by Doug MacGunnigle, WPRO News
Rhode Island is the 4th worst run state in the country, according to a survey released Wednesday by financial website 24 7 Wall St.
To determine the states’ rankings, 24/7 Wall St. takes several factors into account, including credit rating, debt per capita, the unemployment rate, median family household and poverty rate.
According to the site, “Rhode Island’s debt per capita is the second highest in the nation, contributing to its rank as the fourth worst-run state. While the average state debt per capita across all states is $3,567, Rhode Island’s debt is equal to $9,068 per state resident. With a dwindling tax base, conditions may get worse in the Ocean State before they get better. Rhode Island lost roughly 0.3% of its total population to people relocating from 2010 through 2014, making it one of 12 states with more people moving out than moving in. The population decline likely contributed to the even sharper drop in property values. Home prices in Rhode Island decreased by 7.3% over roughly the same time period, the fourth steepest drop in the country.”
“Budget allocation in Rhode Island may not be efficient. While the state spends much more on government than is typical, at 5.4% of its annual budget, the government sector actually detracted 0.2 percentage points from the state’s 2014 GDP growth, a larger drag than in all but six other states.”
Mississippi, Illinois, and New Mexico are ranked worse than Rhode Island, while North Dakota, Wyoming, Iowa, and Nebraska were ranked as the best run states in the country.
