I Had No Idea The Economy Was This Bad
The poor economy has hit my family, and my husband's family. So I spend a lot of time thinking about bright, capable, hard-working people who have no jobs or limited means to provide for their families. But I had no idea just how broad the problem was.
Over at National Journal, in a graphic headlined "Continent-Sized Storm," you can get a feel for the situation. It's way too big to paste here, but it ranks states by how they voted for Obama and then looks at the change in jobs since December 2008 as well as the change in median family income.
Only one state has experienced family income growth (North Dakota) and only three have experienced jobs growth (North Dakota, Texas and Alaska). Some of the declines are precipitous, shocking in a way.
This being National Journal, the chart has a political point to make, which is that the sharpest losses were concentrated in the Sun Belt and the Rust Belt states—many of them among the swing states likely to decide the 2012 presidential election.
But as much as I care about politics, I care much more about what these economic figures mean for average American families throughout the country. This is just a very chilling and disheartening chart.
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Re: I Had No Idea The Economy Was This Bad
It is even worse than you think. The "stimulus" delayed the structural changes necessary before there is going to be an upswing. States like Illinois, New York, and California have not yet had to face bankruptcy. We are borrowing from the future in order to put off the inevitable. It is only a matter of time before the profligate states have to face the music. Think about the foreclosures yet to come. Had we done nothing in 2009, we would by now have hit bottom. And what I am saying with regard to the US applies to Europe as well.
Sep '10
Re: I Had No Idea The Economy Was This Bad
If you go to the US Bureau of Labor Statistics website and start peeling off Excel spreadsheets and tables, the figures for North Dakota are astounding. I know that the population is very small, but every month Fargo, Bismarck and Grand Forks wrestle with Lincoln Nebraska for spots 1,2,3 and 4 on lowest unemployment rate for metropolitan centers in the entire US. Small comfort to those out of work elsewhere, but if there's even a remote chance of finding work there, it would be worth their while to have a look.
Sep '10
Re: I Had No Idea The Economy Was This Bad
I am not a fan of the stimulus but the latest chapter in this financial fiasco began with Bush's 2008 stimulus and bail out and was made worse by Obama's many blunders. I agree with your forecast, but I am probably much more pessimistic.
Dec '10
Re: I Had No Idea The Economy Was This Bad
Exactly right. The damage is done during inflation of the bubbles. Recession is the medicine. Government intervention doesn't fend off the disease, it delays the cure.
As a personal example, you may remember Mr. Chauvinist was unemployed for a month this summer after 30 years in the same job. Thank God he is employed again and for the first time in the private sector. What I may not have mentioned is he took a 25% cut in salary. The chart you linked, Mollie, brought home that we're not the only ones.
Mr. Chauvinist just finished an end of quarter two week stint of 16 hour work days. He's hoping to make up some of the loss of salary in bonuses. I'm guessing he's not alone in this either. The Americans who remain employed are working harder than ever trying to tread water.
As Krauthammer says, decline is a choice. The leftists in power have chosen for us. God help us.
Sep '10
Re: I Had No Idea The Economy Was This Bad
2000 – 07 saw a 5 fold increase in total debt. The “average American family” was a willing participant in this consumption and debt party. One might want to argue they did so unwittingly, which is probably true in some instances. They are just beginning to pay the bill. Both parties have decided that the Wall-Streeters and politicians who orchestrate the party will be exempted from paying for it. If you think it is bad now wait two years.
Jun '11
Re: I Had No Idea The Economy Was This Bad
As difficult as the busts are, I'll take the boom-bust cycle over the Controlled State model any day of the week.
Sep '11
Re: I Had No Idea The Economy Was This Bad
Wow, what is North Dakota doing that the rest of the states are not?
Jul '10
Re: I Had No Idea The Economy Was This Bad
Drawing shale oil.
It would have been among the healthier states anyway.
Apr '11
Re: I Had No Idea The Economy Was This Bad
After seeing this, I don't how in the world Nevada doesn't go red in 2012. I understand the methodology, but I'd slide the swing state block up a few states. Arizona, Georgia and Montana will comfortably be held and as noted, Nevada is definitely in play.
May '10
Re: I Had No Idea The Economy Was This Bad
Yup...North Dakota...America's answer to Saudi Arabia...
Where's our Fearless Leader to talk about this as his answer to unemployment? If you want to know how mired our president is in his failed ideology to his detriment, and the country's, look no further.
Edited on Sep 30, 2011 at 8:09pm