Moody's: Delaware the only state at risk for economic recession
Throughout the Great Recession - as crippling as it was for Delaware - we could at least console ourselves that we were still doing better than many other states. The First State's official unemployment rate remained below the national average.
No longer. Delaware's official unemployment rate remains stuck at 7.4%, and of course, that figure doesn't reflect people who've given up looking for jobs. It doesn't reflect kids staying at home after college for lack of a good, fulltime job.
Now, Moody's Analytics released a bit of news that drew an immediate rebuke from the Markell Administration: Delaware is the ONLY state in the union at risk of tumbling back into an economic recession.
Moody's notes slow housing starts and the continued questions surrounding the First State's financial sector.
The Markell Administration naturally raises questions about methodology, and points to recent triumphs, such as Citigroup's new financial services center and other financial institutions promising job growth.
(I do find it interesting Illinois, with its Billions of dollars in public debt, somehow got upgraded to "recovery", from at risk of recession.)
A further e-mailed response to me from the Director of the Delaware Economic Development Office, Alan Levin:
(The) "Moody's report is subjective at best and the facts do not support the announcement. Tell the 100-plus men and women being hired in Seaford by ILC/Grayling Industries that we are headed for recession, and they won't believe it. You will get the same reaction from the 700 people who will find work in Millsboro at the former Harim/Allen's facility, the hundreds being hired at Bloom, and the thousands joining the Delaware financial services workforce. These, coupled with (the) recent unprecedented 15-year agreement by Dole to remain at the Port of Wilmington positively impacting the lives of 2,400 workers and their families, represent a different set of facts than reported by Moody's. And while we are not pleased with our current unemployment level of 7.4 percent, it should be noted that 19 other states are at the same or much higher rates than Delaware."
Posted at 6:44am on September 12, 2013 by Allan Loudell
Maybe Governor Markell has a point. However, as Delaware is very dependent on banking, especially the credit card industry, that could indeed be a more "shaky" industry than other more stable industries.
Have Americans gone back to spending wildly, running up credit-card debt as they had prior to 2007? The answer to that question might offer a better understanding of what Moody's was seeing.
The other thing too, is how many auto manufacturing plants were closed and shuttered? I only know about the two in Delaware. So in those other states, those laid off may now be back at work in their highly-paid jobs assembling cars again while Delaware's literally thousands of former auto workers, may still be part of that 7.4% of the unemployed, whose jobs are NOT coming back.
Markell's effort to bring Fisker Automotive to the old G.M. plant failed; the plant sits there in Newport collecting dust. The new industry that is using some of the land at the former Chrysler plant in Newark has hired a small amount of folks, so while that is a positive, it doesn't come close to matching the loss of the Chysler plant's economic benefit to the state.
Have enough new jobs [probably at far lower wages] replaced those former auto-worker jobs? Probably not. So this too, might be part of what Moody's is seeing and possibly what makes Delaware more vulnerable than the other states.
Thu, Sep 12, 2013 12:32pm
Several reasons. Financial-sector jobs are not reliable. Bank of America has a bad quarter and they cut 6000 jobs. The next quarter they hire 6000. One of the principal things looked at was manufacturing jobs. Astra Zeneca didn't help. Problem is losing a plant the size of Astra Zenica in a state of 15 million people doesn't kick the same hole as losing it in a state of under 1 million.
Excuses all aside, our state revenue does show us in a slump, one of the magnitude of being downwards around 7%.... We are the worst.
So unfortunately there is some truth to the statement.
Thu, Sep 12, 2013 12:55pm
Don't be fooled by any of this. The country is still in the recession that began in 2008. It may appear to be "getting better", but the reality is that the statistics have been doctored by using whatever formula looks good on a particular day, and the use of artificially-printed money pumped into the stock market to create the illusion of recovery.
Mike from Delaware
Thu, Sep 12, 2013 1:13pm
Mrpizza: Seems like I remember the crash/recession starting in 2007, during Bush Jr.'s watch.
I don't know anything about how reliable the stats are, but if Obama is fixing the results, why have the GOP/TEA folks in Congress not held press conferences to point this out?
The economy has improved. Is it back to pre-2007 levels? No, but it's better now than since 2007, yes.
Thu, Sep 12, 2013 2:39pm
MFD: Believe what you want. Don't say I didn't warn ya.
Mike from Delaware
Thu, Sep 12, 2013 3:04pm
Mrpizza: I didn't say we were totally out of the woods or that it couldn't reverse course, BUT you paint it as if this happened AFTER Obama got into office, which isn't correct, the election hadn't even happened in 2007 when this started.
I'm not overstating it to say things are better now than in 2007[they are], but not better than prior to 2007 [they aren't]. So I don't get your comment.
Thu, Sep 12, 2013 3:11pm
MFD: I'm saying the whole thing is a mirage. Forget timelines, forget presidents, forget parties. The improvement if there is any is artificial because the national debt continues to increase. They're building a house of cards, and eventually it will collapse. Everything has a band-aid on it. In fact, the economy in 2007 was a house of cards that came tumbling down and all they're doing now is stacking a higher house of cards which when that stack falls it will tumble a lot harder than it did then. Until they quit borrowing and face the fact that the country is broke, there will be no real recovery.
Thu, Sep 12, 2013 3:24pm
No Mr. Pizza... the biggest problem is that we have moved from a nation of manufacturing to a nation of services and have cut the role played by the biggest service employer which is the US Government.
Budget cuts are the cause of our slumpy economy... if we had 11 million more people spending money on pizza, we'd sell a lot more pizza's.
Mike from Delaware
Thu, Sep 12, 2013 4:06pm
Consider this, IF we, as a nation, hadn't aborted 50 million babies since 1972, we'd have all those extra taxpayers paying into the system, so Social Security would be in far better shape, plus those folks would be buying cars, homes, clothes, electronics, and yes, pizzas.
Thu, Sep 12, 2013 4:15pm
MFD: Well said...took the words right out of my mouth.
Thu, Sep 12, 2013 6:13pm
Mike, if "if's" were fishes, I'd fish a lot.
What you would have is 50 million more people, and you can't even say that. Would they all be raised in foster homes? Who would pay for that? Would they be abandoned? Who'd pay for that? Would they be murdered and abused the first time they made someone angry? Who'd pay for that?...
It is easy to say... sigh.... I wish there were no abortions... sigh... and pretend not to notice what would happen if such a dream came true...
Abortions are performed for a reason... You obviously have never been there to experience the reason, or you wouldn't have made such a rash statement... Abortions are God's will; I seriously doubt that any abortion happens that God doesn't want. It's part of His plan, it's part of what has to happen; abortions have existed since the dawn of time and they will exist until the end of time. They are neither evil nor good. They are simply real, and therefore part of what God has to use every day to make his Will come about....
You can dislike abortions all you want, in fact I do too; but leave God out of it.
Mike from Delaware
Thu, Sep 12, 2013 10:29pm
Kavips: We live in a fallen world. We don't live as God wants us to live . That's why there are abortions. We also still have the world's oldest profession too; that doesn't make it right either, but that too survives because this is a fallen world.
I'm not judging anyone (it's not my place to do that), but other than due to rape, incest, or to save the physical life of the mother, abortion for "birth control" is wrong, in my opinion, especially in this day & age where numerous forms of birth control are out there, including the"Morning After" pill readily available. I also believe that is between the person & God. But my earlier statement still stands. How many Einstein's, Bach's, Florence Nightingale's, or Francis of Assisi's have we lost due to abortion especially since 1972, when birth control was so available?
Thu, Sep 12, 2013 11:20pm
kavips: Abortions and child sacrifices have both existed for thousands and thousands of years, but neither are "God-approved" or according His will...back in OT Biblical times the enemies of God's people (and many other cultures) sacrificed their children to secure favor from the local gods... Today's abortions sacrifice innocent beings for what?... Sex has consequences, so why kill an innocent for the "mistake"?
The biggest reason for abortions in America is not enough men are man enough to take responsibility for their actions...thus leaving the female (alone and desperate) to decide whether or not to raise a child on her own. It's tough enough raising a kid with a great partner... I can only imagine what it's like to raise one solo and also remain employed at the same time to pay the bills, but again, it's not the kid's fault.
Thu, Sep 12, 2013 11:34pm
...And back to the original topic.
"Delaware taxpayers appear to be getting soaked twice under a deal in which the Democratic governor loaned $21.5 million to a hybrid electric carmaker to set up shop in the state. The company has yet to produce a car in Delaware, and taxpayers are footing the electric bill for the idle plant.
John C. Sigler, chairman of the Republican State Committee of Delaware, said he never liked the deal and even more so upon learning the state "stands third in line to get back its money."
"The taxpayers will take a bath," he said. Never gamble with taxpayers' money. It belongs to them, not the government."
Isn't it ironic...Fisker's "green jobs" continue to waste Delaware taxpayer's money & electricity in the name of "green"?
"Never gamble with taxpayers' money. It belongs to them, not the government."~Sigler
Same can be said on a national level with boondoggles like Solyndra...
Fri, Sep 13, 2013 10:29am
And as Kilroy points out, Fisker still owes nearly $700K of property and school taxes. Damn those Republicans, always giving money to corporations!
Sat, Sep 14, 2013 9:54pm
Mike of De.
Theoretical question, no right or wrong answer.
Which is the lesser evil: an abortion or a newborn child discarded after being born?
Sat, Sep 14, 2013 9:59pm
Your comment boiled down to this. "The reason there are too many abortions is because not all men think like me."
Questions, under what moral obligation, are all men required to think like you? And if you can't answer that effectively, it should follow why should abortion be an option which should not be used?
It really comes down to perception. Why should the law favor you over them? Shouldn't all be equal under the law, and those who want to keep their children have the right to do so? That is how it is today and should be forever.
Sat, Sep 14, 2013 10:04pm
Theoretical question for Earl.
If God told you that your baby was Satan returning and that you needed to abort it... to save the earth from ruin...
Which would be God's will: doing what He says, or following a creed that says you must carry a baby full term because people like Earls say it is wrong not to?
God is probably behind almost every abortion performed in the World today... Only if He says keep it, and you don't, are you committing a sin.
Mike from Delaware
Sat, Sep 14, 2013 11:45pm
Kavips: both are evil & are not part of God's plan . The problem is we live in a fallen world (after Adam & Eve got their butts kicked out of the Garden of Eden).
So Mankind chooses to not live as God planned, having sex out of wedlock is one such an example. When folks treat the sex act as just some physical thing to do that feels good rather than as an act of committed love of a husband & wife, the need for abortions happen. Then there are kids having sex as casual as hey Susie let's go out Friday night. We can go bowling , get some pizza , and have sex. Then you get kids panicking & throwing their new born baby into a dumpster or toilet.
The part I don't get is there so many types of birth controls out there & the sex ex classes teach the kids about them & yet they still choose to roll the dice & then act shocked when Susie is pregnant. Then they either get an abortion, throw out the baby, or try to raise the child, which they are totally unprepared to do as they are still kids themselves.
But bottom line is, it's due to this being a fallen world, where we're choosing to live our own way & not as God would prescribed.
I realize many will not agree, that's my view based on my understanding of God's holy word in the Bible.
Sun, Sep 15, 2013 12:57am
Mike. you failed to answer my question, and fell back twice on theology that "we live in a fallen world".. Is that your method of hiding? Is it because you can't answer a questions that fractures that made-up contrived male theology right through its center?
Couple of notes. You say God says we should not have sex out of wedlock? 50% of America is divorced. Are you saying they should abstain from sex? Really? They are adults for heavens sake?
Second, you trot out the teenager example. Truth is they make up 17% of abortions. More than twice that number are women over 30%.. Unfortunately women keep popping eggs long after they've had their kids... Perhaps you are implying they should stop sex right then and there too?
What about the single woman, mother of two kids, now pregnant? Who will raise the kids while she works? Who in their right mind would not get an abortion? Dooming her to no chance of finding a partner (who wants someone with two kids and two separate fathers?) No chance to work for 6 years (there goes another one on welfare). What good does that baby do for the other two children, who right now have a good life, are in school doing well, while she works during the day, then "moms" them at night.
Are you saying YOUR God would doom them to hell both here on earth, or in the after life, just because she as a mom, wanted to do what was best for the children she had, over something growing inside of her, that if her contraception had worked as it should have, would not now be there?
ARE YOU SAYING GOD WOULD DAMN HER TO HELL?
Cause you, and Earl, and Mr. Pizza are actually saying that. You hide behind the 17% who are learning about sex and make mistakes. But you all ignore the 83% who are working, adult women, many already with more than enough children, trying to survive in this world...
I know our God would not doom them to hell for doing what he most certainly wanted them to do.
And why in the heck should society do what men want anyways? It's the women's bodies and they have far more right over them than any man who wags his index finger at them.
Those men are the joke. Not women.
Mike, the answer you are looking for, is that abortions are not a sin. Violating the will of God is a sin. If God tells you deep down to get an abortion, you had better do it!!!!! And vice versa. And men like you, Earl, and Mr. Pizza who hold dogma over God himself, had better get out of the way, because you are possibly interfering with God's plan itself!
Unless, of course you feel it is truly God who is calling you to oppose abortions, then... more power to you...
Sun, Sep 15, 2013 3:12am
Hey Arthur, you were joking when you said Republicans were always giving money to corporations, right? You did mean Democrats, didn't you?
Mike from Delaware
Sun, Sep 15, 2013 9:05am
Kavips: I said this in my remarks: " But bottom line is, it's due to this being a fallen world, where we're choosing to live our own way & not as God would prescribed.
I realize many will not agree, that's my view based on my understanding of God's holy word in the Bible."
I didn't say I'm speaking for God, but based on MY understanding of the Bible. You've not heard me say, we should outlaw all abortions, because I do believe that abortion should be legal for Rape, Incest, and the Physical Life of the mother being in danger. I believe abortions should be safe and accessible to adult women [18 and over] and if needed for younger women [minors] with parental consent, AND I believe abortions should be the exception NOT the rule in other words, rare, especially as there are so many birth control things available today.
You mention that over 34% of the women who have abortions are over age 30. How many of these women are unmarried and the guy didn't man up and take care of her and her child?? So she felt she had no other choice, but to abort. Why not put it up for adoption? Many Americans go to Russia and China to adopt babies, because there aren't enough babies here to adopt. But for whatever reason these women feel they have no choice, but to abort. So don't get all self-righteous with those of us men who believe, based on our understanding of the Bible, that sex is for the marriage bed ONLY. Our world doesn't obviously agree with what the Bible says, but that also doesn't mean the world is following God's plan.
These folks are having sex as our world view of love is more from poetry and love songs on the radio, "Love Makes the World Go Round" to quote an old song. So without dragging God into this, and looking at this in a purely 'secular way', why doesn't our society put a bigger penalty on the guy, who seems to be pretty good at doing the wham bam thank you ma'am thing to get his rocks off, and then up and leaves her with child??? Why aren't these "studs" manning up and taking care of what THEY did? So if you want to point fingers, those are the men to point your finger at.
Many of these men treat these women as their personal 'ho', to use street vernacular. They don't love these women, they're just using them to get their 'needs' met [trying real hard to keep this "G" rated]. So my question to you Kavips is, where's your anger and rebuke for these men??? Where is societies anger at these men?? As many of these men are black, where's Al Sharpton and Jesse Jackson's loud mouths on this issue that directly affects millions of black women??? Oh, yea, I forgot those two are only interested when it's whites hurting blacks, black on black crime or black on white crime is OK.
There's where the real problem lies, with those men who are doing this to women of all colors. That might be why God in his wisdom, said the "marriage act" was for the marriage bedroom, not for a leisure time activity to be done after going to see a movie, eating some pizza on a Friday night date.
I understand, our society is not going to put the sex genie back in the bottle, as our society sees sex for anyone, married or not, straight or gay, but maybe society should start setting some rules/laws that really go after these so called men, who think they're showing how manly they are by notching on their belt how many women they've made pregnant, and who do not support those women or the kids they fathered.
Mike from Delaware
Sun, Sep 15, 2013 2:03pm
Kavips: I failed to mention in all of that above the most important point. Jesus would say to any of us who are not doing his will, as we all are sinners saved by HIS Grace this will apply to all of us at some time or other: I don't condemn you. I forgive you. Go and sin no more. That's what makes following Jesus even more special, he's not looking to condemn any of us, but we are to go and sin no more. When we stumble and fall as all of us will, then when we seek his forgiveness and repentance for our sins, he'll again say I don't condemn you. I forgive you. Go and sin no more.
Mon, Sep 16, 2013 11:54am
It's sad when Vlad Putin makes more sense than you or our dear leader (Mr. AAA+ NARAL approved)... I know Vlad is blatanly pandering to the Russian Orthodox church in an attempt to blend a strong combination of nationalism & religion (like Hitler did for the Third Reich). Russians under Putin even have an official State-sanctioned "Day of Pro-Creation" to encourage more Russian citizens, rather than killing their own children. How incredibly strange when an athiest/Communist/former KGB colonel acts more like a Christian than many "religious" Americans!
Mon, Sep 16, 2013 12:05pm
"What about the single woman, mother of two kids, now pregnant? Who will raise the kids while she works? Who in their right mind would not get an abortion? Dooming her to no chance of finding a partner (who wants someone with two kids and two separate fathers?) No chance to work for 6 years (there goes another one on welfare). What good does that baby do for the other two children, who right now have a good life, are in school doing well, while she works during the day, then "moms" them at night.
Are you saying YOUR God would doom them to hell both here on earth, or in the after life, just because she as a mom, wanted to do what was best for the children she had, over something growing inside of her, that if her contraception had worked as it should have, would not now be there?"
kavips: Nowhere on this blog have I ever proclaimed that women who have abortions get placed in the "short line" to Hell...however, have you ever heard of the concept of ADOPTION? I know quite a few families who have adopted kids from girls who didn't have the finances or desire to raise a child. Adoption is a win/win scenerio rather than snuffing out a life due to a bad decision,lack of money, fear, job, eductaion, etc.
Mon, Sep 16, 2013 12:06pm
*this should not be italicized*
kavips: Nowhere on this blog have I ever proclaimed that women who have abortions get placed in the "short line" to Hell...however, have you ever heard of the concept of ADOPTION? I know quite a few families who have adopted kids from girls who didn't have the finances or desire to raise a child. Adoption is a win/win scenario rather than snuffing out a life due to a bad decision,lack of money, fear, job, eductaion, etc.
Add your comment: Attention: In an attempt to promote a level of civility and personal
responsibility in blog discussions, we now require you to be a member of
the WDEL Members Only Group in order to post a comment. Your Members
Only Group username and password are required to process your post.
You can join the WDEL Members Only Group for free by clicking here.
If you are already a member but have forgotten your username or password, please
Please register your post with your WDEL Members Only Group username and password below.