Not Just California - Budget Woes
Last week the Pew Center on the States released a new report detailing the financial peril that many states are in. It uses California as the benchmark for dire budgetary woes and ranks the other 49 states on a scale of most like to least like the Golden State. State rankings were based on six factors using data from July 31, 2009. The six factors are:
- Foreclosure rates
- Lost State Revenue
- Relative Size of Budget Gap
- Obstacles to Balanced Budget
- Money Management Practices
After California, the states with the worst budgetary prospects were each of California's neighbors (Nevada, Oregon, Arizona), Michigan, Wisconsin, Illinois, New Jersey and Rhode Island. Together those ten states account for 1/3 of the US population and economy, so their dire circumstances impact everyone.
This thorough study is a great resource for anyone concerned with state spending, deficits, taxes, services and economic health. So basically everyone.
Visit the Pew Center on the Statesfor more information and to see where your State ranked on the "like California" scale. I highly recommend downloading and reading the Executive Summary.