President Obama’s track record on the economy has always come under scrutinization; more so with the upcoming 2016 presidential election. However, during the final State of the Union address, Obama decided to defend his record on the economy, by stating, “Anyone claiming that America’s economy is in decline is peddling fiction.” This is most likely a shot at the “Make America Great Again” rhetoric started from likely Republican frontrunner, Donald Trump.
Sure, no doubt the economy is experiencing significant growth in employment. The problem is that these gains are few and far between, especially when average individuals aren’t feeling the overall macroeconomic effects.
A new study by Dr. Emilia Istrate and Dr. Brian Knudsen — commissioned by the National Association of Counties — recently published a study that tracks the performance of more than 3,000 counties in the United States. By tracking all of these counties, Dr. Istrate and Knudsen used 4 different indicators to track performance: job growth, unemployment, economic output (GDP) and median home prices.
Their finds don’t illustrate the notion that America’s economy is on a decline, but the results fail to reveal a rosier picture. According to the study, only 214 counties have recovery on all four indicators fully.
This means that in 2015, only 93% of counties have recovery on all four indicators. In contrast, 16% of those counties have not recovery on any economic indicator. This also means that 27 states currently have counties without a full recovery.
The states with counties experiencing the strongest recoveries include Texas, Nebraska, Kanas, Minnesota, Montana, and Kentucky. The truth is that many of the gains we’ve seen in recent months are on an aggregate basis, and may not reflect the what people are experiencing in they own lives.
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