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Sold Out Futures By State: Debt and Capital Construction Investments, Census of Governments Data

When people think about America’s debt problem, they generally think about the national debt, which is to say the on-the-books debts of the federal government held by the general public. U.S. debts in general, however, have soared from a total of less than 170 percent of GDP from the 1950s to the early 1980s to nearly 350 percent of GDP in 2008, as I noted here.

https://larrylittlefield.wordpress.com/2015/03/18/the-american-economy-hair-of-the-dog-means-more-debt-for-the-doomed/

Consumer debt soared. Business debt soared. And state and local government debt soared, from 12.4% of GDP in 1980 to 20.6% of GDP in 2009, before dropping back. While state and local governments are generally required to run balanced budgets, they also tend to have separate capital budgets, under which money is borrowed for long-term capital investments. While state and local government debt has been trending up, however, infrastructure expenditures have trended in the other direction. The result is a sold-out future.

Note:  This analysis has been updated with four more years of data.  Read the new analysis rather than this one.  It is located here.

https://larrylittlefield.wordpress.com/2018/12/12/sold-out-futures-by-state-in-2016-debt-and-infrastructure/

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