On the occasion of July 4, WalletHub, the site specialized in financial information, carried out a study to find out which are the US states that are more independent, leaving Utah and Louisiana at the extremes of the analysis.
“Americans value independence. We fought hard for it during the American War of Independence, and today we celebrate not only our freedom from the British crown, but also our great ability to trust ourselves as individuals,” says the WalletHub report.
“Now, with sky-high inflation affecting people across the country, many Americans are struggling to maintain their financial independence. Some have become, at least temporarily, more dependent on support from the federal government. Other people have become more dependent on personal vices, such as alcohol and drugs, due to stress and depression.
To determine which entities are most independent, WalletHub compared all 50 states on five key dimensions: 1) Financial dependency, 2) Government dependency, 3) Labor market dependency, 4) International trade dependency, and 5) Vice dependency.
It evaluated those dimensions using 39 relevant metrics, including median debt by income, median household income, poverty rate, bankruptcy rate, percentage of households receiving public assistance and SNAP/Food Stamps, and more. Each metric was rated on a 100-point scale, with a score of 100 representing the highest level of independence.
The most independent states in the US, according to WalletHub:
State: (1) Utah
Total score: 67.82
Financial Dependency: 7
Government agency: 1
Dependence on the labor market: 1
International trade unit: 13
Vice Dependency: 5
State: (2) Colorado
Total score: 64.79
Financial Dependency: 5
Government agency: 8
Dependence on the labor market: 15
Dependency on international trade: 6
Vice Unit: 24
State: (3) Florida
Total score: 61.63
Financial Unit: 25
Government agency: 13
Dependence on the labor market: 9
International trade unit: 8
Vice Unit: 13
State: (4) Washington
Total score: 61.00
Financial Dependency: 4
Government agency: 5
Dependence on the labor market: 19
International Trade Dependency: 24
Vice Unit: 12
State: (5) Virginia
Total score: 60.47
Financial Dependency: 6
Government agency: 20
Dependence on the labor market: 13
International trade unit: 12
Vice Unit: 15
In counterpart:
State: (46) West Virginia
Total score: 40.59
Financial Unit: 46
Government agency: 49
Dependence on the labor market: 45
International trade unit: 19
Vice Unit: 40
State: (47) Alaska
Total score: 40.11
Financial Dependency: 21
Government agency: 50
Dependence on the labor market: 31
International trade dependency: 44
Vice Unit: 42
State: (48) Kentucky
Total score: 36.28
Financial Unit: 44
Government agency: 46
Dependence on the labor market: 38
Dependency on international trade: 50
Vice Unit: 37
State: (49) Mississippi
Total score: 35.74
Financial Unit: 50
Government agency: 47
Dependence on the labor market: 41
International trade unit: 39
Vice Unit: 50
State: (50) Louisiana
Overall Score: 35.11
Financial Unit: 49
Government agency: 39
Dependence on the labor market: 40
International trade dependency: 48
Vice Unit: 48
To see the complete list and more details about the research methodology, click here.
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