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May 22, 2009

Shared misery – 05/24/09

Fact that other states are in same boat doesn’t lessen pain

Anonymous The Daily Independent Fri May 22, 2009, 04:35 PM EDT

If it’s true, as Shakespeare said, that misery loves company, then Kentucky has no reason to feel lonely during this recession. Kentucky was one of 44 states to report a decrease in jobs in April.

But believe it or not, there is a tiny sliver of good news in that. Even though Kentucky lost jobs in April, it was one of a handful of states in which the U.S. Bureau of Labor Statistics reports the unemployment rate did not change significantly in April. One hopes that that is an early indication that the worst of the recession is over in this state. A flat unemployment rate is at least better than one that is on the rise.

The U.S. Labor Department reports that Kentucky lost 72,500 nonfarm jobs between April of 2008 and April of 2009. If that sounds bad, it is. But it could be worse. California had a whopping 63,700 jobs disappear in just April alone. Two states bordering Kentucky — Ohio with 25,200 fewer jobs in April and Illinois with 23,100 lost jobs — had among the nation’s highest number of jobs lost during the month. Given the financial woes of the U.S. auto industry, it is not surprising that Michigan — which lost 38,100 jobs in April — had the nation’s highest percentage of job losses.

In the last year, the Bureau of Labor Statistics reports that nonfarm employment decreased in all but two states — North Dakota and Alaska — and in the District of Columbia. Of course, with Congress and the Obama administration spending record amounts of money in an attempt to boost the economy, it is not the least bit surprising that there still are plenty of jobs available in Washington.

Kentucky’s jobless rate was 9.8 percent in April, or 3.7 percent higher than it was in April of 2008.

In such times, the financial woes Frankfort is experiencing should surprise no one. After all, the state depends heavily on income taxes — both individual and corporate — and revenue is bound to decline as corporate profits dwindle and more Kentuckians are unemployed. The sales tax is another major source of revenue, but about the only time individuals pay more than a few dollars in sales tax is when they purchase a vehicle or major appliance. As sales of such large-ticket items plummet so does state revenue. That’s why Kentucky is looking at a budget shortfall that could top $1 billion for the fiscal year beginning July 1.

Of course, Kentucky is not alone. Unemployment is much higher in other states and other states are facing budget shortfalls that make Kentucky’s look like pocket change.

But we think Shakespeare was wrong. The fact that others share our misery does not make it any easier to take. And the fact that other states are being forced to make deep cuts in essential state programs and services does not make such cuts any less painful in Kentucky.

What Kentucky and the nation as a whole really needs is some positive economic news — and soon.

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Shared misery – 05/24/09

Fact that other states are in same boat doesn’t lessen pain

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