Fri Nov 30, 2012, 08:31 PM
alp227 (29,253 posts)
California the worst run state?
Friend posted this on facebook, 24/7 Wall Street's "5 best run and worst run states", California being number 1:
California is 24/7 Wall St.'s Worst Run State for the second year in a row. Due to high levels of debt, the state's S&P credit rating is the worst of all states, while its Moody's credit rating is the second-worst. Much of California's fiscal trouble can be traced to the recent recession. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state's foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.
The site considers the best-run states to be (following isn't in their order) Iowa, Wyoming, Nebraska, Utah, and North Dakota. The site also ranked the top 3 worst states as: California, Rhode Island, and Illinois, two states with (D) governors and another (RI) with an independent governor and Democratic-majority legislatures. Following were Arizona and New Jersey, both with Republican governors. Arizona has Republican-controlled legislature, New Jersey (D) legislature.
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