Some states are financially responsible, while others treat their annual budgets as a rough estimate. The average American household has about $137,000 in debt, according to the World Population Review, but that’s nothing compared to the huge debts some US states currently have.
Budget problems
While it may be a little dramatic to call these states “on the brink of total collapse,” it doesn’t change the fact that some states have overdue major budgetary issues. Unlike the federal government, states cannot simply print money to balance their budgets, and many of them spend money without thinking about the consequences. Here are the states that need to take a close look at their books.
1. Massachusetts
With an estimated $11,047 per capita debt in 2023, Massachusetts leads the way in financial promiscuity. Think about it: for every person living in Massachusetts, there is more than $11,000 in public debt. There is no such inequality even in states like California and Texas!
2 Connecticut
It’s no wonder Connecticut ranks so high on this list with $10,679 per capita in debt, especially considering Connecticut is one of the most expensive states to live in. To be fair, the state is constantly reinvesting in its infrastructure, but eventually the shoe will fall off.
3. Rhode Island
As fate would have it, the nation’s smallest state is saddled with a massive per capita debt of $8,191. This list is primarily affected by each state’s population density—smaller, more densely packed states often result in higher per capita debt.
4. Alaska
Of course, outliers exist in almost every scenario – Alaska has $8,079 per capita debt, even though it’s not densely populated. Although Alaska ranks third in total U.S. debt with $76.74 billion in 2023, it does not tax the income of its residents, creating a natural disparity.
5. New York
The Empire State boasts $7,141 of debt per capita, which makes sense considering how many people want to live in New York. But, of course, the fact that for a comfortable life the state requires an above-average family income does not help matters either.
6. New Jersey
As a former New Jersey resident, I can’t believe they boast $7,117 of debt per capita. So where does all the money go? As one of the highest tax states in the country, I can tell you one thing: the money will not go to the state’s beautification programs.
7. Hawaii
When you live in a state like Hawaii, do you even mind that the state is saddled with $6,737 of debt per capita? Somehow – between enjoying the great weather and breathtaking beaches – I don’t think Hawaiians care!
8. New Hampshire
Once again, the small states on the East Coast of the United States have proven that they may not be as financially responsible as their southern and midwestern neighbors! With $5,517 per capita in debt, New Hampshire must increase the tax on Ben & Jerry’s ice cream if they want to get out of the mess he’s made.
9. Vermont
Did Vermont and its nearest neighbor New Hampshire collude to have almost the same debt per inhabitant? It’s unlikely, but Vermont’s $5,413 per capita debt is truly astonishing – it’s an incredible coincidence!
10. Illinois
Illinois should not be proud of its $4,995 per capita debt. Although it’s less than $5,000 per person, it’s still in the top ten – forty other states have less debt than Illinois. Perhaps the state government could refocus on responsible spending.
11 Maryland
I spent many years on the beaches of Maryland, and while the $4,554 per capita debt isn’t something the state should be proud of, I’m sure they can work to reduce that debt in the future. If the local government wanted to charge people to visit their beaches like New Jersey does to raise more money, I wouldn’t fight it – Maryland’s beaches are worth every penny!
12. Delaware
Another tiny but densely populated state made the list. In 2023, Delaware reported a debt of $4,420 per capita. Perhaps Delaware will finally rethink its infamous “no sales tax” policy that makes it a haven for businesses and consumers alike. The money has to come from somewhere, right?
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Source: World Population Survey.
