Earnings growth in red states outpacing the blues

[BabyBoomer50s]

A rising Red State tide is lifting all boats.

Wall Street Journal, 7/11/23

“New state personal income data from the Bureau of Economic Analysis highlights how aggregate worker and proprietor earnings in red states grew significantly more in the last year than in the blues. The disparity owes to GOP-led states adding more jobs, including in higher-paying industries like tech and finance, along with faster-growing wages.

“Earnings nationwide rose 5.4% on average between the first quarters of 2022 and 2023, but much less in New York (2.6%), Indiana (2.6%), California (2.9%), Connecticut (3.4%), Rhode Island (3.6%), Maryland (4%), New Jersey (4.3%), Oregon (4.5%) and Illinois (4.6%). Apart from Indiana, these states are run by Democrats—and most have been for years. They boast high taxes and a high cost of living, which along with Covid lockdowns spurred increased out-migration during the pandemic.

“Meanwhile, earnings in the same period surged in North Dakota (9.7%), New Mexico (9.6%), Nevada (9.1%), Florida (9.1%), Nebraska (8.6%), Hawaii (8%), South Carolina (8%), Alaska (7.9%) and Texas (7.7%).“

“Manufacturing earnings grew 11.1% in Texas and 8.7% in Florida, versus 5.5% in New York and 2.5% in California. While information earnings declined 1.5% in New York and 9% in California, they grew 6.7% in Florida and 9.9% in Texas. Construction earnings grew five times faster in Florida (10.1%) and Texas (11.7%) than in New York (1.7%) and California (1.8%).”




https://www.wsj.com/articles/gop-st...f-economic-analysis-465ce23?mod=hp_opin_pos_1

 

[Bray123]

Bidenomics are dragging the red areas up to the performance levels of the blue.

And the under-performers in those red areas are not happy about all that work to be done.

 

[Lazaran]

•
BabyBoobs should change their name to “Jackass”, because they keep starting these stupid gaslighting “stunt” threads, and wind up getting seriously injured every time.

BabyBoobs should just go around asking random people to kick them in the nuts instead.

BabyBoobs

 

[Fuzzy1975]

A rising Red State tide is lifting all boats.

Wall Street Journal, 7/11/23

“New state personal income data from the Bureau of Economic Analysis highlights how aggregate worker and proprietor earnings in red states grew significantly more in the last year than in the blues. The disparity owes to GOP-led states adding more jobs, including in higher-paying industries like tech and finance, along with faster-growing wages.

“Earnings nationwide rose 5.4% on average between the first quarters of 2022 and 2023, but much less in New York (2.6%), Indiana (2.6%), California (2.9%), Connecticut (3.4%), Rhode Island (3.6%), Maryland (4%), New Jersey (4.3%), Oregon (4.5%) and Illinois (4.6%). Apart from Indiana, these states are run by Democrats—and most have been for years. They boast high taxes and a high cost of living, which along with Covid lockdowns spurred increased out-migration during the pandemic.

“Meanwhile, earnings in the same period surged in North Dakota (9.7%), New Mexico (9.6%), Nevada (9.1%), Florida (9.1%), Nebraska (8.6%), Hawaii (8%), South Carolina (8%), Alaska (7.9%) and Texas (7.7%).“

“Manufacturing earnings grew 11.1% in Texas and 8.7% in Florida, versus 5.5% in New York and 2.5% in California. While information earnings declined 1.5% in New York and 9% in California, they grew 6.7% in Florida and 9.9% in Texas. Construction earnings grew five times faster in Florida (10.1%) and Texas (11.7%) than in New York (1.7%) and California (1.8%).”




https://www.wsj.com/articles/gop-st...f-economic-analysis-465ce23?mod=hp_opin_pos_1

*chuckles* a 5% growth in a state with a 50 Million dollar GDP doesn't compare to a 1.2% growth in GDP in a state with a 1.5 Trillion dollar GDP.
You keep showing how much you don't understand economics, not growth, not budgets, not anything.*chuckles*

NOTE: the above example is just for demonstrative purposes, and does not reflect any actual state % of growth or GDP.

 

[BabyBoomer50s]

For those that like raw data, I believe this is the report they are referring to. If I am in error, please correct me by linking to the original report.

https://www.bea.gov/news/2023/gross...te-and-personal-income-state-1st-quarter-2023

Yes, this is the report. Thanks for posting the link.

 

[BabyBoomer50s]

*chuckles* a 5% growth in a state with a 50 Million dollar GDP doesn't compare to a 1.2% growth in GDP in a state with a 1.5 Trillion dollar GDP.
You keep showing how much you don't understand economics, not growth, not budgets, not anything.*chuckles*

NOTE: the above example is just for demonstrative purposes, and does not reflect any actual state % of growth or GDP.

Try reading the report for actual figures. *chuckles*

 

[Fuzzy1975]

Try reading the report for actual figures. *chuckles*

you first!

 

[YDB95]

“Earnings nationwide rose 5.4% on average between the first quarters of 2022 and 2023, but much less in New York (2.6%), Indiana (2.6%), California (2.9%), Connecticut (3.4%), Rhode Island (3.6%), Maryland (4%), New Jersey (4.3%), Oregon (4.5%) and Illinois (4.6%). Apart from Indiana, these states are run by Democrats—and most have been for years. They boast high taxes and a high cost of living, which along with Covid lockdowns spurred increased out-migration during the pandemic.

Apart from Indiana, they're all fairly affluent states where earnings were relatively high to begin with.

“Meanwhile, earnings in the same period surged in North Dakota (9.7%), New Mexico (9.6%), Nevada (9.1%), Florida (9.1%), Nebraska (8.6%), Hawaii (8%), South Carolina (8%), Alaska (7.9%) and Texas (7.7%).“

HI, NM and NV are usually blue, and almost all of these have a small share of very affluent people (mostly from oil money) and are otherwise fairly poor. It's easy to post bigger gains when you're starting from that far back.

Construction earnings grew five times faster in Florida (10.1%) and Texas (11.7%) than in New York (1.7%) and California (1.8%).”

Which has more to do with which states have previously rural areas that are now being developed than anything else. Not to mention that in Florida, condos occasionally fall into the ocean and have to be replaced.