Whoever wins (Obama) is going to have a helluva job on his hands. Agence France Press, the French AP, reports today that according to Moody's 30 out of 50 states are in recession already and 19 of the remaining 20 are on the edge. To recap for the stunned among us:
49 out of the 50 states in the US are in or near recession.
Moody's defined recession for the study as a decline in a state's gross domestic product (GDP) on average over a six-month period, compared with the prior six-month period.
According to the March-September study, 27 states were already in recession in August.
States with shrunken GDPs were concentrated in the eastern half of the United States -- the Midwest, the southeast and the northeast -- and the West (California, the largest state economy; Oregon; and Hawaii).
At-risk states were located in the center of the country and in the northeast, including New York state.
And the only state that isn't in danger of economic collapse? Hey, Saraaa-aaah!
Moody's said the only state that showed growth was Alaska, whose economy is dominated by the oil and gas industry.
Which I don't have to tell you is doin' fine, jus' fine.
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