Thursday, November 21, 2024
Hawai'i Free Press

Current Articles | Archives

Sunday, June 1, 2014
Moody's: US state debt growing at slowest pace in years--but Hawaii Still Tops
By News Release @ 12:53 AM :: 3029 Views

Moody's: US state debt growing at slowest pace in years

News Release from Moody's Global Credit Research - May 30, 2013

New York, May 30, 2013 -- Growth in outstanding debt issued by all US states slowed to 1.3% in calendar year 2012, says Moody's Investors Service in its annual update, "2013 State Debt Medians Report." The near-flat growth in debt was well below the 7% average annual growth of the past 10 years and the recent peak of 10% growth in 2009.

The 1.3% growth in 2012 marked the third consecutive year the pace of growth in state debt had dropped. Moody's expects the growth in state debt to continue to be slow.

Moody's state medians show Connecticut, Massachusetts, Hawaii, New Jersey and New York have the highest net tax-supported debt per capita.

"Legal debt limitations, state-level austerity spending, and anti-debt sentiment have reduced states' appetite for new money borrowing," said Baye Larsen, a Moody's Vice President and Senior Analyst. "Additionally, debt plans have been influenced by uncertainty regarding federal fiscal policy and the impact of federal budget austerity on the national economy."

States will continue to defer debt plans until the impact of federal budget balancing efforts are better understood, says Moody's.

State debt service costs increased by 3% in 2012, much slower than the 8.6% growth experienced in 2011.

In all, Moody's says the combined amount of net tax-supported debt for the 50 states increased to $516 billion in 2012 from $510 billion in 2011.

The largest contributors to growth in net tax-supported debt in 2012 were California, Massachusetts, Virginia and Washington, with each adding between $1.2 billion and $1.7 billion in debt.

Seven states saw notable declines in net tax-supported debt. On a dollar basis, the largest decreases were in Arizona, Florida, Illinois and New York. On a percentage basis, Kansas and Utah saw the largest declines, at 8% and 7% respectively.

For more information, Moody's research subscribers can access this report at LINK.

***

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii