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24/7 Wall St.: The Best- and Worst-Run States in America

Worst-Run States

1. California
Debt per capita: $4,008 (18th highest)
Budget deficit: 20.7% (17th largest)
Unemployment: 11.7% (2nd highest)
Median household income: $57,287 (10th highest)
Pct. below poverty line: 16.6% (18th highest)

California is 24/7 Wall St.’s “Worst- Run State” for the second year in a row. Due to high levels of debt, the state’s S&P credit rating is the worst of all states, while its Moody’s credit rating is the second-worst. Much of California’s fiscal woes involve the economic downturn. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state’s foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.

(iStock)

More From 24/7 Wall St.:
Interactive Tool of All 50 States
States with the Most Unemployment Insurance Losses
The 12 Companies Paying Americans the Least



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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