States Economies Failing Vs States Economies Thriving
The states of the United States of America are divided into five regions: the Midwest, the South, the West, the Northeast, and the Pacific Northwest. Each region has its own unique economic conditions and political landscape.
The economically thriving states have a high GDP growth while their unemployment rate and the percentage of the population below the poverty line are low. For example, New Hampshire has a GDP growth of 7.9% while the GDP growth in Iowa is a positive number (-2.3%).
These two extremes illustrate how different the economies of New Hampshire and Iowa are, while Utah has a low unemployment rate and Alaska has a high unemployment rate.
In Alaska, the unemployment rate is 3% higher than in Utah. This means that 4.9% more Alaskans are unemployed, compared to Utah’s 4.3%. Additionally, 16.7% of the Louisiana population lives below the poverty line, which is much higher than the 9.5% of New Hampshire’s population living below the poverty line. Clearly, Louisiana has a much greater level of poverty than New Hampshire. ..
The New Hampshire economy is thriving because of its strong manufacturing base and its ability to export goods. The states of Iowa and Louisiana are failing because their economies are based on services and not goods.
The Difference Between The Economy Thriving And The Economy Falling
When a country or state is thriving economically, its citizens have more money to spend on the items they need to live their daily lives like fuel, groceries, and clothing. ..
The masses of a falling economy are in distress because they can’t afford to live their lives comfortably. This is because of high inflation and low income, which is characteristic of a poorly managed economy.
The currency is falling in value and the state or country finds it hard to import at reasonable prices. Lawlessness is usually at peaks because of a high maldistribution of resources and unemployment. ..
In a nutshell, the economies of countries that are falling are usually in a chaotic situation.
Reasons For The Economic Downfall And Uprisal Of States
GDP is the value of all the goods and services produced by a country in a specific period.
In the case of more self-sufficiency, the GDP increases (grows) while it decreases (declines) if the country or a state is dependent upon others for goods and services. The states of New Hampshire, Washington, Massachusetts, and Utah are more self-sufficient as compared to other states.
Iowa’s efforts to produce goods and services internally will lead to an increase in its ranking. ..
Iowa’s economy is struggling, with GDP growth negative in consecutive periods. This makes it difficult to create new jobs and increase the standard of living for Iowans. ..
The state of Alaska shall require increasing jobs to reduce the unemployment rate. A great percentage of Louisiana is living below the poverty line so Consumer Price Index (CPI) and other inflation monitors should be focused on improvement by reducing prices or increasing average wage rates.
Unemployment Observed To Monitor Economic Growth:
The increasing number of unemployed people is adding to the national expenses, as many relief programs are developed to relieve the unprivileged, while they have no contribution to the economic development since they do not earn enough money to pay taxes. ..
GDP Indicate Economic Growth:
GDP is a measure of a state’s ability to provide for its own citizens. If a state’s GDP falls below the poverty line, it must import goods and services to meet the needs of its citizens.
The state/country’s economy is weak because it cannot keep up with the growth in other countries. This means that the state/country is not able to produce its own goods and services, which makes it difficult to compete in the global market.
The United States of America is the third largest country in the world, after Russia and China. It is made up of many large states, including Alaska, Texas, and California; while Rhode Island, Delaware, and Connecticut are among the smallest.
The states in the United States of America have different economic conditions, which can be seen by looking at indicators like GDP growth, employment/unemployment rate, and average wage rate.
The business environment is important, but it is not directly measured. According to the latest statistical figures, the states that seem to be thriving are New Hampshire, Washington, Massachusetts, and Utah. ..
The states are struggling, and Iowa, Alaska, Louisiana, and South Dakota are prominently featured.
