Maine ranks among the bottom 10 states and Puerto Rico in terms of fiscal health, according to a George Mason University study released Wednesday.

Maine fell eight places from the previous year to land at No. 43. Problems for Maine include a below-average amount of cash on hand to cover short-term liabilities, and a lack of “fiscal slack” to raise taxes or increase spending if needed.

The study’s emphasis on short-term economic health did not work in Maine’s favor, nor did the state’s relatively high taxes.

Four of the top five states ranked by the study – Alaska, Nebraska, Wyoming and North Dakota – all have benefited from a domestic petroleum boom that created large surpluses of cash for those states but may not continue into the long term. Only South Dakota, which was ranked No. 5, does not have an active oil industry.

The lowest-ranked states – Kentucky, Illinois, New Jersey, Massachusetts and Connecticut – have relatively low amounts of cash on hand and large debt obligations, but not necessarily the weakest economies. In the study, California ranked No. 44 overall, just below Maine.

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