Connecticut Ranks 47th For Fiscal Health, New Report Says

It’s been a very tough week for Connecticut concerning national rankings about the state’s finances and overall fiscal well-being.

One report, concluded that the Constitution State is the 10th worst state to make a living, another poll said Americans view Connecticut as only tied for the 33rd most liked state in the county.

Another poll concluded that $100 in Connecticut is actually only worth $92.17, which means you have to work even harder for your money.

And now this. A new report by the Mercatus Center at George Mason University concludes that Connecticut is 47th in the United States for fiscal health. Only Illinois, New Jersey, and Massachusetts rank worse, according to the new report.

The report states it made its findings based on a state’s short and long term debt including unfunded pensions and health care benefits.

Concerning the bottom five states, the report concludes, “High deficits and debt obligations in the forms of unfunded pensions and health care benefits continue to drive each state into fiscal peril. Each holds tens, if not hundreds, of billions of dollars in unfunded liabilities -- constituting a significant risk to taxpayers in both the short and the long term.”

The top 5 states from a fiscal health standpoint are: Alaska, North and South Dakota, Nebraska, and Florida.

Some key findings concerning Connecticut’s ranking:

• Long-term liabilities exceeded total assets by 20 percent
• Per capita liability of $8,350 is three times the national average
• Unfunded pension liability is $76 billion
• Other Post Employment Benefits liability is $22.5 billion
• Connecticut is 48th in terms of cash solvency
• Connecticut is 42nd in terms of budget solvency
• Connecticut is 47th in terms of long-run solvency
• Connecticut’s debt is $14 billion, which is twice the national average

Read the full report and in-depth analysis here.