Money & Company
Tracking the market and economic trends that shape your finances.
January 5, 2011 | 8:00 am

Bad as it is, the economic and fiscal mess facing California Gov. Jerry Brown isn’t the worst among the 50 states: At least by one measure, Arizona and Illinois have the Golden State beat for financial misery as the new year begins.

Not by much, though.

Analysts at investment bank BMO Capital Markets in Chicago have devised an index to gauge the relative financial strength of the states. The index combines measures of economic and employment health, bond quality ratings, home price movements, tax collections, and actual and projected budget deficits from 2009 through 2012.

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