Missouri Economy Continues to Prosper
Jefferson City – The most recent State revenue numbers reported by the Missouri Department of Revenue indicate that the State’s economy is growing at a pace faster than predicted. June 30th marked the end of the 2007 fiscal year and one of the highest net growth months all year with an 8.2% growth rate. The net general revenue growth rate for the year came in at 5.2% and represents nearly $90 million more revenue than previous estimates.
“I think this is further evidence that Missouri’s economy is vibrant and strong,” said Representative Bob Onder (Lake Saint Louis). “We wanted to emphasize pro-growth policies in Missouri, and now we are starting to see the benefits.”
Driving the strong growth in Missouri is the outstanding job creation numbers the State has mounted since January 2005, with over 94,000 new jobs created in that time. The new job creation numbers have caused unemployment to dip to 4.6%, a number economists believe represents close to full employment.
The strong growth numbers posted in past years led the legislature to enact a tax cut this year on Social Security and a large portion of retirement benefits. Approximately 244,000 Missourians will benefit from the tax cut this year, and the Legislature will be looking at more ways to return taxpayer dollars.
“Containing or cutting taxes is always one of my top priorities, “said Representative Onder, “because people know how to spend their money better than government. Consequently what we see is that when we cut taxes the economy improves, it’s a win – win situation for Missourians.”
Thursday, July 26, 2007
Missouri Economy Continues to Prosper
Rep. Bob Onder (R-Lake St. Louis) sends this good news from the Missouri capital:
The following numbers are from the U.S. Department of Labor Bureau of Labor Statistics for contexual purposes:
ReplyDeleteMissouri's present unemplyment rate: 4.8%
Highest unemployment rate:
Apr. 1983 10.5%
Lowest unemployment rate:
Jan. 2000 2.6%
The following is also from the U.S. Department of Labor Bureau of Labor Statistics :
Friday, July 20, 2007
The largest employment decreases occurred in Maryland (-11,600), Missouri (-6,600), South Carolina (-4,600), Kentucky (-2,200), and
Nebraska (-2,100)
I'm NOT even remotely stating that I think Rep. Bob Onder is lying or even using hyperbole but I'm wondering if there is a difference between Mo. Dept of Revenue and what the U.S. Department of Labor Bureau of Labor Statistics are using as data sets?
What I do note is that the Missouri Department of Revenue isn't bragging about this good news reported by Onder on their homepage...
Missouri Political News: State Rep Misinforms Constituents on Economy
ReplyDeleteThe notion that the economy is doing well in Missouri is just plain false. Any diligent reader of the news knows that the state of Missouri's economy and growth lags far behind other states. This month reports from BLS show unemployment is up and job growth is down by 6,600 jobs.
ReplyDeleteOnder is clearly using Republican talking points that are dated at best, but certainly far from accurate.
Check the facts:
www.bls.gov
www.bea.gov
My press release above referred to employment growth in June 2007, but Juandos and Curt Z refer to Labor Bureau statistics that report an increase in unemployment of 6,600 (the exact number is 6,476). Actually we are all three correct. How can this be?
ReplyDeleteEmployment did increase by 6,463 jobs in June, but the total labor force (those employed plus those looking for employment increased by 12,939. Therefore even though more people are working in Missouri now than a month ago, there is a net increase in unemployment of 6,476. The reason for this paradox is that in good economic times "discouraged workers" re-enter the job market and begin to look for work again. Since they are not all employed immediately, the overall unemployment rate can increase transiently, even as the economy continues to create jobs.
Economists vary as to what constitutes "full employment," but generally they consider somewhere between 4 and 6% to be the number. By this standard Missouri's employment statistics look very good.
State Representative Bob Onder
Lake Saint Louis
Sorry Bob-o, but when you said "My press release above referred to employment growth in June 2007" you were either misinformed or are lying. The most recent data available from BLS is for June 2007, but your data is outdated and from May. Try again but next time check your facts! Here's the evidence you were just probably using the GOP talking points - Sen. Crowell used the same outdated statistics in his propaganda editorial the same week.
ReplyDeleteTell the Missourians who are losing their jobs that the economy is doing well.
ReplyDeleteHere's a new post from MPN: Missouri loses 11,100 jobs in 2 months, unemployment rises
Now you can tell the economists at Creighton University predicting a massive economic slowdown that they were wrong too: http://mopolitical.blogspot.com/2007/09/economic-expansion-tumbles-in-missouri.html
ReplyDelete