Webinar Replay

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This educational webinar introduced and demonstrated Data-Z, a powerful online tool developed by the nonprofit Truth in Accounting (TIA). The session aimed to equip financial advisors with resources to better understand and explain federal, state, and local government financial conditions—including unfunded liabilities and taxpayer burdens—to their clients.

🔧 Tool Demonstration: Data-Z

Sheila provided a walkthrough of the Data-Z platform, highlighting its interactive charts and in-depth financial data for:

1. Federal Government

• The federal government's published debt is $36 trillion, but when including unfunded liabilities (e.g., Social Security, Medicare, veteran benefits), the actual debt surpasses $161.5 trillion.

• This equates to approximately $900,000 per taxpayer.

• The government does not record these as liabilities, meaning there’s no concrete plan for funding future benefits.

• Advisors are urged not to assume clients will receive full Social Security or Medicare benefits.

2. State and Local Governments

• Many states (like Pennsylvania and Illinois) and cities (like Pittsburgh and Chicago) carry massive pension and retiree healthcare liabilities, often omitted or underreported in official budgets.

• States and cities are now required to report these liabilities, but TIA often recasts balance sheets to reflect truer fiscal realities.

• Example:

  • Pennsylvania: $10,000 taxpayer burden

  • Illinois: $37,000 taxpayer burden (delinquent on financial reporting)

  • Pittsburgh: Improved from $17,000 burden in 2016 to $10,500 in 2023

📊 Data Visualization Capabilities

Features of the Chart Builder:

• Compare pension plans, retiree health care, taxpayer burden, and more.

• Generate charts at the federal, state, or city level.

• Overlay demographic, housing, crime, education, and tax data.

• Charts can be exported (PDF, PNG, JPEG) and shared via unique URLs.

Example Charts:

• Social Security and Medicare unfunded liabilities have grown dramatically since 2008:

  • Social Security: From $17 trillion to $51 trillion

  • Medicare: From $31 trillion to nearly $67 trillion

🔍 Additional Insights and Metrics

• Best/Worst States to Retire (from WalletHub rankings)

  • Florida: 2nd best

  • Wyoming: 4th best

  • Illinois: Among the worst

• State and Local Sales Tax Rates

  • Chicago: Highest at 10.25%

  • Miami: Lower at 7%

• Median Home Prices

  • Pittsburgh: ~$208,000

  • Seattle: ~$723,000

• Murder Rates per 100,000 Residents

  • Philadelphia: ~26

  • Chicago: 18

  • Seattle: 9

🗨️ Q&A and Audience Interaction

• Jacob: Asked about government plans to fund Medicare/Social Security—confirmed they are unfunded promises.

• Frank: Commended Florida's improvements; noted Texas’ underperformance.

• Martin: Observed data gaps for Illinois due to unfiled financials.

• Audience Requests: Additional state/city comparisons (e.g., Utah, Maryland, Cleveland).

🎯 Final Takeaways

• Truth in Accounting is a nonpartisan nonprofit aimed at enhancing government financial transparency.

• Data-Z is free to use, offering powerful visualizations for advisors and the public.

• Financial advisors are encouraged to:

  • Use TIA data in client planning

  • Be cautious about assuming entitlement benefits in retirement forecasts

  • Sign up for TIA’s newsletter for ongoing updates