States in Fiscal Peril
Quick SummaryThis 2009 report looked closely at nine states that were particularly affected by the Great Recession: Arizona, California, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin.
California’s financial problems are in a league of their own. But the same pressures that drove the Golden State toward fiscal disaster are wreaking havoc in a number of states, with potentially damaging consequences for the entire country.
This examination by the Pew Center on the States looked closely at nine states, in addition to California, that were particularly affected by the recession. All of California’s neighbors–Arizona, Nevada and Oregon–and fellow Sun Belt state Florida were severely hit by the bursting housing bubble, landing them on Pew’s list of states facing fiscal difficulties similar to California’s. A Midwestern cluster of states comprising Illinois, Michigan and Wisconsin emerged, too, as did the Northeastern states of New Jersey and Rhode Island.
Beyond California: States in Fiscal Peril made clear that the recession severely impacted states from different geographic regions with different types of economies, tax structures and political leanings.