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A new Reason Foundation analysis of state finances just dropped, and the news for Connecticut taxpayers is brutal.

The Nutmeg State ranks as the second most financially distressed in the entire country, trailing only New Jersey. While 23 states earned zero fiscal “red flags,” Connecticut racked up four out of eight possible warning signs.

"A single red flag does not necessarily signal an immediate fiscal crisis, but each one points to structural weaknesses that deserve urgent attention," writes Reason Foundation.

Key findings for Connecticut include:

• Highest per-capita state debt in the nation at roughly $26,187 per resident, with long-term obligations per resident exceeding $23,900.
• More than twice as much debt as assets.
• Deeply negative unrestricted net position of –$60.8 billion.
• Liabilities exceeding two full years of state revenues.

In plain English: Connecticut owes far more than it owns, and the bill keeps growing. Decades of underfunded pensions, generous public-employee benefits, and budgets that chronically outrun revenue have left the state in structural distress.

The one silver lining? Connecticut still maintains a relatively healthy cash position for short-term bills. Everything else points to long-term trouble that will eventually land on the backs of already-overtaxed residents.

New Jersey leads the misery index with six red flags. California, Illinois, Massachusetts, and others trail with three. Meanwhile, most Southern, Midwestern, and Mountain West states show far better fiscal discipline.

Connecticut’s ranking is no accident. It’s the predictable result of years of one-party fiscal management that prioritized spending over sustainability. The numbers don’t lie.

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