Reuters reports that California’s long term debt is over $159 billion. New York state debt is $120 billion. The amount all 50 U.S. states owe in debt and benefits for public workers is $1.026 trillion. This data provided according to the analysis by the Citizens Budget Commission.
New York’s ability to pay its bills was estimated at a ratio of 1.099, meaning that for every dollar of resources it has, there is $1.099 worth of obligations. By contrast California’s ratio works out to a more affordable 0.599, according to the study by the nonpartisan research group.
Greece’s foreign debt has risen to 300 billion euros ($441 billion), or about 125% of national GDP. The GDP of California in 2008 was $1.5 trillion according to the U.S. Bureau of Economic Analysis. New York’s GDP was about $1 trillion.
Global comparison
Zimbabwe has the world’s highest public debt as a percentage of the economy. Select examples and overall rank:
Zimbabwe 304% (1)
Japan 192% (2)
Greece 108% (8)
France 80% (15)
Germany 77% (18)
U.K. 69% (22)
U.S. 58%* (42)
Iran 19% (103)
Russia 7% (124)
Source: CIA
* Does not include Treasury debt held by Social Security Administration and the Federal Reserve
Things aren’t so bad after all!
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