State and Local Finances for 2021

On June 30, 2023 we updated the state and local spending and revenue for FY 2021 using the new Census Bureau State and Local Government Finances summaries for FY 2021 released on June 28, 2023.  (See also Annual Survey of State and Local Government Finances). The release includes state and local spending for the United States as a whole and the 50 individual states and the District of Columbia.

State and local spending and revenue for FY2021 are now actual historical spending as reported by the Census Bureau.  Previously state spending and revenue for FY2021 were actual, and local spending and revenue were estimated.  The following table shows the difference between estimated and actual local spending and revenue for FY2021:

FY 2021	Estimated $ billion	Actual $ billion
Local Spending	$2,058	$2,203
Local Revenue	$1,545	$1,642

We have updated the "guesstimated" state and local finances for FY2022-28 as indicated in our "guesstimate" blog entries.

We have also updated data for individual local government units with data for 2021. 

Medicare/Social Security 2023 Trustee Reports Released

On March 31, 2023, the Center for Medicare Services released its annual Medicare Trustees Report, which projects Medicare spending out to 2095.  As in the past, the report shows that federal health-care programs will eat the budget.

In this report the Trustees forecast that Medicare will top out at a little above 6 percent of GDP in the 2080s.

On June 29, 2023, usgovernmentspending.com updated its chart of the Medicare Outlook here based on data in the 2023 Medicare Trustees Report.  You can download the data and also view selected Medicare Trustee forecasts going back to 2005.

On March 31, 2023, the Social Security Administration released its annual OASDI Trustees Report, which projects Social Security spending out to 2095.  As in the past, the report shows that Social Security spending will max out at about 6 percent of GDP. UsGovernmentspending.com uses the Supplemental Single Year Tables.

On June 29, 2023, usgovernmentspending.com updated its chart of the Social Security Outlook here based on data in the 2023 OASDI Trustees Report.  You can download the data and also view selected OASDI Trustee forecasts going back to 1997.

CBO Long Term Budget Outlook for 2023

On June 28, 2023 the Congressional Budget Office released its annual Long Term Budget Outlook for 2023, which projects federal spending and revenue out to 2053.  As before, the CBO study shows that federal health-care programs and interest costs will eat the budget, with federal spending exceeding 25 percent GDP by the mid 2030s while federal revenue stays below 19 percent GDP.

UsGovernmentspending.com has updated its chart of the CBO Long Term Budget Outlook here.  You can download the data and also view CBO Long Term Budget Outlooks going back to 1999.

Gross State Product for 2022

The US Bureau of Economic Analysis (BEA) released its Gross State Product (GSP) data for 2022 on March 31, 2023.

Usgovernmentspending.com has updated its individual state GSPs for 2022 for each state using the projected national GDP numbers from Table 10.1 in the Historical Tables for the Federal FY2024 Budget and the historical GDP data series from the BEA as a baseline.

Click here to view a complete list of US states and their 2022 GSP growth rates.

Process:

1. Click on link.
2. Click on "Interactive Data" link
3. Click on "Interactive Tables: GDP by State" link
4. Click on "Annual Gross Domestic Product (GDP) by State"
5. Click on Gross Domestic Product (GDP) summary
6. Areas: Select "All Areas"
7. Statistic: Select "Real GDP..." and "Current-dollar GDP..."
8. Click on Next Step button
9. Time Period: Select "All Years"
10. Click on Next Step button
11. Click on Download Data button
12. Select CSV