There is no question the American economy is shrinking. Whether it has reached a recession is still a question. Technically, a recession is defined as two straight quarters of negative economic growth. For sure, we have had one. We'll find out soon whether the second quarter also shrunk.
For now, we can review the state by state data from U.S. Bureau of Economic Analysis. It shows some remarkable differences. For instance, Washington state's economic contracted at a rate three times greater than Idaho.
Montana's contraction was even worse. And Wyoming's was off the charts.
But let's take a closer look at Idaho vs. Washington - as the differences are stark. Idaho has been cutting taxes and regulations, and experiencing a boom in population growth and workers. Washington has been increasing taxes and regulations, and has been experiencing a population flatline.
Who is doing it better and keeping its state out of the worst of the economic downturn?