North Dakota: state and local government debt FY 2025 | Statista (2024)

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North Dakota: state and local government debt FY 2025 | Statista? ›

By the fiscal year of 2025, it is forecasted that North Dakota's state debt will be about 3.93 billion U.S. dollars, and the local government debt will be about 6.96 billion U.S. dollars.

Under the American Rescue Plan, North Dakota will receive $1 billion in direct state fiscal aid and $189 million in local government aid from the federal government. As of November 2023, North Dakota had spent part of its ARP funds on water infrastructure and public health programs.

Rising debt means fewer economic opportunities for Americans. Rising debt reduces business investment and slows economic growth. It also increases expectations of higher rates of inflation and erosion of confidence in the U.S. dollar.

In April 2024, the public debt of the United States was around 34.62 trillion U.S. dollars, more than two trillion more than in July when it was around 32.6 trillion U.S. dollars.

Idaho has the lowest per capita government debt in the nation, at $3,107.52, which accounts for 5.43% of the state's total GDP. Wyoming holds the smallest state debt as a percentage of GDP, at just 4.11%.

State and Local Government Debt

State and local governments com- bined had total debt outstanding of $3.3 trillion in 2021, with the local government share of the debt at 63.8 percent, while the state government share was at 36.2 percent.

By: North Dakota Monitor staff - May 22, 2024 3:37 pm

North Dakota's Legacy Fund is now worth more than $10 billion. It was valued at approximately $10.55 billion as of the end of March, according to a Wednesday announcement from the Retirement and Investment Office, which administers the fund.

California received the most from the federal government, $162.9 billion, followed by New York ($110.2 billion), Texas ($105.8 billion), Florida ($58.8 billion), and Pennsylvania ($57.1 billion).

In some states, including Florida, Nevada and Wyoming, the top 1% of earners pay more than half of the state's total income taxes. New Mexico is the only state paying less in taxes than it receives in support – paying only 85 cents in federal taxes for each dollar of support.

Which country has no debt? ›

Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial.

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.

The list of 31 billionaires worth more than Uncle Sam's cash total includes household names like Michael Dell, legendary investor Warren Buffett and Facebook co-founder Mark Zuckerberg, as well as billionaires with lower profiles such as French billionaire Francois Pinault and Chanel chairman Alain Wertheimer.

According to the Bank of Russia's estimate, external debt of the Russian Federation as of March 31, 2024 totaled $304.0 billion, having decreased by $12.8 billion, or by 4.1%, since the end of 2023.

There are two kinds of national debt: intragovernmental and public. Intragovernmental is debt held by the Federal Reserve and Social Security and other government agencies. Public debt is held by the public: individual investors, institutions, foreign governments.

If measured in terms of absolute debt, that is debt with no reference to salary, the most indebted state is Colorado (averaging $89,170 per household). Colorado is followed by California, Hawaii, Washington, Maryland, and Utah.

The Federal Reserve, which purchases and sells Treasury securities as a means to influence federal interest rates and the nation's money supply, is the largest holder of such debt.