On: 09/19/2010 20:40:06
In: Economy
By Adam Bitely
Continuing on our series to investigate how the “Summer of Recovery” and the “stimulus” affected the economies of all 50 states, we covered Oregon, Maryland, Kentucky, Arizona and Virginia over the past week. As we have been finding all along, any signs of a “recovery” are yet to be discovered.
Arizona is one of the worst hit states in the recession. From June 2007 to June 2010, the unemployment rate has skyrocketed by nearly 6 percent — a startling increase! Not only that, the federal government has pumped nearly $5 billion into the state in “stimulus” monies to stop the economic downturn. The Obama administration projected that they would create 70,000 new jobs in Arizona by the end of 2010, but so far, 84,600 jobs have been lost. At this point, it is hard to see any positive effects from the “stimulus” money as the unemployment rate continues to climb towards double digits.
In Kentucky, the unemployment rate has climbed to 10 percent since Obama took office. The state has received nearly $3 billion in “stimulus” but the troubled economy continues to worsen. The labor force is shrinking and employment is falling. The Obama administration projected 48,000 new jobs by the close of 2010, but they have fallen behind by 13,900 on their projection.
The situation is no better in Oregon where the unemployment rate hangs around 10.5 percent. The Obama administration is behind on their Oregon job creation estimates by 46,600 jobs! Even worse, the unemployment rate continues to climb and the labor force is shrinking. It is evident that people are altogether giving up on the hope of finding a job in Oregon.
But there are two odd states that we examined this week. Both Maryland and Virginia have a different situation than most states given their proximity to Washington, D.C.. This is not to say that these states have positive growth in their economies, but they have not been affected as harshly as most states have in the “Great Recession”.
With the explosion of federal government jobs, the border states of the federal capitol have benefited from these taxpayer-subsidized jobs. But those in Virginia and Maryland have still watched their unemployment rates increase since Obama took office.
The unemployment rate in Virginia has risen by 1.3 percent since Obama took office and currently hangs around 7 percent. In Maryland, the unemployment rate has risen by 1% and sits at 7.1 percent. Both states have seen considerable amounts of “stimulus” money but have still seen the negative effects of the recession. Also, both states are behind in the Obama administration job creation estimates for the end of 2010. Virginia is currently behind by over 40,000 jobs, and in Maryland, they are behind by over 14,000 jobs.
Even in states where the recession has not been as hard, things are still bad. As we continue our series over the coming week, we will examine Montana, Idaho, Oklahoma, Utah, and Tennessee. Be sure to check NetRightDaily.com each day to follow the uncovered results of the effects of “Recovery Summer” and the “Stimulus” on the sates.
Adam Bitely is the Editor-in-Chief of NetRightDaily.com.
On: 09/12/2010 19:00:46
In: Economy
By Adam Bitely
Over the past week, we covered the following states at NetRightDaily.com to see how Recovery Summer and Stimulus affected those states’ economies. We examined New Hampshire, New Mexico, North Carolina and Washington and the results were alarming to say the least. As we continue to discover, the Big Government schemes from Washington, D.C. have had no positive effect on the employment situations in the states as unemployment continues to climb.
Just take a look at New Mexico. Since Obama took office in January of 2009, the unemployment rate has increased nearly 2.5 percent — a startling increase when you consider that the Obama administration was claiming that the economy was recovering in the spring of 2010.
Over the course of the spring, New Mexico faced increasing unemployment even as the supposed “Summer of Recovery” began. Overall, New Mexico is currently facing the worst unemployment situation since Obama took office. And there is no end in sight for their ailing economy.
Similar bad news can also be found in North Carolina. As of June 2010, the unemployment rate hit double digits at 10 percent. And while the “Summer of Recovery” was supposedly going strong, North Carolinians witnessed a shrinking labor force and an ever-decreasing hope that the economy would soon revive itself.
And in Washington, the unemployment rate has increased by 1.5 percent indicating that the “Summer of Recovery” was nothing but a “Summer of Economic Disaster”. While the state has received nearly $6.5 billion in “stimulus” monies, the unemployment has continued to rise as each “stimulus” dollar was spent. This surely is not what the Obama administration expected would happen. But it is exactly what free market economists predicted would happen since the concept of “stimulus” spending was first introduced.
Even small states like New Hampshire have not been immune to the terrible economic conditions. Even though the state has received nearly $1 billion in “stimulus”, the unemployment situation has risen by nearly 1 percent. It is very difficult to find a single state that has benefited from the “Recovery Act”.
As most Americans realize, the “Summer of Recovery” was anything but a “recovery”. While the Obama administration continued to pump “stimulus” money into the states, the results continue to prove that Big Government spending does nothing but divert resources away from places that desperately need them.
Over the next five days we will continue examining the results of the “Summer of Recovery” and “Stimulus” in Virginia, Arizona, Oregon, Maryland and Kentucky. You can visit NetRightDaily.com each day to see what we uncover.
Adam Bitely is the Editor-in-Chief of NetRightDaily.com.
