Story at a glance
- WalletHub determined which states were the most self-sufficient by comparing all 50 states across 39 metrics of dependency, including finances and reliance on the government.
- Colorado, Massachusetts, Virginia and Nebraska took the other four top spots.
- Kentucky, Louisiana, Mississippi, Alaska and South Carolina held the bottom five positions on WalletHub’s list.
Fourth of July Celebrations are days away, and as Americans move beyond many pandemic-era restrictions, a new WalletHub analysis ranks the states that enjoy the most independence.
WalletHub determined which states were the most self-sufficient by comparing all 50 states across 39 metrics of dependency, including finances and reliance on the government.
Utah, which has the highest percentage of residents with rainy day and emergency funds, is currently the most independent state. Utah also has one of the highest median incomes, when adjusted for the cost of living, and is one of the states that rely the least on support from the federal government, according to the report.
Colorado, Massachusetts, Virginia and Nebraska took the other four top spots, while Kentucky, Louisiana, Mississippi, Alaska and South Carolina held the bottom five positions on WalletHub’s list.
Colorado boasts one of the state economies least reliant on foreign support for job creation while having one the lowest percentages of Gross Domestic Product dependent on exports to other countries.
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When asked by WalletHub if it was fair to states that others were more dependent on federal support, one expert said that opinion is “in the eyes of the beholder.”
“Federal money that goes to individuals is given out by formulas and while each state is different the people in the more dependent states are still entitled to the support they receive from the federal government,” Matthew Hale, an Associate Professor at Seton Hall University, told the site.
Hale noted there are some unfair aspects, including among states that have higher average incomes and therefore pay more federal taxes.
“But they also use state tax money to augment social services. That means residents pay far more to the federal government and get far less in return. That is unfair no matter how you slice it,” Hale said.
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