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Wednesday, October 26, 2011

Drowning in government debt

Oregon comes in at number 10 on this list of the 10 states with the highest government debt per capita. The study pegs Oregon's debt at $2,960 a head.

That, of course, is nothing to us Portlandians. Counting pensions and bonds, our estimate of the City of Portland's debt is now at more than $11,000 per resident. Go by streetcar!

Comments (5)

Hmmm...the link gives a total state debt of $58,019,973 and a per capita debt of $2,960. That would mean the state population is about 19,600. Something seems amiss in their figures.

Total state debt is way over $58 million. $58 billion, perhaps?

Oregon's population is about 3.8 million. If the per capita figure is correct, this would put the state's debt at about $11.25 billion. Of course, it's also possible that they did mean $58 billion instead of $58 million, in which case Oregon would be much higher up on the top 10 list.

"The total of U.S. state debt, including pension liabilities, could surpass $4 trillion" "Total budget gap FY2011: $4,200,000"

I think they included current devt and unfunded pensions (which Mr Bog already did for Portland.)

At pop = 3.5M and $2960/capita = $10.36B

Considering they had to throw another $1.1B last biennium to benefits, I think that's probably a low number at $10B.

Considering the article said: Using the higher pension gap number, State Budget Solutions said California is in the biggest financial hole -- with total debt of more than $612 billion. but the picture showed their debt as: $612,054,955

It is only missing three zeros.

So if Oregon is the same that puts the per capita number at about $15,268.

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