The Ten States Most in Debt
Research Done by the Pew Charitable Trusts has shown that in 17 States long term liabilities have soared as a share of personal income. Here is a look at the Top ten. Massachusetts, Mississippi, Delaware, Kentucky and New Mexico round out then through 6 respectively. Connecticut's Debt as a share of personal income is 30.2%. That Number is a lot more serious when you consider that Connecticut is one of the wealthiest states in the country. New Jersey's Debt as a share of personal income is 31.2%. The state carries $117.8 billion in pensions and retiree health care debt. Illinois Debt as a share of personal income is 31.7%. Illinois' operating deficit, the money it needs for day-to-day operations, has caused i problems with the state's creditors. Hawaii's Debt as a share of personal income is 46.1%. As a small state, the actual amount of debt is small. The Islands owe about 6.7% of what Illinois is in the hole for. Finally Alaska's Debt as a share of personal income is 52.9%. Spread across the state's tiny population Alaska is the only state whose debt is worth more than half of what residents earn.
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This article was written by a staff member of TheStreet.
