Don't forget: North Dakota more than doubled our economic growth rate, and they have a state income tax (socialists!). And their growth wasn't just from those lucky oil strikes: BEA says the largest contributors to growth in North Dakota were agriculture, forestry, fishing, and hunting.
Other interesting notes from the report:
- Alaska had the worst economic performance, with real GDP dropping 2.0% (lesson: don't base your economy on petro-dollars).
- Real GDP per person:
- U.S.: $37,899
- S.D.: $37,690 (I'm evidently not pulling my weight!)
- N.D.: $37,832
- Minn: $41,573 (again, I thought income taxes were supposed to kill economic activity)
One might also wish to take note of this 2008 article in the Wall Street Journal.
ReplyDeleteThose are pretty interesting numbers, Stan! Keep me reminded of them next time I talk about taxes and migration patterns....
ReplyDelete