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Utah #4 “The Best and Worst Run States in America”

November 25 2012 - 12:01 pm

> Debt per capita: $2,356 (15th lowest)
> Budget deficit: 14.7% (25th largest)
> Unemployment: 6.7% (tied-11th lowest)
> Median household income: $55,869 (14th highest)
> Pct. below poverty line: 13.5% (tied-17th lowest)

In fiscal 2011, Utah had a budget deficit of $700 million, equal to 14.7% of the state’s GDP. This debt-to-GDP ratio is worse than half the states in the U.S. Despite these problems, Utah has committed to reducing expenses in place of raising taxes or increasing debt. The state has also limited its borrowing. Its total debt was just under $6.5 billion in fiscal 2010, or $2,356 per capita — less than most states — and 40.4% of 2010 tax revenue. Both Moody’s and S&P gave Utah their highest credit ratings because of the state’s strong fiscal management. Moody’s commented that Utah has a “tradition of conservative fiscal management; rebuilding of budgetary reserves after their use in the recession; [and] a closely managed debt portfolio.”