Monday, August 9, 2010
economy First Time in More than 50 Years: Idaho Income Declines
Posted by George Prentice on Mon, Aug 9, 2010 at 4:44 PM
The economy has "bottomed out and I see some signs of recovery," Gov. C.L. "Butch" Otter told the Boise Chamber of Commerce on July 28. Monday's report on personal income in Idaho doesn't seem to confirm that.
For the first time in more than half a century, personal income in Idaho dropped (3 percent) in 2009. Nationally, personal income fell by 1.7 percent with all but six states posting losses.
Rural Idaho really took it on the chin, reporting a 3.9 percent loss. Personal income in urban Idaho dropped 2.5 percent.
Personal income represents the total of wages, salaries, business profits, investment earnings and transfer payments like unemployment benefits and Social Security.
Comments (1)
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I was just in Miami where fuel was $2.60 a gallon and if you factor in the higher cost for fuel and the distance the people outside the city core have to travel the rate is much higher than that...I was reading where our economy is being artificially supported by the richest of the rich and that should they stop spending we would begin to sink...Credit card charges do not count as spending until they are paid for...Kind of scary for the working classes...
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