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24/7 Wall St: 10 States That Can't Pay Their Bills

1. Nevada

2011 budget shortfall as a percentage of general fund: 54.5 percent
2011 budget shortfall: $1.8 billion
2012 projected budget shortfall: 37.4 percent (the largest)
GDP change (2006 – 2010): +1.2 percent (smallest increase)
Median home value change (2006 – 2010): -44.5 percent (the largest decline)

No state has suffered during the recession more than the state of Nevada. Between 2006 and 2010, home values plummeted a staggering 44.5 percent, the poverty rate increased 26 percent, median income dropped 3.8 percent and GDP increased only 1.2 percent. Each was the worst in the country for that category. Last year, Nevada’s budget gap was $1.8 billion, the equivalent of 54.5 percent of available funds. This was the third year in a row the state has had one of the worst shortfalls in the country, and that trend appears ready to continue through at least 2013. In order to balance its budget last year, Nevada was forced to raise taxes significantly, cut dental and vision services from Medicaid coverage for adults and reduce financial aid funding and state employee salaries.

(iStock Photo)

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

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