Trickledown economic theory and the three years of state budget and tax cuts to which it has given rise continues to work wonders for the North Carolina economy…not.
This just in from the state Department of Commerce:
“RALEIGH — The state’s seasonally adjusted July unemployment rate was 8.9 percent, increasing 0.1 of a percentage point from June’s revised rate. The national rate declined to 7.4 percent from June’s 7.6 percent.”
Of course, in fairness, the notion that state policies can have any kind of significant near-term impact on the overall employment rate is as misplaced now as it was when conservatives were lambasting the Perdue administration. Save for the actual jobs it creates through public employment, the main impact state leaders can have is on: a) the long-term picture (where investments in education and infrastructure are key) and b) easing the suffering of the jobless and their families.
That said, the performance of conservative state leaders in both of these latter two areas has been truly abysmal so prospects seem likely to remain relatively dim for the foreseeable future.