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New Report: 40 States Do Not Have Enough Money to Pay All Their Bills

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Via Economic Policy Journal

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): 

  1. Alaska, $74,200 per taxpayer
  2. North Dakota, $30,700
  3. Wyoming, $20,800
  4. Utah, $5,300
  5. Idaho, $2,900
  6. Tennessee, $2,800
  7. South Dakota, $2,800
  8. Nebraska, $2,000
  9. Oregon, $1,600
  10. Iowa, $700
  11. Minnesota, -$200
  12. Virginia, -$1,200
  13. Oklahoma, -$1,200
  14. North Carolina, -$1,300
  15. Indiana, -$1,700
  16. Florida, -$1,800
  17. Montana, -$2,100
  18. Arkansas, -$2,300
  19. Arizona, -$2,500
  20. Nevada, -$3,100
  21. Wisconsin, -$3,200
  22. Georgia, -$3,500
  23. Missouri, -$4,300
  24. New Hampshire, -$5,000
  25. Ohio, -$6,600
  26. Kansas, -$7,000
  27. Colorado, -$7,200
  28. Washington, -$7,400
  29. Maine, -$7,400
  30. West Virginia, -$8,300
  31. Mississippi, -$10,000
  32. Alabama, -$12,000
  33. Texas, -$12,100
  34. New Mexico, -$13,300
  35. Rhode Island, -$13,900
  36. South Carolina, -$14,500
  37. Maryland, -$15,500
  38. Michigan, -$17,000
  39. Pennsylvania, -$17,100
  40. Louisiana, -$17,700
  41. Vermont, -$19,000
  42. New York, -$20,500
  43. California, -$21,800
  44. Kentucky, -$25,700
  45. Delaware, -$27,100
  46. Hawaii, -$31,200
  47. Massachusetts, -$31,200
  48. Connecticut, -$51,800
  49. Illinois, -$52,600
  50. New Jersey, -$65,100

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