Thursday, March 28, 2013

New report identifies why Wisconsin's economy is among the nation's worst


Wisconsin’s economy continues to be among the nation’s worst performing.  A new report by the Bureau of Economic Analysis reports that between 2011 and 2012 the state ranked 41st in nation in personal income growth.
The single largest contributor to this dismal performance was the dramatic decline in state and local government income, the direct result of Governor Walker’s austerity economic policies (See table 3).

Wisconsin’s state and local government employees’ incomes shrank by $529 million dollars, a 2.55% decline. Only Louisiana under the leadership of Tea Party favorite, Governor Booby Jindal, experienced as steep a decline according to the analysis.
 
The Milwaukee Journal Sentinel has repeatedly written that the state’s lack of job creation and weak economic and income growth is inexplicable. This report makes it clear that  Wisconsin's weak  economic performance is the direct result of Walker’s austerity economics- massive cuts in state aid to local governments, public schools, tech colleges and the UW system. It will be interesting to see if the Milwaukee Journal Sentinel reports that the economic mystery of Wisconsin’s subpar economic growth has been solved.  

14 comments:

Anonymous said...

The real indicator of productivity is in private sector wages, not public sector. Public sector employees, while necessary, are part of the overhead.

Anonymous said...

Yes Anon it is overhead until u consider that the money earned is then spent right here and used to buy things made here , and business increases, needing more workers who then also make more and spend more. They work together ; fewer public workers contribute to fewer private workers, whether in stores, factories, restaurants, etc. Retired employees with pensions also pay their bills which help employ people! So on and on it goes; one part is dependent on the other parts!

Michael Rosen said...

The statement “the real indicator of productivity is in private sector wages” is both wrong and irrelevant. Productivity is a measure of output per hours of work not wage levels!
More importantly, aggregate demand, the demand for goods and services, drives economic growth and job creation. And state and local government workers whether state scientists, educators, first responders, or snow plow drivers perform necessary social functions that are a precondition for business investment, economic growth, and job creation. Not only does their labor grease the skids of commerce, but their consumption stimulates business investment and sales

John Kovari said...

It would be interesting to see the correlation between earnings growth of state/local employees and overall state job growth...

Anonymous said...

The unemployment rate since Walker took office is way down. True?

Anonymous said...

No did you not hear last week for the first time since the great depression in every county in the state has LOST jobs. Just hear
d some city in the southern part of state is at13 percent unemployment

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