As of June 2010, there are five people competing for every available job in America. There are about three million job openings while there are approximately 15 million people unemployed. The data for the national estimates were provided by the US Bureau of Labor Statistics. Due to small sampling size, there is no federal or…
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A few blogs posts ago, I showed a chart that illustrated the historical decline in coal employment and production in West Virginia. In 1975, the coal industry directly employed 55,000 workers and accounted for about 20 percent of our state's economy (GrossState Product). Today, the coal industry directly employs 19,000 workers and makes up just six…
Economic projections play an important role in the budget process in West Virginia. Each year, the West Virginia State Budget Office publishes the Executive Budget, which includes an economic forecast. The economic forecast projects employment numbers, population growth, the unemployment rate and many other important economic indicators for the next several years. These projections help…
As one of her reasons for voting against The Education Jobs and Medicaid Assistance Act (a.k.a. jobs bill), Congresswomen Capito stated in the Gazette this morning that "this bill add to our already bloated deficit." Leaving aside for a moment that Capito bears significant responsibility for our large budget deficits, the assertion that the jobs bill adds to the deficit is unsubstantiated and…
Here is an opinion piece in the State Journal discussing the business personal property tax that makes many of the same mistakes others make when arguing for business tax cuts. West Virginia taxes business personal property which includes manufacturing equipment and machinery. While West Virginia isn't the only state with the tax, several states do not.…
Most agree that the Great Recession began in late 2007, but we're a little behind in West Virginia. When it comes to jobs, the recession began to affect West Virginia in October of 2008. Between October 2008 and January 2010, West Virginia's economy lost 32,400 jobs. Since then, the state has slowly added 11,600 jobs.…
According to the national Center on Budget and Policy Priorities , many of West Virginia's elderly would be living in poverty, if not for Social Security. According our recent report, about 30 percent of West Virginia seniors rely solely on Social Security in retirement. What's particularly surprising is the significant number of children who receive…
The evidence that renewing Bush's tax cuts for the wealthiest Americans would work against the interest of average Americans is overwhelming. First, renewing breaks for the wealthy would reduce revenues by anywhere from $80 billion to $90 billion over the next two years. Revenue projections in the long-term look bleak, as well, with an estimated…
On a vote of 61-30, the US Senate approved $25 billion in state fiscal relief. This includes $15 billion in Medicaid support and $10 billion in education support. For West Virginia, this amounts to $136 million, with an estimated $81 million in Medicaid funds and $55 million in education funds. Both Goodwin and Rockefeller voted…
The US Bureau of Labor Statistics issued a statement that shows total nonfarm payroll employment declining by 131,000 in July 2010, and the unemployment rate remaining unchanged at 9.5 percent. The decline in employment is the result of federal government census workers wrapping up their work. However, a bright spot in the report exists as private-sector…