Georgia’s Debt: $115,193,862,000

January 21, 2014 9:27 am

by Jon Richards · 3 comments

A new report by State Budget Solutions, a 501(c)(3) educational organization, lists the Peach State’s total debt as just shy of $115.2 billion. Your share? $11,612.

The study breaks out the components making up the total debt. First is current outstanding debt (bonds, etc.) of $15,297,965,000, or 13.2% of the total. The largest share is outstanding pension liabilities of $84,975,358,000. Other post-employment benefits make up $14,625,000,000 and a loan from the federal government taken out during the recession to pay unemployment benefits accounts for the remaining $295,539.000.

How does Georgia compare with other states? We’re 11th in total state debt, 12th in outstanding debt, 11th in outstanding pension liabilities, other post-employment benefits, and unemployment trust fund loans. Other measures typically used to measure the fiscal soundness of a state show we’re not in danger territory. We are 38th in state debt per capita, and tied for 32nd with Utah in debt to state GDP (27%). Georgia ranks fifth among all states in debt as a percentage of FY 2012 expenditures at 633%.

You can view all the numbers and compare the rankings among all states in this spreadsheet.

I don’t remember hearing these figures during the Governor’s State of the State speech last week. But, as the General Assembly resumes work on passing a budget this morning, they ought to keep these numbers in mind.

{ 3 comments… read them below or add one }

NxtGenerationGeorgia (@NxtGenerationGA) January 21, 2014 at 10:13 am

Not the best of news ~> “@brettharrell: Georgia’s Debt: $115,193,862,000 — Peach Pundit http://t.co/QSr630OZXO”

Howie Bruce (@HowieBruce) January 21, 2014 at 12:09 pm

Georgia’s Debt: $115,193,862,000 — Peach Pundit #gagop http://t.co/oGfvCR5Yta

saltycracker January 21, 2014 at 6:26 pm

$100 billion of the $115 billion is to obligations for non-working employees. Georgia’s credit rating is faith in the probability of the taxpayers to pay those obligations. It takes a dire situation for a bad rating and the politicians see no future in not continuing the slow pension tsunami.

It is insane