Truth in Accounting has just published the Financial State of the States report, a regional analysis of the most recent state government financial data.It is one of the most comprehensive studies of the economic conditions of all 50 states and includes the most up-to-date state finance and pension data, trends across the states, and key findings.
The study found that 40 states do not have enough money to pay all of their bills without more borrowing. In total the states have racked up $1.5 trillion in unfunded state debt.
New Jersey, Illinois and Connecticut are in the worst shape.
Here are the rankings (from less indebted to most indebted):
- Alaska, $74,200 per taxpayer
- North Dakota, $30,700
- Wyoming, $20,800
- Utah, $5,300
- Idaho, $2,900
- Tennessee, $2,800
- South Dakota, $2,800
- Nebraska, $2,000
- Oregon, $1,600
- Iowa, $700
- Minnesota, -$200
- Virginia, -$1,200
- Oklahoma, -$1,200
- North Carolina, -$1,300
- Indiana, -$1,700
- Florida, -$1,800
- Montana, -$2,100
- Arkansas, -$2,300
- Arizona, -$2,500
- Nevada, -$3,100
- Wisconsin, -$3,200
- Georgia, -$3,500
- Missouri, -$4,300
- New Hampshire, -$5,000
- Ohio, -$6,600
- Kansas, -$7,000
- Colorado, -$7,200
- Washington, -$7,400
- Maine, -$7,400
- West Virginia, -$8,300
- Mississippi, -$10,000
- Alabama, -$12,000
- Texas, -$12,100
- New Mexico, -$13,300
- Rhode Island, -$13,900
- South Carolina, -$14,500
- Maryland, -$15,500
- Michigan, -$17,000
- Pennsylvania, -$17,100
- Louisiana, -$17,700
- Vermont, -$19,000
- New York, -$20,500
- California, -$21,800
- Kentucky, -$25,700
- Delaware, -$27,100
- Hawaii, -$31,200
- Massachusetts, -$31,200
- Connecticut, -$51,800
- Illinois, -$52,600
- New Jersey, -$65,100
Good ol Alaska. The new governor here, who I really don’t have an opinion on besides this, he has drastically cut the budget here this year, to the point that there is a serious movement to have him recalled. It won’t happen. 2 years ago it looked like we were going to get a state income tax AND a state sales tax, neither happened as the people here would have started riots in the streets. Now the $48 billion the State has in reserves is a little more safe, and if this governor can keep it up, things should be good for a while as far as taxation. The state dividend looks to be anywhere from $1,800-$3,000 per resident this year also. We will see how it goes, there are a lot of socialist in Anchorage that want to spend it all, but for now we are ok. I see we as in the residents here, hopefully we will be safe from taxation for another 7 years. Oil prices are helping, Alaska oil being in the mid to high $60’s per barrel.
ReplyDeleteNot a bad place to live if you want to keep the fruits of your labor.
I am a small business owner in what I call the Failed State of Connecticut. I don't know a single business owner who wouldn't like to get out of the state.
ReplyDelete