When it comes to money, it’s not how much you make that matters, it’s what you keep. There are many expenses affecting pocketbooks across the nation, but taxes are the largest financial burden on Americans, as the average family pays almost $7,000 in state and local taxes each year. However, taxes can vary significantly between states.
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How well run is your state? It can be difficult to objectively assess the quality of a state’s management. The economy and standard of living can be affected by decisions made decades ago, forces outside the control of the state’s government and administrators, as well as the government’s own actions.
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The rebound in home prices from post-bubble lows is still intact. With the help of low interest rates and inventory levels, many areas of the country continue to post impressive price gains.
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Taxes are necessary for a functioning government, but according to one group, many states are crippling regional business growth with tax structures that are too expensive or complex.
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Median household income in the United States declined for the second straight year, according to data released from the U.S. Census Bureau. Income was $50,502 in 2011, more than 8% below the 2007 pre-recession peak.
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Delaware is the only state in the country still at risk of falling into an economic recession, according to a report Wednesday from the economic forecasting firm Moody’s Analytics that quickly came under fire from Gov. Jack Markell’s administration.
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“The devil went down to Georgia; he was lookin’ for a soul to steal,” Charlie Daniels recounted in his famous song. By the time the devil left Georgia, however, he might’ve been the one who felt like he’d been robbed.
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In July, America’s manufacturing sector grew for the second month in a row. This improvement is in line with longer-term trends, according to the Institute for Supply Management. While some experts are predicting a revival, manufacturing has lagged the economy for years. The country has lost nearly 2.5 million manufacturing jobs in the past 10 years.
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As a result of the sequester, which went into effect in early 2013 to help cut the U.S. budget deficit, a federal program intended to lengthen the amount of time jobless residents can receive unemployment benefits will be substantially reduced. Cutting Emergency Unemployment Compensation will mean an end to an important source of income for many out-of-work Americans.
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U.S. gross domestic product (GDP) grew by 2.5% in 2012 after growing 1.6% in 2011, the most the economy has grown since 2006. Nationally, manufacturing, trade and the finance and insurance industry made some of the biggest contributions to growth.
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