Ill. Ranks Second After California for Worst Financial Shape in Country

-By Warner Todd Huston

According to Bloomberg News, "Meredith Whitney, the analyst who correctly predicted Citigroup Inc.'s dividend cut in 2008, will release a report rating California's financial condition as the worst among the 15 largest U.S. states." Illinois ranks second in the worst category.

After California, New Jersey, Illinois and Ohio tie as the second-worst, followed by Michigan, Georgia, New York and Florida, Fortune reported. Pennsylvania, Maryland and Massachusetts garnered neutral rankings. Her report ranks Texas, Virginia, Washington and North Carolina as the best states, according to Fortune.

The final report was the result of two years of work made more difficult by the fact that few states are very transparent in their budgeting, said Whitney.

That it took so long is a testament to the convoluted and labyrinthine budgeting procedures so often perpetrated by state governments attempting to hide the disgusting truth from the voters.

This is yet another area where government has gotten out of control.

The report, titled "Tragedy of the Commons: Launching Ratings on the Top 15 States," can be found at the Meredith Whitney Advisory Group website

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