Ranking the states by their fiscal health

The massive federal debt, and the annual deficits that add to it, are frequently in the news. Far less covered are the overall financial challenges facing the fifty states. A substantial portion of fiscal problems are attributed to underfunded pensions and medical expenses.

While each individual state possesses individual strengths and weaknesses, some generalizations can be made. Overall, citizens of high tax states are leaving to take up residence in lower taxed states. IRS data reveals that:

Texas has the largest positive net migration1 of 152,477 people (number of exemptions) on 72,032 individual income tax returns, followed by Florida (73,789 people on 27,991 returns) and South Carolina (28,905 people on 13,475 returns).
New York had the largest negative net migration of 113,861 people on 51,825 returns.
Regionally, Texas accounted for more than half of the net migration into the South, while residents leaving New York made up more than half of the net loss from the Northeast.
Returns filed by primary taxpayers ages 34 or younger were at least twice as likely as those in any other age category to have migrated to another State between Calendar Years 2012 and 2013.
The single largest net migration was from New York to Florida (17,355 people on 7,861 returns).

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The Americans for Tax Reform organizationnoted that in the latest year for which complete records are available (2013) Arizona gained the most in terms of “wealth migration,” predominately from high tax, high regulation states.

“In 2013 Arizona had the largest net population gains from:

California 5,366 ($317 million)
Illinois 3,701 ($238 million)
Washington 1,538 ($82 million)
New Mexico 1,304 ($50 million)
New York 1,251 ($96 million)

States like New York, Illinois, and California were 2013’s biggest losers.”

Overall fiscal health of each individual state has been ranked by the Mercatus Center at George Mason University .

“With new spending commitments for Medicaid and growing long-term obligations for pensions and health care benefits, states must be ever vigilant to consider both the short- and long-term consequences of policy decisions. Understanding how each state is performing in regard to a variety of fiscal indicators can help state policymakers as they make these decisions. A closer analysis of the individual metrics behind the ranking shows how each state’s fiscal condition should be assessed. Notably, nearly all states have unfunded pension liabilities that are large relative to state personal income, indicating that all states need to take a closer look at their unfunded pensions, which represent a significant portion of each state’s economy. Another financial crisis could mean serious trouble for many states that are otherwise fiscally stable.”

According to the Mercatus research, Alaska, North Dakota, South Dakota, Nebraska and Florida are currently the most stable, while Illinois, New Jersey, Massachusetts, Connecticut, and New York at the bottom.

The complete rankings, from best to worst: Alaska, North Dakota, South Dakota, Nebraska, Florida, Wyoming, Ohio, Tennessee, Oklahoma, Montana, Utah, Nevada, Alabama, Missouri, Idaho, Indiana, South Carolina, Iowa, Texas, New Hampshire, Virginia, Colorado, Washington, Kansas, Oregon, Georgia, North Carolina, Wisconsin, Arkansas, Delaware, Minnesota, Arizona, Mississippi, Michigan, Louisiana, New Mexico, Maryland, Rhode Island, Vermont, Hawaii, Pennsylvania, Maine, West Virginia, California, Kentucky, New York, Connecticut, Massachusetts, New Jersey, Illinois.

Quick Analysis

Election Day is Only the Beginning, Part 2

There is a stark contrast in foreign affairs between the Biden-Harris record of a disastrous withdrawal from Afghanistan, the Putin invasion of Ukraine, China’s assault on the Philippine exclusive economic zone, and the widening Middle East catastrophe. The Trump White House archives provides a lengthy list of foreign policy results. “President Trump restored American sovereignty at home and American leadership abroad, partnering with strong and responsible nations to promote security, prosperity, and peace. Instead of sending American troops to fight in endless wars or giving cash to terrorists in countries like Iran, the United States under President Trump used bold, creative diplomacy to secure peace deals with our allies across the world. With the same “peace through strength” foreign policy that President Reagan once used to win the Cold War, President Trump rebuilt American deterrence power to hold our adversaries accountable. Perhaps most important, the Trump Administration reversed Washington’s decades-long, bipartisan refusal to confront China over its unfair trade practices, intellectual property theft, and more. Specifically, the Trump Administration: “Secured a $400 billion increase in defense spending from NATO allies by 2024, as the number of members meeting their minimum financial obligations more than doubled Credited by Secretary General Jens Stoltenberg for strengthening NATO Worked to reform and streamline the United Nations and reduced spending by $1.3 billion Allies, including Japan and the Republic of Korea, committed to increase burden-sharing Protected our Second Amendment rights by announcing that the United States will never ratify the UN Arms Trade Treaty Returned 56 hostages and detainees from more than 24 countries Worked to advance a free and open Indo-Pacific region, promoting new investments and expanding American partnerships Advanced peace through strength Withdrew from the one-sided Iran Nuclear Deal and imposed crippling sanctions on the Iranian regime Conducted vigorous enforcement on all sanctions to bring Iran’s oil exports to zero and deny the regime its principal source of revenue First president to meet with a leader of North Korea and the first sitting president to cross the demilitarized zone into North Korea Maintained a maximum pressure campaign and enforced tough sanctions on North Korea while negotiating denuclearization, the release of American hostages, and the return of the remains of American heroes Brokered economic normalization between Serbia and Kosovo, bolstering peace in the Balkans Signed the Hong Kong Autonomy Act and ended the United States’ preferential treatment with Hong Kong to hold China accountable for its infringement on the autonomy of Hong Kong Led allied efforts to defeat the Chinese Communist Party’s efforts to control the international telecommunications system Recognized Jerusalem as the true capital of Israel and quickly moved the American Embassy in Israel to Jerusalem Acknowledged Israel’s sovereignty over the Golan Heights and declared that Israeli settlements in the West Bank are not inconsistent with international law Removed the United States from the United Nations Human Rights Council due to the group’s blatant anti-Israel bias Brokered historic peace agreements between Israel and Arab-Muslim countries, including the United Arab Emirates, the Kingdom of Bahrain, and Sudan Brokered a deal for Kosovo to normalize ties and establish diplomatic relations with Israel Announced that Serbia would move its embassy in Israel to Jerusalem First American president to address an assembly of leaders from more than 50 Muslim nations, reaching an agreement to fight terrorism in all its forms Established the Etidal Center to combat terrorism in the Middle East in conjunction with the Saudi Arabian government Announced the Vision for Peace Political Plan—a two-state solution that resolves the risks of Palestinian statehood to Israel’s security, marking the first time Israel has agreed to a map and a Palestinian state Released an economic plan to empower the Palestinian people and enhance Palestinian governance through historic private investment Reversed the previous administration’s Cuba policy, canceling the sellout deal with the Communist Castro dictatorship Pledged not to lift sanctions until all political prisoners are freed, freedoms of assembly and expression are respected, all political parties are legalized, and free elections are scheduled Enacted a new policy aimed at preventing American dollars from funding the Cuban regime, including stricter travel restrictions and restrictions on the importation of Cuban alcohol and tobacco Implemented a cap on remittances to Cuba Enabled Americans to file lawsuits against persons and entities that traffic in property confiscated by the Cuban regime First world leader to recognize Juan Guaido as the Interim President of Venezuela and led a diplomatic coalition against the Socialist Dictator of Venezuela, Nicolas Maduro Blocked all property of the Venezuelan government in the jurisdiction of the United States Cut off the financial resources of the Maduro regime and sanctioned key sectors of the Venezuelan economy exploited by the regime Brought criminal charges against Nicolas Maduro for his narco-terrorism Imposed stiff sanctions on the Ortega regime in Nicaragua Photo: Trump site