Illinois in worst financial shape, Texas in best shape

Reuters/Chicago Tribune:
Illinois' financial condition continued to deteriorate in fiscal 2011, leaving it the state with the lowest level of net assets in the country, as its liabilities, including money owed for public pensions, grew, according to a report released on Thursday by the state's auditor general.

Illinois' $43.8 billion deficit in terms of net assets at the end of June 2011 rose from $37.5 billion in fiscal 2010, when it also ranked the lowest among states.

In fiscal 2011, New Jersey's equivalent deficit in terms of net assets was $33.4 billion, while Massachusetts' was $22.8 billion and Connecticut's $14 billion, according to the report.

California, which shares low credit ratings with Illinois, had a $10.5 billion deficit at the end of fiscal 2011. All of the other states included in the report had positive net assets, with Texas at the top with $97.3 billion.
All states with negative net assets are blue states, although New Jersey now has a Republican governor who is trying to pull them out of the hole.  The deficit states are high tax high spending states, and to some extent high regulation states all of which stifles growth.  In other words they have been following the Obama model and we can see where it has led them.

The data shows that liberalism does not work.


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