(The Center Square) - A new Reason Foundation report pegs California as the state with the nation's highest debt.

The report found that the California state government carries more debt than any other state with $497 billion in liability. The findings stem from 2023, the most recent year for which complete data was available, according to the Reason Foundation, a think tank with offices in Washington, D.C., and Los Angeles.

California’s state government debt pencils out to about $12,500 per Californian, the report found. However, if local government and public school district debt is added to the mix, the state’s total government debt jumps to more than $1 trillion - making each Californian’s share more than $27,000.

“The state and local governments in California carries about $20,

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