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* Bloomberg…
In 1929, the six richest states in the U.S. were, in descending order, New York, Delaware, Connecticut, California, Illinois and New Jersey. Four of those are still in the top six (Illinois missed the cut by a few places, while Delaware has fallen to 22nd; Maryland and Massachusetts replaced them). […]
Per-capita personal income is admittedly not the most closely watched of economic indicators. In the short term, it can give some pretty strange results: West Virginia had the fastest-growing per-capita income of all the states in 2018, according to preliminary data released late last month by the Commerce Department’s Bureau of Economic Analysis, but that was partly because its population shrank by an estimated 11,216. Per-capita income also doesn’t tell us anything about the distribution of income. The Census Bureau’s median household income estimates do that, but those come with big margins of error and are only readily available back to the mid-1980s. Which leaves per-capita personal income as a quite useful measure of the changing fortunes over time of American states and localities (it’s available down to the county level). […]
Now here are the states … that saw the biggest relative losses in per-capita income from 1929 to 1980, and what’s happened to them since:
Change in per-capita personal income as a percentage of national average…
* More…
Finally, here are the 19 states where income gains outpaced the country as a whole over the past decade […]
This is a mix of states bouncing back from a really terrible 2000s (Michigan most of all, but also Colorado and Indiana), a state gaining in per-capita income as its population shrinks (Illinois), and states that are genuinely booming (Washington, Massachusetts, Oregon and others).
States With the Most Income Growth Since 2008: Change in per-capita personal income as a percentage of national average…
posted by Rich Miller
Wednesday, Apr 10, 19 @ 2:47 pm
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Nothing demonstrates how lousy the State is being managed better then the chart which proves our income growth since 2008 is dead
And and nearly ZERO- great time to impose a tax bump on job creators
Comment by Sue Wednesday, Apr 10, 19 @ 2:57 pm
Dead last
Comment by Sue Wednesday, Apr 10, 19 @ 2:57 pm
I went and read the whole article. We are an historical rich state and still are. A !it of our seeming comparative decline is due to states that were unpopulated or almost third world doing catch up.
Comment by Not a Billionaire Wednesday, Apr 10, 19 @ 2:58 pm
Illinois is Number One again.
Comment by Anonymous Wednesday, Apr 10, 19 @ 3:08 pm
The states with the highest ‘averages’ also have the wealthiest individuals and companies.
Median, as the report states, is a better way to measure how the typical families are doing.
Quite telling that since 1980, only the massively wealthy have been doing very well. This is consistent with other literature that demonstrates that most income growth is all going to the highest one percent income earners.
Keep your eyes on this trend. The 2016 election of Donald Trump, the right’s movement from moderates, and the left’s movement to Bernie/Warren/AOC from moderates can be understood as a wide ranging disapproval of the neoliberal economic policies of the last 40 years.
Comment by Anti-Neolib Wednesday, Apr 10, 19 @ 3:18 pm
It would be useful for responders to understand the post before making comments. The last graph shows that Illinois’ per capita income grew slightly faster than the U. S. Average. This is hardly “lousy.”
Comment by Anonymous Wednesday, Apr 10, 19 @ 3:27 pm
The RTWFL states the anti-union right wingers want Illinois to emulate are mainly in the bottom half of per capita incomes, with Indiana and Tennessee at 40th and 41st.
https://en.m.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_income
Comment by Grandson of Man Wednesday, Apr 10, 19 @ 3:30 pm
=great time to impose a tax bump on job creators=
You keep parroting this long ago debunked trope. When does that stop? The 3% or 10% or 1% are not job creators. They do generally benefit disproportionately from the work of others, but they are not job creators.
I will also assume you noted the income increases of big tax California and New York. Remind me, what did California do recently?
Thought so..
Comment by JS Mill Wednesday, Apr 10, 19 @ 3:35 pm
Just to reiterate anonymous at 3:27. There are still 50 states in the Union, one for every star on the flag to which you doubtless pledge allegiance every morning. Illinois is last among the top 19 states.
Comment by histprof Wednesday, Apr 10, 19 @ 3:41 pm
California and NY are the financial centers of the world (Wallstreet & Silicon Valley).
Since 2008 the market is up some 400%, so it is natural that in industries like those heavily dependent on stock market performance that they are far surpassing every other state.
The people at the top have gotten so wealthy they are dragging up the per capita income of the state with them.
To pretend that we can just raise taxes to Cal or NY levels and achieve the same prosperity as if location and historical significance mean nothing is pie in the sky thinking.
Knock me over with a feather that in the period since the market bottomed the financial capital of the world and the home of silicon valley are leading the way when the market has seen historic gains.
Comment by Anon Wednesday, Apr 10, 19 @ 3:43 pm
===Dead last===
Dead wrong…as usual. Reading is fundamental.
Comment by PublicServant Wednesday, Apr 10, 19 @ 3:45 pm
Any chart that shows significant income growth in Washington DC should cause everyone concern.
Comment by City Zen Wednesday, Apr 10, 19 @ 3:49 pm
Well, at least we did better than Vermont. Oh wait…
Comment by Colin O'Scopy Wednesday, Apr 10, 19 @ 3:52 pm
Zero increase in per cap income, well that explains a lot.
“Zero point Zero you have No grade-point average”
https://tenor.com/view/animal-house-john-belushi-audio-education-zero-point-gif-3488644
Comment by theCardinal Wednesday, Apr 10, 19 @ 3:53 pm
CAT just announced 800 new Illinois layoffs so things must be as great as all of you posters are saying
Comment by Sue Wednesday, Apr 10, 19 @ 3:54 pm
–Nothing demonstrates how lousy the State is being managed better then the chart which proves our income growth since 2008 is dead last–
That’s not what the chart shows.
It shows Illinois is one of 19 states that had personal income growth at a higher rate than the national average.
The sentence preceding it should have given you a clue:
–States With the Most Income Growth Since 2008: Change in per-capita personal income as a percentage of national average…–
Seriously, did you think there are only 19 states?
Comment by wordslinger Wednesday, Apr 10, 19 @ 3:59 pm
Yeah Sue. CAT’s woes have absolutely nothing to do with the global market for its products. If you are trying to use CAT ad some barometer of the illinous economy you better try again because you swung and missed
Comment by Demoralized Wednesday, Apr 10, 19 @ 4:02 pm
Look out, Arkansas. We’re coming for you.
Comment by City Zen Wednesday, Apr 10, 19 @ 4:09 pm
The people who professionally trash this state make good or great money here and pay a low state income tax. Such phonies, they are.
Comment by Grandson of Man Wednesday, Apr 10, 19 @ 4:16 pm
Demoralized- only issue is CAT has expanded elsewhere in The US cjuzt saying. No one other then a fool will try to argue that Illinois has been well managed. We continue losing population and job growth while our mid west neighbors are growing on both fronts. It ain’t a coincidence
Comment by Sue Wednesday, Apr 10, 19 @ 4:19 pm
==Nothing demonstrates how lousy the State is being managed better then the chart which proves our income growth since 2008 is dead last==
Correction: we are dead last among the 19 states the outpaced the national average, meaning we still OUTPACED THE NATIONAL AVERAGE. 31 states were at or below the national average in terms of income growth.
Comment by DarkDante Wednesday, Apr 10, 19 @ 4:26 pm
==The people who professionally trash this state make good or great money here==
Waste Management?
Comment by City Zen Wednesday, Apr 10, 19 @ 4:32 pm
–Nothing demonstrates how lousy the State is being managed better then the chart which proves our income growth since 2008 is dead last–
You’re not reading so well. The chart shows, as the text says, Illinois is one of 19 states where per capita income has grown ahead of the national average since 2008.
– only issue is CAT has expanded elsewhere in The US cjuzt saying.–
Caterpillar has been cutting thousands of jobs worldwide since 2015, due to market conditions.
It is expanding its Chicago digital office.
https://money.cnn.com/2015/09/24/investing/caterpillar-job-cuts-china-oil/index.html
https://www.chicagotribune.com/business/ct-biz-caterpillar-digital-team-relocates-20190207-story.html
Comment by wordslinger Wednesday, Apr 10, 19 @ 4:50 pm
JS Mill- 😆- your comment brings to mind Obie saying “you didn’t build that”. In your world the govt creates all the jobs. Worked well for Maduro
Comment by Sue Wednesday, Apr 10, 19 @ 5:15 pm
So if enough poor people leave the state our per capita income goes up. Sounds like a plan. Not a good plan, but a plan.
Comment by Last Bull Moose Wednesday, Apr 10, 19 @ 5:49 pm
=JS Mill- 😆- your comment brings to mind Obie saying “you didn’t build that”. In your world the govt creates all the jobs. Worked well for Maduro=
Sue- Your blatherings here aren’t even clever.
You want everywhere to be Kansas just like Rauner. that experiment was an abject failure.
Here is a tip…people want to live where there are things like quality schools and strong public services. Even the wealthy want that.
And I do not believe being wealthy is a sin, nor it is a virtue. I am a capitalist at heart. But there really is no real capitalism anymore.
I come from a family of some wealth and have worked successfully in both the public and private sector, earning everything I have ever received. I am not at the $250 level but not too far off when my investment income and income derived from my job and my spouses job are combined. I have zero issue with a graduated income tax from Illinois. It is far outstripped by my federal taxes and used better then my federal taxes.
With that in mind your Maduro stuff just makes you sound ignorant, but I bet you love yourself some banana republic like strongmen.
Comment by JS Mill Wednesday, Apr 10, 19 @ 8:07 pm
–Nothing demonstrates how lousy the State is being managed better then the chart which proves our income growth since 2008 is dead last–
Yeah, your reading comprehension skills aren’t so good. Give it another shot.
Comment by wordslinger Wednesday, Apr 10, 19 @ 8:16 pm
==Yeah Sue. CAT’s woes have absolutely nothing to do with the global market for its products.==
Not the global market. More like the US market being deliberately sabotaged because of the tariffs. Caterpillar will lose 100 million by the end of this year. So Cat’s other factories in the US will be next. I’m sure Caterpillar Brazil will do just fine.
https://qz.com/1433977/trumps-trade-war-is-dragging-down-caterpillar-3m-and-the-market/
Comment by Da Big Bad Wolf Thursday, Apr 11, 19 @ 6:21 am
“I am not at the $250 level but not too far off when my investment income and income derived from my job and my spouses job are combined”
A lot of people support a graduated income tax, according to the polls. It boils down to should we tax the people making $55,000 a year at the same rate as those making tens or hundreds of millions? Then we’re supposed to cut those workers and people much poorer for state budget and so-called economic reasons and have the rich keep paying a low tax? And some of the well-off are crying that Illinois is terrible when they are getting by terrifically, and the rich gained disproportionately so much more than everyone else?
Eight of the nine states with the income highest gains above are full-union states with Medicaid expansion, so no, we don’t have to be like our right wing, RTWFL neighbors.
Comment by Grandson of Man Thursday, Apr 11, 19 @ 7:46 am
Interesting that of the nineteen elite states with the most growth since 2008, eight states have legalized recreational marijuana.
Comment by Da Big Bad Wolf Thursday, Apr 11, 19 @ 2:11 pm
Oops. Forgot Washington DC.
Comment by Da Big Bad Wolf Thursday, Apr 11, 19 @ 2:15 pm