The State of the States

Connecticut 

(Image source: https://www.countryclubprep.com/blogs/fox-tales/the-evolution-of-preppy-a-stylish-journey-from-the-1960s-to-today)
 

Truth in Accounting publishes an annual report called Financial State of the States.  The latest version is here: https://www.truthinaccounting.org/library/doclib/Financial-State-of-the-States-2024.pdf

The states in the best financial shape are: North Dakota, Alaska, Wyoming, Utah, and Tennessee.  The states in the worst financial spare are: Connecticut, New Jersey, Illinois, Massachusetts, and California.  

I'm going to pick on Connecticut for a minutes because it's hard to beat Illinois.  I've never been to Connecticut, but I have a really good image of the place.  You can fact check this info later.  It's full of rich people, whose kids go to Yale.  They all have mansions in the nicest part of NYC, Fairfax County.  They are driven to work in Manhattan in limos.  They run the insurance companies, and build nuclear submarines, and have yachts and play tennis and croquet and polo and basketball and rugby.  They row boats for fun (or is that Boston).  The college kids all dress preppy, with white shorts and polo shirts and the girls all wear tennis skirts to show off their tan legs. And they wear sweaters with patterns on them.  Every house has a huge green lawn.  In the fall, when the leaves change colors it is to beautiful.  And in the winter, they ride around in sleighs pulled by horses with bells.

So how could Connecticut be the armpit of the nation, worse than even New Jersey?  Because it is so far in debt.  The State of the States report says it is in debt $64.9 billion.  The report says that this $44,300 per person. (I don't know how this is calculated because 3.6 million people live in the state).  Compare this to New York which has slightly higher debt with $74.7 billion but a population of 19.5 million.

Why is Connecticut so much in debt? Most of it is unfunded pensions and retirement health benefits.  But this can't be the whole picture.  To be updated if I find out anything else.