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Oct 01 2013

Government Shutdown will have significant impact on Ohio’s economy

For months, Congressional Republicans have threatened that unless Democrats negotiate over the implementation of the Affordable Care Act, they will not pass a new spending bill to fund the federal government. Last night at mid-night, Republicans followed through on their threats and President Obama was forced to shut down the U.S. government for the first time since 1995. A shutdown of the federal government will have real effects on the U.S. economy and here in Ohio. The White House estimates that a week-long shutdown will cost the U.S. economy $10 billion but that number could increase the longer the shutdown drags on. According to research released by Congressional Democrats, this shutdown will have significant effects on middle-class families and small businesses here in Ohio.
  • 52,000 federal employees in Ohio will be furloughed. These workers may see reductions in their pay from the time they were forced to stay home because the government was shuttered. This means less money in the pockets of these workers to pay for all sorts of services and goods from businesses in their communities.
  • A shutdown could delay support for a portion of the 186,000 small businesses in Ohio. The federal Small Businesses Association administers small business loans and a shutdown would put a stop to this critical source of business credit for thousands of small businesses in Ohio.
  • In Ohio, over 25,000 people are employed through the Department of Defense as civilian employees and half of them will be furloughed without pay while the rest would continue to work for delayed pay.
  • Checks for current Social Security benefits will continued to be delivered during the shutdown but it is unclear what would happened for new benefits or other services offered to seniors. During the last shutdown 112,000 claims for Social Security and disability were not taken. In Ohio, 2.2 million individuals received Social Security benefits in 2012.
  • During the 1995 shutdown, more than 400,000 veterans saw their disability benefits and pension claims delayed and it is unclear whether this will also happen this time. Currently, Ohio has 877,000 veterans who may experience some sort of delay.
Congressional Republicans’ demands to negotiate over the ACA are irresponsible and reckless and are putting the nation’s economy, and Ohio’s economy, at risk to advance their political agenda. It is time that Republicans in Congress stop threatening the future of Ohio’s middle-class families and pass legislation to fund the government’s operations.

Written by bpeyton · Categorized: Economic Development and Jobs, Innovation Station · Tagged: Economy, Gov Shutdown, Ohio Economy

Aug 21 2013

Ohio continues to lag nation in job growth

Ohio’s stagnant job growth continued through July.  According to data released by the U.S. Bureau of Labor Statistics, Ohio ranks 46th in the nation in year-to-year job growth when comparing July, 2012 to July, 2013. Compared to other states, Ohio’s continues to rank in the bottom five of all states for yearly job growth. On a year-to-year basis, Ohio’s job growth rate was a minuscule .73 percent in July. Only four states –Oklahoma, Pennsylvania, Rhode Island, and Alaska – added jobs at a slower rate during the same time period. [Read more…]

Written by bpeyton · Categorized: Economic Development and Jobs · Tagged: Economic Development, Economic Growth, Economy, Jobs, Ohio Economy

May 24 2013

ALEC boosts Ohio’s ranking on its anti-government/anti-tax policy wish list

5.24.13 ALEC reportThis week, the conservative-leaning American Legislative Exchange Council (ALEC) released its 6th annual Rich States, Poor States: ALEC-Laffer State Economic Competitive Index. According to the report, Ohio’s “competitiveness” ranking went up last year from 37th to 26th. Don’t be surprised to see politicians point to this as evidence that their radical economic policies are working here in Ohio. The ALEC report is just one of a host of “studies” released each year that attempt to measure which state economies are the most business-friendly. These reports are nothing more than a platform for these groups’ anti-tax/anti-government ideologies and use flimsy analysis that would fail any college 101 statistics class. For instance, the report evaluates Ohio against other states in terms of factors such as its minimum hourly wage, average tax rates and how union-unfriendly its laws are. In reality, these reports — and these factors — have proven to be very poor predictors of how states’ economies will perform in the future.  [Read more…]

Written by bpeyton · Categorized: Economic Development and Jobs, Innovation Station · Tagged: ALEC, Economic Growth, Economy, Ohio Economy

Nov 16 2012

Incomes for Ohioans stagnant or lower over last decade

The infographic below comes from the Center on Budget & Policy Priorities. This past week they released a study called, Pulling Apart: A State by State Analysis. If you feel like something’s been up with the economy – it works way better for some than others – the graphic below is part of what you’re feeling. (Click on image for full size)                                        

Written by ronsylvester · Categorized: Innovation Station · Tagged: Economy, Inequality, Ohio Economy

Oct 29 2012

Just in Time for Halloween: Jeep Ad Meant to Scare – But Claim is Fantasy

Innovation Ohio is on the op-ed page of The Plain Dealer today sharing our research – and the truth – about the positive jobs effect of the auto rescue for Ohio. But, just like Whack-a-Mole, one more lie about Ohio’s auto industry pops up as soon the record is corrected on the previous one. Why fudge the facts on auto jobs and the importance of the industry to Ohio? Our state is at the center of the political universe until Election Day. Pundits from one end of the country to the other believe the presidential vote in Ohio will determine the outcome of the race. The Romney campaign has rightly identified President Barack Obama’s support of the auto rescue as a huge advantage for the president in the state. Since the rescue was fully implemented – mid-2009 – more than 17,000 auto jobs have been added in Ohio. Gov. Mitt Romney was publicly against the auto rescue – he’s trying mightily not to have to pay the political price for that position. [Read more…]

Written by ronsylvester · Categorized: Innovation Station · Tagged: Auto Jobs, Jeep, John Kasich, Ohio, Ohio Economy, Ohio Elections

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