money by selling treasury securities, this option is not available to state and local governments. Debt requires approval of the legislature or even the voting public. Another major constraint is the democratic process itself.

Is California in financial trouble?

State Faces a $68 Billion Deficit. Under current law and policy, we estimate the state faces a budget problem of $68 billion. Figure 3 reflects the budget problem in the 2024‑25 ending balance in the Special Fund for Economic Uncertainties.

What is the #1 debt for American households?

Mortgages make up 70% of American consumer debt. That number has risen consistently since mid-2013 and has recently accelerated as home prices hit record levels. How much mortgage debt does the average American have? The average mortgage debt among Americans is $244,498, per Experian's 2023 State of Credit Report.

Does Russia have debt?

Public debt in Russia averaged 15.4% of GDP in the decade to 2022, below the average of 32.5% of GDP for Eastern Europe. Public debt in Russia was 18.9% of GDP in 2022.

Who owns US debt?

1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.

When was the last time the US had no debt?

As a result, the U.S. actually did become debt free, for the first and only time, at the beginning of 1835 and stayed that way until 1837. It remains the only time that a major country was without debt. Jackson and his followers believed that freedom from debt was the linchpin in establishing a free republic.

What happens if China stops buying U.S. debt?

If China (or any other nation having a trade surplus with the U.S.) stops buying U.S. Treasuries or even starts dumping its U.S. forex reserves, its trade surplus would become a trade deficit—something which no export-oriented economy would want, as they would be worse off as a result.

Can the US keep printing money?

The bottom line

Printing more money is a non-starter because it'd break our economy. “It would take care of the debt but at a price that's far too high to pay,” Snaith says.