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Do IT this week: Layering
The state unemployment rate reaches its highest point in 15 years. It offers a reminder of all Ohio must do to revitalize its economy
Published on Tuesday, Aug 19, 2008
The 1.6 percentage-point increase in three months reflects a souring national economy, Ohio hit harder because of its many links to the troubled American auto industry. At the same time, the decline in employment wasn't limited to autos or other areas of manufacturing. Almost all sectors of the state economy felt the blow, and truth be told, the jobless rate is likely to inch even higher, Ohio and the rest of the country, even the globe, coping with the wreckage of the housing market and the increase in fuel costs (though the price of oil has retreated recently from its July peak of $147 per barrel).
Kevin DeWine, the deputy director of the state Republican Party, reacted to the much higher jobless rate by delivering a jab at Ted Strickland. He argued that the governor ''is providing no leadership to turn around Ohio's economy. . . . offering nothing creative, nothing innovative. . . . Ohioans are struggling to buy gas, pay for groceries and keep their jobs, but Ted Strickland doesn't seem to have a clue how to fix it.'' Make no mistake, 20 months into a first term, and a governor begins to face responsibility (whether fair or not) for the state's economic performance.
Worth adding is that Republicans at the Statehouse joined Strickland and the Democrats in routing new resources to higher education as part of the current state budget. Republicans applauded, too, the governor embracing their package of substantial tax changes, approved in 2005. The two parties combined to craft a $1.57-billion investment in public works and economic development projects. They agreed on electricity restructuring legislation that included precise benchmarks for encouraging alternative energy sources in the state.
A recent assessment found Ohio among the nation's leaders in alternative energy investment, aided by its base in manufacturing. The benchmarks should serve to bolster and enhance the development.
All of these steps are critical, in one way or another, to Ohio making progress in reshaping and revitalizing its economy. As everyone knows, the task isn't easy, the state among the worst performers in job creation and economic growth. The challenge will become more formidable if the state budget continues to deteriorate. Revenues plunged in the first month of the new fiscal year, the governor anticipating a shortfall that will require ''tough choices.''
What the state must resist are choices that further delay essential investment in the skills of Ohioans, say, keeping college tuition in check, or ensuring that schools have the necessary tools to lift the quality of education. Recall December 1992, the jobless rate at 7.2 percent: George Voinovich and state lawmakers increased taxes to balance the budget and preserve decisive programs. The state unemployment rate fell steadily until the end of the decade. Yes, there are worse things than higher taxes.
Get the full article here.
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