Now recall that real GDP is under-corrected for inflation due to the government insistence in leaving such volatile, but clearly more rapidly increasing cost, items such as food and energy are not included in the cost of living index. Then also recall that one should really be looking at real per capita GDP since that tells us whether our standard of living is actually increasing. If the GDP increases by less than the rate of growth of the population, then our standard of living actually falls. The average US population growth rate was 0.9% from 2001 to 2010, so real GDP increases of 0.9% provides a stagnant standard of living.
New York state which is running ads nationally claiming to be the second best job creator state in the nation clearly underperformed in 2013 with a state GDP that grew by a mere 0.7%. The state of Maryland, whose Governor O'Malley believes himself ready to run for the presidency, had a 0.0% growth rate. Yes, preventing the growth of one's own state's GDP now qualifies a politician well for the Democrat Party nomination for the presidency!
Most of the high growth states in the US are in the center of the nation. The Dakotas, the Rocky Mountain states, Nebraska, Oklahoma, Texas, and West Virginia are the heroic states for those who wish to earn a living.
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