Debt report says state well positioned to provide stability: ‘Make America more like Florida’
TALLAHASSEE, Fla. – A 2023 debt report said the state decreased its debt and is well positioned to ensure stability through future economic cycles.
“Economic strength, revenue growth, prudent financial management, and ample reserves are reflected in the State’s triple-A credit ratings,” the report said. “The state is well positioned to ensure stability through future economic cycles.”
Total state direct debt outstanding as of June 2023 was $800 million less than the prior fiscal year.
“This continues a downward trend which began in 2011 totaling $11.9 billion or a 42% reduction in debt outstanding,” the report said.
Of Florida’s $16 billion in total debt, 51% accumulated from its transportation sector as of June 30, 2023.
“The 2023 State Debt Report reflects the benefits of prudent debt management on the economic success of the State of Florida,” Florida Chief Financial Officer Jimmy Patronis said in a release. “By living within our means, Florida has decreased state debt by $4.3 billion since 2019, while D.C. has increased federal debt by $9.5 trillion during that same time period.”
Overall, the United States has mounted nearly $34 trillion in debt. The deficit includes $260,000 per taxpayer and a recent milestone of $100,000 per person.
With its growing debt, Patronis challenged Congress to make “America more like Florida.” He also noted Florida’s debt burden being 135 times lower per person than the federal level.
Patronis further accused Washington of “stealing money from our children and grandchildren” while demanding they take control of their “reckless spending.”
Patronis’ sentiment was recently echoed by Rep. Brian Mast, R-Fla., after the United States set the mark of eclipsing $100,000 in debt per person.
“Washington has to get the spending under control,” Mast said.
Mast also concluded his son’s share was already $100,000 and “he hasn’t even started kindergarten yet.”
Back on the state level, Patronis touted Florida’s debt prudence for keeping a strong credit rating.
“Florida is also positioned to maintain our top AAA credit rating due to a strong economy, significant revenue growth, and healthy reserves,” Patronis added. “With this kind of terrible fiscal management in D.C., it’s no wonder that inflation and interest rates have skyrocketed, making everything cost more.”
When compared with other states, Florida ranked No.1 in debt per capita at $661. The state was just ahead of Texas, North Carolina, and Michigan.
Florida also placed No. 3 in net-tax supported debt as percent of state GDP and No. 4 in net-tax support debt as percent of revenues.
