Connecticut Tops All Other States in Debt, What You Need to Know
According to a report from Connecticut Inside Investigator or CII, Connecticut has the highest level of net tax-supported debt (NTSD) relative to its own revenue compared to all other states for the fiscal year 2022, as highlighted in a recent report from the Office of Legislative Research (OLR).
Yeah, I don't know what any of that means so I did some homework (which I hate) to help you and I understand it better.
Here is What You Need to Know:
What is Connecticut's debt situation?
Connecticut has the highest net tax-supported debt as a percentage of its revenue at 103.8% for fiscal year 2022.
How much is Connecticut's total NTSD?
The total net tax-supported debt for Connecticut in 2022 was approximately $28.97 billion.
How does Connecticut's per capita debt compare to other states?
Each resident of Connecticut carries a debt of $7,988, which is the highest in the nation.
How do other states rank in NTSD?
Hawaii ranks second with an NTSD of 95.8% of its revenue, and Massachusetts has a similar per capita NTSD to Connecticut.
What is the average debt situation across states?
The median per capita NTSD across all states is $1,178, with a median NTSD as a percentage of revenue at 34.5%.
Why do Connecticut and Hawaii have such high debt levels?
Both states take on state-level liabilities that are typically managed by other levels of government in different states.
How does Connecticut rank in relation to personal income and GDP?
Connecticut ranks second for NTSD as a percentage of both personal income (9.4%) and state GDP (9%).
What have historical trends shown about Connecticut's debt?
Connecticut’s NTSD as a percentage of GDP has fluctuated but remained relatively stable from 2012 to 2022, showing a peak in 2017 before slightly decreasing again.
I'm going to be honest, I still don't get it but I'm going to treat this the same way I do when my mother-in-law speaks Spanish to me. I will isolate the words I do understand and piece those together to form a story. Here are the words I can make sense of:
- Debt
- Connecticut
I know debt is bad, Connecticut has it, and we live there. Thoughts and prayers (he says with his eyes aimed at the clouds).
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