New York state has had the highest state and
local government debt per capita since at least 2011.
Not exact matches
Even assuming, as the Parliamentary Budget Office does, that Ottawa's
debt will steadily shrink and disappear around 2040, provincial, territorial and
local governments are on track to swell Canada's total public
debt to the equivalent of 100
per cent of GDP by 2070.
In contrast, according to the Parliamentary Budget Officer, the provincial, territorial and
local government sector does not have a sustainable fiscal structure, even though their aggregate
debt - to - GDP ratio is currently under 30
per cent, but expected to rise significantly due to the impact of an ageing population on their finances.
In the 2006 Budget, the
government promised to reduce the deficit by $ 3 billion
per year; to reduce the federal
debt - to - GDP ratio to 25
per cent by 2012 - 13; to eliminate the total
government sector
debt (which includes the federal, provincial and
local governments as well as the Canada and Quebec pension plans) by 2021; and finally, to keep the growth in program expenses below the rate of growth in nominal GDP.
State and
local government retirement
debt now totals $ 267 billion, or $ 56,000
per Illinois household.
Despite significant cost pressures on
local government, our relentless pursuit of value for money has meant that we have cut council spending by # 7 million (or 4
per cent) in cash terms, cut the workforce by 18
per cent (or 950 full - time equivalent employees) and cut the council's
debt by # 20 million.
On a
per - capita basis, as shown above, towns have the lowest tax,
debt, and spending levels among
local governments.