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

8. Washington

2011 budget shortfall as a percentage of general fund: 29.6 percent
2011 budget shortfall: $4.6 billion
2012 projected budget shortfall: 15.3 percent (13th largest)
GDP change (2006 – 2010): +13.4 percent (12th largest increase)
Median home value change (2006 – 2010): +1.6 percent (2nd smallest increase)

Washington’s home values actually increased between 2006 and 2010, but only by 1.6% — an exceptionally small amount compared to other states. On the other hand, the state’s economy recorded a double-digit growth rate. Still, this was not enough to save the state from its budgetary shortcomings. Because of its $4.6 billion budget gap, the state cut public safety funding, assistance for the mentally and physically disabled, and education funding, among others. The state also increased premiums for a health plan that serves low-income residents.

(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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