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Republican Leadership has Produced a Gloomy Economic Environment

Martin County Democrats

The state's economists at the Florida Economic Estimating Conference released a discouraging report on Florida's economic outlook.

The economists said Florida went from a state that led the nation in job creation a few years ago to a state that now leads the nation in jobs lost.

In all, about 74,700 jobs were lost in Florida during the past year, with construction and manufacturing jobs topping the list.

The economists predicted a continued slowdown in population growth, a lengthening stagnation in the housing industry, and a state even more strapped by dwindling tax collections.

And the economists predicted that this slump, which they had previously thought would end in the middle of next year, will continue throughout 2009.

State Farm, the largest home insurer in the state, announced that it planned to raise premiums on average 47.1 percent in Florida?

The company, which raised rates 52 percent two years ago, says it needs more cash to cushion itself in Florida in the event of more hurricanes.

Time magazine published a story that resembled a state obituary.
An excerpt:

"We've got a water crisis, insurance crisis, environmental crisis and budget crisis to go with our housing crisis.

  • We're first in the nation in mortgage fraud
  • Home foreclosures ranked second in the country
  • Last in high school graduation rates

"Our consumer confidence just hit an all-time low, and our icons are in trouble - the citrus industry, battered by freezes and diseases; the Florida panther, displaced by highways and driveways; the space shuttle, approaching its final countdown."

a Florida electorate on the edge over $4 gas, fewer government services and a worsening economy.

Lower Income Growth Dampens Consumer Spending...Nominal personal income is projected to grow a modest 2.5% in Fiscal Year 2008-09, well below the 3.6% projection in the national forecast.

Per capita income as adjusted for inflation exhibits the same pattern-in real terms, income is expected to decline 2.7% this year.

Articles:
Florida Economic Estimating Conference Report: FLORIDA ECONOMIC OUTLOOK
Palm Beach Post
Frank Cerabino

(In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. Martin County Democratic Executive Committee has no affiliation whatsoever with the originator of this article nor is Martin County Democratic Executive Committee endorsed or sponsored by the originator.)


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