Report: Michigan has $128.5B in government liabilities, with $46B in pension debt
(The Center Square) – A new report from the Reason Foundation found that Michigan’s state and local governments have $128.5 billion in total liabilities, equivalent to $12,766 per resident. That figure is below the national average of $18,346 in per capita state and local government liabilities, but is still one of the highest nationally. “Only 11 states have more total state and local debt than Michigan's $128.5 billion. And only 11 states have more bonded debt,” Jordan Campbell, managing director of government finance at Reason Foundation and co-author of the report, told The Center Square in an exclusive interview. Reason Foundation’s State and Local Government Finance Report looked at fiscal year 2024. At the end of that year, the nation’s 50 state governments reported $2.6 trillion in total debt, including $1.9 trillion in long-term debt. “Michigan does relatively well, ranking 26th, right in the middle, in state and local debt per capita,” Campbell said. “But if you account for relative assets, the picture looks worse. Michigan has the 15th-highest debt ratio (the ratio of liabilities to assets) in the country.” Connecticut, New Jersey, Hawaii, Illinois and Massachusetts ranked highest in per capita state debt. Connecticut reported $25,381 per resident, followed
