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    Rhode Island almost beats California

    Rhode Island almost beats California

    For the top prize as the Worst-Run State.

    Via Yahoo Finance (h/t Danelle), California is the worst-run state, with Rhode Island just behind:

    49. Rhode Island

    > Debt per capita: $9,018 (3rd highest)
    > Budget deficit: 13.4% (28th largest)
    > Unemployment: 11.3% (3rd highest)
    > Median household income: $53,636 (17th highest)
    > Pct. below poverty line: 14.7% (24th lowest)

    Rhode Island’s finances were a mess in fiscal 2010. The state had $9.5 billion in unpaid debts, which came to 107.2% of that year’s revenues.At more than $9,000 per person, it’s one of the largest debt burdens in the country. The state also funded less than half of its pension obligations, worse than all states except for Illinois. In 2010, in a spectacular example of fiscal mismanagement, the state guaranteed a $75 million loan to a video game company, which has since defaulted. With one of the nation’s slowest growth rates and the third-highest unemployment rate in the U.S., at 11.3%, Rhode Island’s economy performed poorly overall.

    I’m somewhat upset about this.  We try really hard to be  horrible.  The unions run the politicians and are the state.  Need I say more?

    Well, at least we’re No. 1 at something.


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