Report: Louisiana is the 'worst-run' state in the U.S. - FOX 8 WVUE New Orleans News, Weather, Sports, Social

Report: Louisiana is the 'worst-run' state in the U.S.

Source: ThinkStock via 24/7 Wall Street Source: ThinkStock via 24/7 Wall Street
(WVUE) -

Louisiana is the worst-run state in the nation, according to a survey by the website 24/7 Wall Street.

The survey, which looked at factors such as unemployment, poverty and credit rating, noted the state's anemic tax revenues and its seemingly constant struggle with budget shortfalls.

The survey also pointed out that the average unemployment insurance payout covers less than a quarter of the average weekly wage:

2016 Unemployment: 6.1% (3rd highest)

Pension funded ratio: 63.3% (13th lowest)

Credit rating and outlook: Aa3/Negative

Poverty: 20.2% (2nd highest)

"Many of the worst managed states have relatively little revenue to work with. Louisiana is no exception. The state collects the equivalent of only $2,071 per person in tax revenue a year compared to the $2,821 per capita amount states collect on average. With low revenue, Louisiana struggles to save for unexpected budget shortfalls and fund its pension system. Louisiana’s rainy day fund is only worth about 3.0% of it annual budget and only 63.3% of the state’s pension system is funded, each among the smaller such shares among states.

"Joblessness is also a major problem in Louisiana, and the state offers little assistance to its out-of-work residents. Some 6.1% of Louisiana’s labor force was unemployed in 2016, the third highest unemployment rate in the country after only Alaska and New Mexico. Additionally, the average unemployment insurance payout covers less than a quarter of the typical weekly wage. Nationwide, unemployment insurance payouts cover over a third of the average weekly wage."  

State officials pointed out some of the numbers used in the report were out of date. The net migration to a state is from the U.S. Census Bureau between July 2015 to July 2016.

The unemployment rate was 4.8 percent as of October 2017. You can see the latest report from the Louisiana Workforce Commission here.

The best-run state? Minnesota.

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