With tight budget restraints and immense debt, deficits and unfunded liabilities, it’s no secret that many American states rely on the federal government. But how which are the most and least dependent today?
WalletHub, a personal finance social network website, published a report entitled the “WalletHub Federal Dependency Report” in which it discovered an array of interesting statistics, such as red states being more dependent on the feds than blue states and the more a state relies on Washington the less it’ll charge high tax rates.
“The idea of the American freeloader burst into the public consciousness when #47percent started trending on Twitter,” wrote John Kiernan, a senior writer and editor at Evolution Finance, in the report. “And while the notion is senselessly insulting to millions of hardworking Americans, it is true that some states receive a far higher return on their federal income tax investment than others.”
Here are 10 of the least dependent states:
4. New Jersey
Here are 10 of the most dependent states:
1. New Mexico
8. South Dakota
8. West Virginia