National Debt Hits High While Tennessee Hits Low
(Memphis) The national debt has hit a record level of over sixteen trillion dollars, but Tennessee has the lowest debt out of all fifty states.
State officials report they are almost six billion dollars in the hole.
That equals out to more than $900 per person.
Compare that to the national debt of over sixteen trillion dollars which equals around $50,000 per person.
Andrea Clark believes she knows how Tennessee keeps a lower debt, “Maybe because there is always something they want to tax, so it might be that.”
Elesha Whatley doesn’t think people realize how much the sixteen trillion-dollar national debt and six billion dollar state debt actually impacts them, “To me, it’s a very real number. It’s something we`re going to have to face and we need to get a grip on it now.”
Tennessee’s Comptroller says low debt should lead to lower interest rates for people in Tennessee, and helps keep taxes at their current levels.
“It’s because of strong financial management by the general assemble. That`s the main reason. They are borrowing judiciously,” said the comptroller’s spokesman Blake Fontenay.
According to the state’ report, the general assembly has also refinanced some of their bonds which has helped save state tax payers more than three hundred million dollars.