Editor's note: This Shark does not have to comment further. Lucius Verenus, Schoolmaster, ProbateSharks.com
Illinois ranked #1 worst run state in the nation
Each year, 24/7 Wall St. ranks the states on how well or poorly they are run. This year, North Dakota is the best-run state in the country for the third consecutive year, while Illinois replaced California as the worst-run state.
In addition to North Dakota, Wyoming, Nebraska, Iowa and Minnesota were ranked as the top five best run. Joining Illinois were New Mexico, Mississippi, Rhode Island and Kentucky as the worst run.
According to the report, Illinois came in as the worst because of its:
- Debt per capita: $4,992 (11th highest)
- Credit Rating (S&P/Moody's): A-/A3
- 2013 unemployment rate: 9.2% (3rd highest)
- Median household income: $56,210 (17th highest)
- Poverty rate: 14.7% (25th lowest)
The study noted: "Illinois has extremely poor finances by many measures. Just 39.3% of Illinois' pension liabilities were funded as of 2013, worse than any other state. Further, the state's reserves are estimated at just 0.5% of its general fund expenditure, the second lowest reserves rate nationwide. Both Moody's and S&P gave Illinois the worst credit ratings of any state, at A3 and A- respectively. According to Moody's, the state's rating reflects its low fund balances and high pension obligations, as well as its "chronic use of payment deferrals to manage operating fund cash."
More HERE
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