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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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State Finances
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How does Michigan's debt load compare to other states?
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Answer:
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For calendar year 2006, the most recent year for which comparative data is available, Michigan's outstanding debt per capita was $748. This was well below the national average of $1,158 and ranked Michigan 20th best among states. Below is additional information showing how Michigan's debt compared to other states as of calendar year 2006.
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Net Tax-Supported Debt as a
Percentage of Personal Income
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Net Tax-Supported Debt Per Capita
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Lowest rate (Nebraska): .1%
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Lowest debt (Nebraska): $22
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Highest rate (Hawaii): 9.9%
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Highest debt (Massachusetts): $4,529
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Average: 3.2%
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Average: $1,158
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Michigan: 2.2%
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Michigan: $748
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Rank: 22nd best
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Rank: 20th best
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Source: Moody's Investors Service, March 2008
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