Wednesday, December 1, 2010
Investor's journal agrees: Demint's South Carolina is 6th worst run state in the USA
24/7 Wall St. says tourism is one of the bright spots in South Carolina's economic development strategy, yet erosion threatens the State's coastal areas the focus of much of that development. Nonetheless, Senator Demint continues to scorn scientific evidence that climate change is responsible for much of the damage.
While the State of South Carolina promotes tourism (and the low wage service jobs that industry requires) the online journal for equity investors, 24/7 Wall St. has completed "one of the most comprehensive studies of state financial management ever performed by the mainstream media."
Their study ranked South Carolina 44 out of the 50 states, (tied with Mississippi). 24/7 Wall St. claims their study is "based on evaluation principles used in the award-winning Best Run States In America ratings published by the Financial World Magazine during the 1990s."
Here's what they say about the economic disaster that is Jim Demint's South Carolina.
Tied for 44th (best run states). South Carolina
Debt per Capita: $8,013 (34th)
Unemployment Rate: 11% (45th)
Home Price Change (’06 – ’09): 12.3% (10th)
Median Household Income: $42,442 (42nd)
South Carolina has done an admirable job at marketing itself as a tourist destination, and has the 10th best improvement in property values from 2006 to 2009. In terms of the economy, however, the Palmetto State is in the bottom ten in median household income, high school completion, and poverty rates. The state has the worst violent crime rate in the country- 731 per 100,000.
Basic business assumptions behind South Carolina's poor evaluation
The study assumes: "Well-run states have a great deal in common with well-run corporations. Books are kept balanced. Investment is prudent. Debt is sustainable. Innovation is prized. Workers are well-chosen and well-trained. Executives are picked based on merit and not “politics.”
Austerity policies = bad management: prosperity for the few, poverty for many in South Carolina
South Carolina's experiment in right-to-work, low wages, high debt, low taxes, poor education and a lousy social safety net mean prosperity for the very few at the expense of the many. Is this bleak third world reality the future we want for America?
Want to see which State 24/7 Wall St. rated last: It's Mitch McConnell's Kentucky. See for yourself: http://mitchmcconnells-kentucky.blogspot.com/
For more information, please read the full article at:http://247wallst.com/2010/10/04/the-best-and-worst-run-states-in-america-a-survey-of-all-fifty/