DEO Press Releases

Gov. Scott: State Debt Reduced by More Than $10 Billion

Aug 13, 2018

TALLAHASSEE, Fla. – Today, Governor Rick Scott announced that since December 2010, state debt has been paid down by more than $10 billion. This is the largest reduction of state debt during one administration in Florida’s history. In June, Governor Scott announced that Moody’s Investors Service upgraded Florida’s General Obligation (GO) bond rating to Aaa, and for the first time in the history of Florida, all three rating agencies now have Florida’s GO bond rating at AAA.

Governor Scott said, “In Florida, we’ve shown that you can have a balanced budget, reduce debt and create jobs all while cutting taxes. Since 2011, our unemployment has dropped by more than seven percent, and we’ve created more than 1.5 million jobs. This incredible turnaround is proof that when you cut taxes and invest in what’s important to families and businesses, everyone succeeds. I’m proud of the accomplishments we’ve made over the past seven and a half years and all the work we’ve done to make sure that every Florida family has the opportunity to live the American Dream in the Sunshine State.”

Since Governor Scott took office, Florida has experienced an incredible economic turnaround, including:

  • Florida’s businesses have added more than 1.55 million new private sector jobs since December 2010;
  • Taxes in Florida have been cut nearly 100 times, saving families and businesses more than $10 BILLION;
  • Florida’s unemployment has dropped from 11.2 percent to just 3.8 percent; and
  • Florida has paid down by more than $10 billion in state debt.

For more information about Florida’s record debt reduction, click HERE.


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