by William Teach | June 6, 2012 8:29 am
The recession officially ended in June 2009, before the policies of Obama and the Democrat controlled Congress could truly kick in. We’ve discussed many a time what effects this continued malaise have occurred within the states, effects such as low income, sales, and property tax rates because so many people are out of work or underemployed, along with simply being frugal with what money they have (disposable income is at historical lows). Now we have yet more evidence that the policies of Obama and the Democrats have been utter failures
(USA Today) The residents of only nine states have returned their economic output to the level that existed before the downturn struck at the end of 2007 – and most of those states are energy producers, according to data released Tuesday.
Even states now on the rebound – such as Michigan, Connecticut and California – find themselves far behind where they were economically when the recession started 4:½ years ago, the data show.
Gross domestic product – the value of goods and services produced – grew in 34 states in 2011 after adjusting for changes in population and inflation, according to the Bureau of Economic Analysis. Typically, nearly every state boosts its GDP in a recovery.
But 41 states haven’t made up the ground lost during the deep recession that ran from December 2007 to June 2009.
There’s a handy dandy graphic at the story, which shows the economic output of all the states. The 9 are North Dakota, Oregon, Louisiana, Massachusetts, Alaska, New Hampshire, Nebraska, and South Dakota. Most of those states are ones that produce energy. North Dakota has seen a massive boom in oil production.
Despite Obama’s continued call for increasing manufacturing output states that rely on it are doing poorly. Perhaps that’s because people aren’t buying, and all Obama has done is talk about it. Real estate is still in the toilet. Perhaps dumping tons of money into re-paving roads, fixing potholes, painting bridges, building turtle tunnels, funding studies in China about hookers, and, oh, yeah, hooking up campaign contributors who happen to run “green” energy companies which were close to failing was a bad idea.
It’s Obama’s economy, and it’s time for him to own it.
Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.
Source URL: https://rightwingnews.com/economy/obama-economy-only-9-states-have-turned-the-corner/
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