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From the staff of the Tampa Bay Times

Report ranks Florida low on debt load; does that mean it's time to invest?

Florida taxpayers today are on the hook for less unpaid state debt than taxpayers in a majority of other states, according to a new report by the Pew Charitable Trust.

The report on state debt and unfunded retirement costs, released Tuesday, measures the state’s total outstanding debt between 2003 and 2013, including its health care and pension obligations to retirees. According to data provided the Times/Herald, Florida ranks ninth best in the nation in total outstanding bills and debt as a share of personal income is 7.2 percent, compared to the national average of 14.8 percent.

But that is only one piece of the equation on Florida’s fiscal health. Data collected by the U.S. Department of Commerce’s Bureau of Economic Analysis show that during that same decade, as the state’s total debt as a share of personal income dropped, so did the value of all the goods and services produced in Florida. The state’s gross domestic product per person, the monetary value of its economy, was declining more than $10,000 below the national average. Story here

More data here: Florida Per Capita Gross Domestic Product

Area

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Florida

40368

41623

43333

44038

43729

41579

38771

38396

37627

37790

38197

38664

United States

45858

47037

48090

48909

49126

48401

46680

47287

47586

48160

48397

49110

Difference

-5490

-5414

-4757

4871

-5397

-6822

-7909

-8891

-9959

-10370

-10200

-10446

Source: U.S. Department of Commerce Bureau of Economic Analysis

Florida's Outstanding Retirement and State Debt as a Percent of Personal income

 

National Rank*

National Average

Florida

Debt % of Personal Income 2013

24

3.7

2.4

Unfunded Pension % of Personal Income 2013

11

6.9

3.9

Retiree Health Care % of Personal Income 2013

17

4.2

0.9

Total Debt % of Personal Income 2013

7

14.8

7.2

 

*lowest to highest

   

Source: Pew Charitable Trust

 

[Last modified: Tuesday, May 17, 2016 2:07pm]

    

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