THU AM News: Wisconsin debt-to-income ratio 11th lowest in the country, report shows; UW-Madison officials details federal funding cuts

June 19, 2025

— Wisconsin residents’ debt-to-income ratio was 11th lowest among U.S. states in 2024, a new Forward Analytics report shows.

The research organization, part of the Wisconsin Counties Association, yesterday issued its “Badgers on a Budget” report, which explores household finance trends in the state and compares them to the rest of the country. It hinges on the Federal Reserve’s debt-to-income ratio, which includes household income and most types of consumer debt with the exception of student loans.

The state’s ratio was 1.202 in 2019, which was 12th lowest in the country. Its slight dip to 1.198 by 2024 was “near the average” decline for the period, the report shows, and made it the 3rd lowest ratio in the Midwest region for that year.

“Despite the financial impacts of the pandemic, Wisconsin households seem to have continued being financially responsible,” wrote author Kevin Dospoy, deputy director of Forward Analytics.

Between 2019 and 2024, per capita auto loan debt in the state rose 14.3% from $4,000 to $4,570. That’s a smaller increase than the national average but higher than all other bordering states except for Michigan, which saw a 25% increase — the largest in the country for the study period.

The report shows the state’s per capita auto loan debt last year was the 7th lowest in the country. Still, Dospoy notes 3.5% of all auto loan debt was delinquent in the state last year, a “significant increase” from 2.7% in 2019.

Meanwhile, per capita credit card debt in the state increased 18.1% from $2,770 to $3,270 over the same period. But at the same time, households in the state reduced their credit card balances relative to other states, going from the 11th lowest for this measure to 7th lowest. And the state’s credit card debt 90-day delinquency rate last year, 7.6%, was the lowest rate in the country. The national average was 11.2%.

The report also shows the state’s median mortgage payment was $1,245 at the end of 2024, the 10th lowest in the country and 3rd lowest among bordering states. The typical mortgage payment in the state was about 19.8% of household income for the year, the second lowest in the country after Vermont with 18.9%.

“In terms of financial impacts that can be controlled by individual households, such as the amount of personal debt, Wisconsinites fare quite well, especially relative to neighboring states,” Dospoy wrote. “As the cost of housing and most goods and services remain high, residents of the Badger state will likely continue to exercise their frugality and financial caution.”

See the report.

— UW-Madison has had 78 federal grants cut under the Trump administration, according to a university official who says cuts so far are “significant but not dramatic yet.”

Craig Thompson, vice chancellor of university relations for UW-Madison, spoke during this week’s UW Now livestream hosted by the Wisconsin Alumni Association. The discussion focused on policy and perceptions around research universities.

Thompson notes the 78 cut grants, totaling more than $50 million, are just part of the university’s 2,100 total federal grants. The unspent amount on those grants that were cut was around $20 million, he said Tuesday.

He emphasized the pervasive uncertainty facing universities like UW-Madison that depend heavily on federal support for their research enterprises.

“What we’re seeing is just the rapidity with which the new terms are coming in, the things that they’re asking higher education to agree to, to be able to get new grants … there’s still a lot that are in jeopardy,” he said.

A proposal to slash National Institutes of Health support for indirect research costs to 15% would result in hundreds of millions of dollars in lost funding for UW-Madison, Thompson said. He noted attempts to cut this funding have been held up in court, but added the federal reconciliation bill moving through Congress provides an avenue for cutting the funding that would be difficult to challenge.

“If they would decide to do that at that level, they could,” he said. “I think there’s not really many legal arguments that they would not have the ability to do that, which would have a significant impact on research institutions like UW-Madison. So that’s hanging in the balance.”

Watch the video.

— The Assembly has approved with bipartisan support a bill to create portable benefit accounts for contract employees of companies like DoorDash and Uber, despite some Dems’ concerns it wouldn’t do enough to protect those workers’ rights.

AB 269 yesterday passed 56-36 in the Assembly, with four Democrats joining Republicans in support. The bill, now headed to the Senate, aims to give gig industry workers, including delivery and personal transportation drivers, access to benefits including health insurance, retirement savings, dental and vision insurance, replacement of lost income, and occupational accident insurance.

Wisconsin AFL-CIO opposes the bill, noting it stipulates app-based workers would not be considered employees.

Co-author Rep. Alex Dallman, R-Markesan, said “no matter what you hear from some members across the aisle, this is a totally pro-worker bill.”

“It allows workers to make their voluntary choices on what they feel is best for them, with their work, with their benefits. Again, a voluntary choice from the worker to participate in … a benefit portal program,” Dallman said.

He said if businesses don’t want to provide a benefit portal, independent contractors don’t have to work for them. He said most drivers want to be able to have independent contractor status.

Rep. Angelina Cruz, D-Racine, argued corporate stakeholders are behind the bill, not workers. She called the proposal “a corporate giveaway dressed up as reform.”

“It’s a repackaging of old tricks from companies that have built million-dollar empires on the backs of workers and now want to cement into law the right to misclassify those workers to avoid paying them, providing basic protections or offering the security every working person deserves,” Cruz said.

Rep. Sylvia Ortiz-Velez, D-Milwaukee, was one of the Democrats who voted to pass the bill. She said she heard “countless testimonies” from drivers who wanted the flexibility to work as independent contractors and the legislation would make that happen.

“I want to say that this bill offers portable benefits that right now don’t exist, and won’t exist if we don’t pass this bill,” she said.

The other Dems who voted in favor were Rep. Jill Billings, D-La Crosse, Rep. Russell Goodwin, D-Milwaukee, and Rep. Lisa Subeck, D-Madison.

See more in the WisPolitics Quorum Call.

— Gov. Tony Evers has awarded $1.8 million to the city of Green Bay to cover security and public safety costs associated with hosting the 2025 NFL Draft.

The draft this April brought in around $96 million in economic benefits to the state, according to a release from the governor’s office.

“Pulling off a national event like this off requires a lot of work, coordination, and partnership,” Evers said yesterday in the release. “I’m incredibly proud of those efforts and that we’re going to be providing these investments to support our local partners and the tremendous work that ensured the Draft went off without a hitch.”

Green Bay Mayor Eric Genrich said in the release this grant provides critical support for covering safety expenditures.

“This was a historic event that brought enormous economic benefits to our community and the entire state of Wisconsin. The allocation of this funding recognizes that positive statewide economic effect and protects our local taxpayers from bearing the costs — a win-win for our state’s and our city’s residents,” Genrich said.

The governor said the ability for Wisconsin to host national events, like the draft, is in part due to the creation of the Opportunity Attraction and Promotion Fund Program, enacted in the 2023-25 budget. This fund included a $10 million investment designed to bolster the state’s economy by attracting business and tourist events.

Evers’ budget plan included an additional $5 million for the program, but the GOP-controlled Joint Finance Committee last week passed on any funding for security costs for Green Bay.

— Cleaning products manufacturer Sellars has put $15 million into a new 100,000-square-foot production site in Milwaukee, the company announced.

The facility is currently running one shift and will boost production to meet customer demand, according to yesterday’s announcement. The new site is expected to employ 20 workers across operations, maintenance, management and logistics, bringing Sellars’ total workforce to about 220 people.

The business now has five locations on Milwaukee’s north side, including its headquarters and multiple manufacturing facilities where it produces shop towels, disposable wipers, absorbent products and more.

“Our goal with this new facility is to grow our business and build on the proprietary technology we have developed,” CEO Tom Sellars said in a statement.

See the release.

Wisconsin tourist towns need students with J-1 visas. Trump’s pause scares businesses.

Vos: Republicans weighing $87M cut to UW system over lack of ‘political diversity’

TOPICS

AGRIBUSINESS

– New tool for Wisconsin cover crop data

CONSTRUCTION

– Developer could buy, rehab Monroe Plaza senior affordable housing for up to $27.5 million

EDUCATION

– 2024 Wisconsin Custom Rate Survey final report released

– Legislative Republican proposal would change how Wisconsin pays for voucher schools

– ‘Collaborate, not compete’: FVTC signs credit transfer agreement with two UW campuses