A study released recently by the Pew Charitable Trusts finds that eleven states were in deficit – overall spending exceeding overall revenues – for the fiscal years 2002 through 2016.
The study looked at all revenues and spending, not just that covered by a state’s regular budget, which often excludes pensions and other special funds.
New Jersey finds itself at the bottom of this list as well as similar rankings in this category: the state managed to cover only a little more than 92 percent of its costs, and was in deficit in every year of the 15 in the study period. So was Illinois, the second-worst, which covered a little over 94 percent of spending.
The other deficit states, in alphabetical order, were California, Connecticut, Hawaii, Kentucky, Maryland, Massachusetts, Michigan, New Mexico, and New York.
As a whole, the states averaged 102.2 percent, with some of the jurisdictions whose economies depend heavily on oil and gas coming out the best in those years: Alaska, North Dakota, and Wyoming.
Details on the Pew study may be seen here: http://www.pewtrusts.org/en/research-and-analysis/analysis/2017/10/26/revenue-trails-expenses-over-long-term-in-11-states?hd&utm_campaign=2017-11-01+PNN&utm_medium=email&utm_source=Pew.
Source: The State Laws Newsletter
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