North Dakota’s Economic “Miracle” – It’s Not Oil

North Dakota’s Economic “Miracle” – It’s Not Oil

Friday 2 September 2011

by: Ellen Brown, YES! Magazine | News Analysis

North Dakota has had the lowest unemployment in the country (or was tied for the lowest unemployment rate in the country) every single month since July 2008.

[…]

North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008. Its balance sheet is so strong that it recently reduced individual income taxes and property taxes by a combined $400 million, and is debating further cuts. It also has the lowest foreclosure rate and lowest credit card default rate in the country, and it has had NO bank failures in at least the last decade.

If its secret isn’t oil, what is so unique about the state? North Dakota has one thing that no other state has: its own state-owned bank.

via North Dakota’s Economic “Miracle” – It’s Not Oil | Truthout.

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