Lowest Unemployment Rate in History in Midwest Boomtowns
Recent data released from the state of North Dakota has some uplifting news regarding unemployment and some unsettling news for taxpayers.
According to the Wall Street Journal, two locations within North Dakota just saw unemployment rates drop to record lows thanks to the Bakken Oil patch.
In January, Williston city and the surrounding Williams County hit an all-time-low 0.8% jobless rating.
According to Professor Mark Perry at Carpe Diem this may not only be the lowest rate even in North Dakota, it may also mark the lowest unemployment anywhere in the United States since the beginning of our nation's history.
With unemployment that low it means that if you want a job, you have a job.
To get a better, more visual, idea of how well North Dakota's job market is doing in comparison to other states across the nation, take a look at this chart comparing employment data between North Dakota and California:
*Image courtesy of Carpe Diem.
Ironically, the amount of individuals using food stamps to purchase groceries in North Dakota has increased by double-digits despite the fact that almost everyone has a job.
Why?...How can that possibly make any sense?
Well, in 2008 the government expanded the food stamp program so many people now take advantage of the food stamp system because they are legally eligible for them even if they don't actually need them.
Analysts say that this just goes to show that you can't use government entitlement program enrollment to judge how well an economy is doing.
It also goes to show how flawed our expensive welfare system is. If an area with a booming economy can see an exponential rise in food-stamp usage, that's not a good sign. Someone is still having to pay for all that food (taxpayers) and my guess is that “someone” isn't too happy to be giving the food to someone who can afford to pay for his or her own...+9
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