Ohio's economy is on fire, and it's burning like crazy. 🔥 The state bounced back big post-pandemic, but in the words of Beyonce, we don't think it's ready for this jelly. 🍑
A new report shows the underlying social costs to all the growth happening, urging lawmakers to help the state handle the suddenly scorching economy. 🥵
Here’s Five Fast Facts on how Ohio's economic boom impacts the state:
- 📈 You Down with GDP? - The state's Gross Domestic Product (GDP) has grown steadily the last two years to over $700 billion in 2022…
- 🏭 The Progress Patrol - …however, that stat doesn't tell the whole story. There's another data point called the Genuine Progress Indicator (GPI) that weighs economic gains with social harms like crime, pollution, and income inequality.
- 🕳️ A Little Gappy - It turns out that there's a pretty big gap between Ohio's GDP and GPI. We're talking hundreds of billions of dollars. An example of what causes the gap is a factory that adds a ton of jobs but also pollutes the heck out of the atmosphere. It's kind of like how buying a ton of alcohol is technically good for the economy, but not so great for your health (drink responsibly)!
- 🍼 Daddy Day Care - Another situation that widens the gap is the increasing cost of childcare. Sure, adding more jobs to the economy is a good thing, but only if parents have access to high-quality, affordable care options for their kids while they're working.
- 🎈 Inflation Sensation - Despite all the recent economic growth, Ohio residents are still struggling to afford housing and healthcare. Inflation is still a major worry for Ohioans and Americans nationwide.
🔥Bottom line: To close the gap, experts say it's up to lawmakers to make the right improvements and changes. Laws for affordable childcare, housing, and healthcare could go a long way. However, the big question is…who would foot the bill and would it impact our paychecks? Time will tell whether or not all the business coming to Ohio will be a blessing or a major migraine.
Are you psyched or worried about Ohio's booming economy?
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