Category: US State Economies

Los Angeles is on the Wrong Path

The city of angels is not really recovering from the Great Recession. Nearly eight years ago, when a nationwide financial crisis triggered and set in motion the worst economic downturn of the 21st century on Alan Greenspan’s and Barnie Frank’s watch, unemployment in Los Angeles soared to over 13%.

The recession blasted the city and today its unemployment level is still 8.7%, which is nothing to cheer. It is actually much higher because this number does not reflect the number of people who have given up trying to find a job.

Florida – The Stalwart of the US Economy

Florida, one of the first and worst hit states by the Great Recession in 2007, started out with major job losses during at the beginning of April 2007. This was several months ahead of any other state.  When the nation began to recover around June 2009, Florida was slow to reap the benefits and lagged behind the rest of the country’s growing economy for several years. However, as of 2014, Florida’s economy is now leading the nation in terms job growth and overall recovery, despite its tattered past. 

California’s Anti-Business Environment Spells Trouble

California’s economy is in major trouble. Even though the state’s budget, after a number of years of multi-billion dollar deficits, is currently in a surplus, there are a number of problems ravaging the state and stifling business. Unfortunately, every problem revolves around the state legislature having an enormous desire to tax their wealthy citizens (as if that will change anything!) and a lack of understanding current business trends.

The Various Threats to California’s Failing Economy

California has been having issues with its economy for some time now. High taxes and ridiculous regulations have been affecting the locations’ ability for growth, leaving it in the dust. When asked how regulations were affecting operations, the president of California Custom Fruits and Flowers said that:

* The workers compensation insurance has gone up by 300% in the last five years.

* High taxes and tough environmental laws have made day-to-day operations impossible to navigate.

New York’s High Taxes and Regulations Killing the State

The resounding reluctance of New York to drill for natural gas, alongside painfully high taxes could be killing the state’s economy. Three years since Governor Cuomo took over the office and pledged to make New York “open for business” the state continues to have the worst business tax climate in the US. This year alone, New York tied with New Jersey as the worst two states in the annual Tax Foundation Report. This is the second year in a row that New York has been left holding the bottom ring.

North Dakota is at the Top of the US Economy

Recent data has shown that North Dakota is leading the United States when it comes to personal income growth. No other state even comes close to the results that North Dakota is raking in, considering the economy, growth, and even the personal satisfaction of the locals. Between 2008 and 2012, the per-capital income of people in North Dakota jumped by 31%, according to the Bureau of Economic Analysis in the US.

Republican-led States see Higher Economic Growth

Lately, amounting evidence throughout the United States has begun to suggest that Republican governors could be the balm for state economies. In the fourth quarter of 2013, nine of the ten states in the US defined as the fastest growing economic areas were run by Republican governors.

All Industries Grow in Texas – An Economy that is Thriving

Following a recent press release regarding the workforce in Texas, over 46,600 non-farm based jobs were added in July. Currently, the unemployment rate within Texas has remained at an impressive 5.1%, far lower than the national average that is set at 6.2%.

California Considers End to Death Penalty to Save Money

Californians have been asked to consider putting an end to the death penalty. However, the issue surrounding the campaign does not have much to do with human rights or moral grounds, but rather with the question of cost.

According to a report by Reuters, proponents of repealing the death penalty say the system, with mandated appeals that can take decades, is so costly that it is putting a strain on the state’s already troubled finances.