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Taxes on business (particularly manufacturing and energy) have to be dramatically reduced or eliminated. All areas of the United States, except those most highly sensitive, must be opened to oil and gas development, as well as other raw material exploration and development. Research and development has to be given the highest priority, and the products that are the result of this research must be manufactured in the United States. These changes will also have the beneficial side-effect of attracting foreign companies to invest and build manufacturing facilities in the country.

And almost universally, there are problems. While not every state is legally bound to meet budget shortfalls—and avoid carrying deficits year-over-year—virtually every state legislature is contemplating cuts, from arts to social-welfare programs. Most are falling short.

As in personal finance, debt is the pitfall that can come back to haunt states trying to meet their financial obligations. With that in mind, The Daily Beast ranked each state in order of its debt-to-GDP ratio—the higher the ratio, the more likely a state will remain mired in debt.

The debt numbers here are from the U.S. Census and usgovernmentspending.com, which extrapolates Census data based on past state debt increases or decreases to estimate current debt levels. Future deficit levels are based on an independent analysis from the Center on Budget and Policy Priorities, which uses estimates of next year’s baseline budget spending compared to expected revenue. State GDP numbers are not yet available for 2009 from the Bureau of Economic Analysis, but were adjusted from 2008 levels by the same minuscule percentage decrease in the estimated GDP for the entire country from 2008 to 2009.

Once tabulated, it’s clear that debt is far from a Washington problem, and it belongs to both parties, with “red” and “blue” states, in terms of presidential choice and current governor and legislature, counted among the worst offenders. Where does your state rank? Click here.

How does your state fare in our ranking of the indebtedness of all 50 states? Click here for our rankings, from worst to first.

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