As we have noted before, West Virginia has weathered the recession better than most states. The state is one of only eight that did not project a budget shortfall for FY2012. In fact, we ended this year with an astonishing surplus of $330 million (although this has more to do with setting overly pessimistic revenue…
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Economic View The Rock and the Hard Place on the Deficit By CHRISTINA D. ROMER Published: July 2, 2011 DEALING with our nation's gaping budget deficit is going to hurt. So here is a question for policy makers: What would hurt more, raising taxes or reducing spending? Mike Austin The Republicans who walked out of…
According to a new study conducted by the Institute for Health Metrics and Evaluation, life expectancy of U.S. women slipped in some regions, declining in 737 U.S. counties (out of more than 3,000) between 1997 and 2007. Even though life expectancy nationwide has risen over the last two decades, there is a widening gap between…
Despite a slight decrease in the unemployment rate to 8.6 percent, West Virginia lost approximately 5,000 jobs in May 2011, the largest one-month drop since July 2009. The strong growth seen in April 2011 has been negated, and West Virginia currently has 11,700 fewer jobs than at the beginning of the recession. The state has only gained 900 jobs in…
West Virginia's unemployment rate in April 2011 was 8.8 percent, down from a high of 9.7 in December 2010, but still more than double its pre-recession levels. So while the state is doing slightly better, it still has plenty of room for improvement. But did the recession affect all areas of West Virginia's economy the…
A recent US Bureau of Economic Analysis report on State Personal Income reveals the extent to which the West Virginia relied on Transfer Payments to support total Personal Income between 2008 and 2009, a time when the Great Recession was wrecking havoc on state budgets and employment outlook was particularly bleak. Transfer Payments, primarily Unemployment…
While there is a plenty of disagreement over how to handle the federal deficit and debt, one area almost everyone agrees on is the need for corporate tax reform. But while everyone agrees that the loopholes, deductions, and giveaways in the corporate tax code should be reigned in, both sides of the aisle also say…
Last week it was announced that Macy's would be building a $150 million distribution center in Berkeley County. Macy's negotiated with Berkeley County for a payment in lieu of taxes (PILOT) deal to entice the company to build in the county. The PILOT deal calls for Macy's to pay $11.25 million over 15 years; Macy's…
As the debate over the federal budget deficit and federal debt heat up, many, including plenty in West Virginia, have argued that the policies enacted since 2009 have pushed the deficit to its current heights, and only by reigning in this out of control spending can the deficit be reduced. But, the fact remains, the economic…