Conservatively Speaking

Wisconsin has some of the worst debt in the country

Posted by Mary Lazich on March 9, 2010 | 0 comments

Economy

Wisconsin has the tenth worst financial condition, number 41, of all states in a ranking compiled by Forbes.com. Wisconsin has a debt per capita of $1,429, unfunded pensions per capita of $16,418, and debt as a percentage of Gross State Product of 22 percent. Our state is classified as a debt disaster.  

Forbes.com makes this observation:

“Of the 10 states in the worst financial condition, eight are among a total of 23 defined by Gallup as ‘solidly Democratic,’ meaning the Democrats enjoy an advantage of 10 percentage points or greater in party affiliation. These states include Illinois, New York, Connecticut, California, and New Jersey, as making up the bottom five, plus Massachusetts, Ohio and Wisconsin.”

Kent Redfield, professor emeritus of political studies and public affairs at the University of Illinois' Center for State Policy and Leadership attributes the state struggles to, as Forbes.com writes, “a larger appetite for public programs,” an assertion I have made about our state government numerous times on my blog.

Daniel Fisher of Forbes Magazine correctly emphasizes that states like Wisconsin face major problems combating debt. Paying debt off is difficult, and Washington is often looked to for assistance. That puts states in direct competition with the federal government for taxpayer funds.

How many warnings and wake-up calls do we need in Wisconsin before we finally put a halt to runaway spending?