The site says "Well-run states have a great deal in common with well-run corporations. Books are kept balanced. Investment is prudent. Debt is sustainable. Innovation is prized. Workers are well-chosen and well-trained. Executives are picked based on merit and not 'politics.'"

Not picking executives based on politics? That means picking a governor just because she attached her name to a controversial immigration bill probably doesn't do much to help Arizona's cause.

Wyoming wins top honors as the best-run state in the country, followed by North Dakota, and Iowa.

The group finds that Kentucky is the worst-run state in the country, California came in at 49, and Arizona's financial woes have earned it number 48.

Brewer's opponent in the gubernatorial election, Attorney General Terry Goddard, is using Arizona's less-than-glamorous ranking to bash Jan.

"Jan Brewer's failed leadership has been well-documented, but this report is an indictment of her inability to manage Arizona," Attorney General and Democratic gubernatorial nominee Terry Goddard says. "We don't need an independent analysis to tell us that our State is facing an economic crisis and that Gov. Brewer's approach to solving it -- holding a few meetings, and sprinkling out federal stimulus dollars -- is a pathetic response."