Wyoming is the #1 State Best Prepared For a Deep Recession
Due to the Covid-19 crisis, businesses across the U.S. were brought to an abrupt halt, which has affected some states more than others. Forbes recently released a list of the states that are best prepared for a deep recession, which we already be in. Wyoming is at the top of that list.
The global risk assessment firm, Moody's, has performed a 'stress test' of state budgets, along with factoring in tax revenue, annual spending, cash reserves, and more. Moody's says that with Wyoming's rainy day fund of $1.7 billion entering 2020, in a deep recession, the state could run for nearly 400 days (397 to be exact). That number tops the nation by far. Ranking second to Wyoming on the list was Alaska, which could run for 170 days.
Oregon, North Dakota, and Texas followed to round out the top five states best prepared for a deep recession. The states least prepared for a deep recession are New Jersey, Oklahoma, Kentucky, Illinois, and Louisiana coming in as the least prepared state overall.
It seems that in general, Wyoming is sitting pretty well in the toughest of times. For everyone's sake, we can only hope that we're getting closer to the end of those tough times everywhere.