Jindalnomics: 7% and Rising
Bobby Jindal spends an awful amount of time appearing with industry executives, handing off big fat wads of taxpayer cash in exchange for a business relocation or plant expansion. Each announcement comes with a “will create 10 million direct jobs and 10 trillion indirect jobs” line, no doubt the result of some sort of Jindal-Jobs-Jenerator contraption. You input the amount of taxpayer cash we want to turn over and the JJJ spits out a random number of mythical jobs this project may create in order to rationalize the huge piece of corporate welfare Jindal just handed over.
It’s easy to hand over mega-slush-fund and tax incentive dollars for Jindal because they are fake. Fake in the sense he doesn’t have to account for their loss nor come back later with any tangible results for the spending.
One number does require some accountability, however, and that number is one that Jindal has avoided mentioning.
That’s Louisiana’s unemployment rate. And while the national economy continues to improve, Louisiana’s seems to be sputting. After 5 years of Jindalnomics, we’ve gone from sub-4% unemployment to 7%. That’s nearly double.
But that’s not happening elsewhere. In states that Jindal doesn’t govern, overall things are getting much better:
For months, Gov. Bobby Jindal has boasted that Louisiana has a lower unemployment rate than the national average.
If current trends continue, that won’t be true for long.
Figures released last week showed that Louisiana’s unemployment rate rose in June for the sixth straight month, from 5.6 percent in December to 7 percent in June. The national rate has dropped a couple of notches during that time, from 7.8 percent to 7.6 percent.
“We seem to be converging and may see those two lines cross each other,” said Greg Albrecht, the chief economist for the state Legislative Fiscal Office.
More from the New Orleans Lens, here.