WI Dept. Revenue Report Indicates State’s Economy Is Growing

Report Highlights

• The Department of Revenue indicated that 24,500 jobs have been created since January 2010.  The manufacturing sector, long the driving force of the state economy, has been the leading source of the employment boom.  With the creation of nearly ten-thousand manufacturing jobs since the beginning of the year, the Wisconsin economy will once again become an engine of growth, innovation, and productivity. Read more on this point in Snap-Shot Series Policy Vol 1. No. 4

• Wisconsinites should expect to their personal income to increase by an inconsequential amount in the next two fiscal years. The Wisconsin Department of Revenue notes that household income is expected to increase by 2.7% in 2010.  While personal income growth is to be lauded, it has little effect on consumers or economic growth when the government continues to raise taxes.  The most viable solution for ensuring economic recovery is cutting taxes while, at the same time, vastly expanding personal income.  Tax cuts, not tax increases, will provide Wisconsinites with more money to be spent on stimulating the economy and paying off their loans or debts. Read more on this point in Snap-Shot Series Policy Vol 1. No. 4

• The Department of Revenue’s Economic Outlook Report indicates that Wisconsin’s economy will recover much faster than that of the United States due to the sheer size and complexity of the U.S. economy.  The federal government needs to follow the economic models being espoused by states such as Texas, Alaska, Alabama, and Wisconsin, to name only a few, all of whom have witnessed economic recovery in this time of tumult. Read more on this point in Snap-Shot Series Policy Vol 1. No. 4