Overspending by Uncle Sam and state governments, combined with recession-slashed tax receipts at the Treasury and statehouses, has boosted the overall federal-state debt every American owes to a whopping $62,125, some $12,000 more than the annual median American household income.
The shocking number is the result of adding the well-known federal debt per person of $48,700 to a brand new state debt of $13,425 per person calculated by the non-partisan group State Budget Solutions.
Combined, the debt per person is $12,080 more than the median household income of $50,045 just calculated by the U.S. Census Bureau.
“This report brings the debt closer to home by demonstrating that a newborn arrives already more than $13,000 in debt and that a family of four owes their state government $53,700,” said Bob Williams of State Budget Solutions. “It is the individuals and families who will ultimately bear this horrific financial burden if state governments do not get their budgets under control.”
The group’s new report follows a larger analysis released in August showing that states face a crushing $4.6 trillion in debt. President Obama’s two home states of Hawaii and Illinois are among the five most indebted in the nation.
