Washington has a low unemployment rate one of the keys to riding out a recession with minimal pain
It’s hard to tell how the Wall Street infection will affect the rest of the body politic. We can’t gauge easily how deep or long a resulting recession might be. We do know that Washington State will suffer less than some states.
Why should this be? Here’s a formula for a recession proof state. Washington does pretty well in most of these categories. See if you can spot the ones where we have room for improvement.
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Keep announcing a corporate relocation or a new factory.
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Offer beautiful mountains to lure young workers who like to go hiking and skiing.
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Government should use relocation grants and tax breaks tied to the creation of well-paying jobs.
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Enjoy a housing market that didn’t heat up as much as some mid-decade.
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Keep a low foreclosure rate on homes.
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Have a population with fewer teenagers looking for work and more productive people in their late twenties and early thirties filling positions.
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Establish a stable, consensual political culture so the state legislature can move easily to solve problems.
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Keep a healthy population with a responsible work ethic and personal good habits (e.g., low addiction and alcoholism rate; few divorces).
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