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

3. Arizona

2011 budget shortfall as a percentage of general fund: 39.0 percent
2011 budget shortfall: $3.3 billion
2012 projected budget shortfall: 17.0 percent (10th largest)
GDP change (2006 – 2010): +2.7 percent(4th smallest increase)
Median home value change (2006 – 2010): -28.6 percent (4th largest decline)

Like its neighbor Nevada, Arizona was hit particularly hard by the subprime mortgage crisis. Between 2006 and 2010, median home values plunged 28.6 percent in the state, the fourth worst price drop in the country. GDP, poverty and income levels have either stagnated or become significantly worse during this period. Since 2009, the state has had among the worst budget gaps in the country, a combined total of $12.1 billion for the three years. To balance its budget, Arizona has made dramatic budget cuts, including revoking Medicaid eligibility of more than 1 million low-income residents and cutting preschool for more than 4,000 children.

(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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