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As fears grow that Europe will slip into a recession amid growing financial problems, some U.S. states are more at risk of feeling the repercussions on this of the Atlantic.
Utah, South Carolina, West Virginia and other states that heavily rely on exporting commodities would be most harmed by a recession in Europe, according to a new study by Wells Fargo Securities, though all states would be impacted if a recession in Europe became severe.
Oh noes three craphole states will become even larger crapholes.
According to the link those states would be in danger of losing from about 3.5% to 6% of their economies. Personally, I believe that HuffPo is trying very hard to scare someone. Hell, those states can lose that much of their economies in one good day on Wall Street.
Oh noes three craphole states will become even larger crapholes.
Charleston, SC is a pretty cool place -- racist as all get out, but very picturesque. Come to think of it, W.V. is also a lovely place -- again, racist as they come, but some really nice scenery. Utah? Meh.
South Carolina has based its economic development policy on having some of the worst workers rights in the country and positioning itself as a wage dump for European manufacturing. Keeping those jobs in state relies on strong export markets and a strong Euro. A big dive in either European buying power or the Euro against the Dollar will put a lot of people out of work. Granted, many of them are "temporary" workers to start with, but that's another thread altogether.
South Carolina has based its economic development policy on having some of the worst workers rights in the country and positioning itself as a wage dump for European manufacturing. Keeping those jobs in state relies on strong export markets and a strong Euro. A big dive in either European buying power or the Euro against the Dollar will put a lot of people out of work. Granted, many of them are "temporary" workers to start with, but that's another thread altogether.
Are you one of those labor union propagandists? Your first sentence surely sounds like it.
Are you one of those labor union propagandists? Your first sentence surely sounds like it.
No, IMHO a state with half decent worker protections probably wouldn't need unions. SC is an at-will state taken to the extreme. Many people working at these firms are actually employed by staffing agencies and often do not receive benefits.
The state also has a poor basic education system so those who cannot, or do not go on to a good college have to rely on lower wage manufacturing from out-of-state based firms to make a living. It's basically positioned itself as a Mexico for Europe, which is not a sustainable model for economic development.
Last edited by Mr. Mon; 11-16-2011 at 03:04 PM..
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