New York ranks as one of the least fiscally sound states in the nation — but at least we’re not Illinois.
The Empire State ranked 46th among the states for its overall fiscal health, according to a study by George Mason University’s Mercatus Center.
“With barely sufficient cash to cover short-term spending, New York’s fiscal position showed several areas of stress,” wrote study author Eileen Norcross.
Only Connecticut, Massachusetts, New Jersey and Illinois ranked lower.
Norcross cited New York’s unfunded pension liability of $30.8 billion and more than $57 billion in total debt as reasons for the state’s poor showing.