I listened to Rush Limbaugh today as he praised Newt Gingrich's performance on CNBC this morning. He was praising Newt on his Reagan-istic approach to the economy using North Dakota as an example.
Gingrich was right in one respect, North Dakota has one of the lowest unemployment rates in the country. It totally missed out on the job destruction that hit much of the rest of the country. In fact Jobs and salaries have been sky rocketing. Now if you listen to Newt (click here) you might be thinking lets vote for Newt so we can all be like N. Dakota. And if we could get the US Geological Team to announce that each state is sitting on the largest oil discovery in history, as happened in 2008 for N. Dakota, then maybe we could all be in "recovery".
Unlike many states Nebraska has the luxury of being able to slap a %11.5 tax on about 340,000 barrels of oil a day. Their even talking about lowering that rate if production goes up to 700,000 barrels a day. Did Newt and Rush not know that? Or did they conveniently leave it out so that they could push an ideological agenda?
But just in case anyone is considering moving to the nirvana known as North Dakota, lets check out a few more things that maybe Newt and Rush didn't bother to mention.