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Frequently Asked Questions Regarding the State's Finances

The following questions provide an easily understandable overview of Michigan's finances. To find the answer to a particular question, click on it. Where appropriate, answers may include links to additional, more detailed information. We are interested in hearing your thoughts or suggestions regarding the questions and answers. Use this link to submit comments.

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FAQ
  State Finances
How does Michigan's debt load compare to other states?
 
Answer:

Debt Management

For calendar year 2005, the most recent year for which comparative data is available, Michigan's outstanding debt per capita was $747.  This was well below the national average of $1,101 and ranked Michigan 25th best among states.  Below is additional information showing how Michigan's debt compared to other states as of calendar year 2005.

Net Tax-Supported Debt as a
Percentage of Personal Income

Net Tax-Supported Debt Per Capita

Lowest rate (Nebraska):                    .1%

Lowest debt (Nebraska):                     $24

Highest rate (Hawaii):                    10.6%

Highest debt (Massachusetts):        $4,153

Average:                                          3.2%

Average:                                       $1,101

Michigan:                                        2.2%

Michigan:                                        $747

Rank:                                        23rd best

Rank:                                         25th best

    Source:  Moody's Investors Service, April 2007

 


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