Even as Bobby Jindal continues to bombard us with glowing reports about the best this and most favorable that—surveys by all the right organizations, at least from the administration’s perspective—which advance the governor’s agenda, other reports don’t paint such a rosy picture.
For every claim of a favorable business climate, there is a one that reflects one of the highest pay disparities between men and women in the nation. For each boast of low taxes, national comparisons point to one of the highest poverty rates in the U.S. For all the laudatory praise of the state’s recreational facilities, we still have the second highest obesity rate in the country. In the face of the administration’s trumpeting of all those surveys rating Louisiana as having a favorable business climate, there is no escaping the fact that we are near the top in the number of citizens without health insurance. Yes, we have a deep labor pool, one survey cheerily reports even as another chides Louisiana for its dearth of skilled labor.
Of course if one listens to Jindal or reads his news releases, you hear only that the glass if half full, never than it’s half empty. Balance in reporting is not in the governor’s vocabulary.
All the so-called good news from the conservative think tanks that have the same political philosophy as Jindal and obediently do all in their power to put his best face forward does little to offset the reality of a state beset by problems too many to enumerate.
The latest bit of adverse news comes in the form of credit ratings for the individual states that show to virtually no one’s surprise, with the possible exception of Jindal and his Secretary of Economic Development Steven Moret (and probably Rolfe McCollister, a member of Jindal’s very own LSU Board of Stuporvisors and one of Jindal’s most vocal cheerleaders), that Louisiana is second only to Mississippi (a familiar position in most other negative surveys, as well) as having the worst credit rating of the 50 states.
Southern states in general have the lowest credit ratings, according to the credit bureau Experian. And while living in one of the states with low credit scores does not mean individuals have low credit scorea but the credit scores are employed as one means of evaluating the risks in extending consumer credit and to determine how much interest to charge borrowers, the report says.
The latest credit rating is for the last quarter of 2013 and the 10 lowest scores ranged from a low of 707 for Mississippi to a high of 729 for New Mexico—well below the national average of 748 for all 50 states and the District of Columbia.
The survey reveals that southern states have some of the lowest credit scores in the nation, according to calculations from the credit bureau Experian.
The ratings are designed to reflect applicants’ ability to repay debt and lenders use credit scores to assess the risks in extending consumer credit and to determine what interest rates to charge borrowers which means that the state ratings have a direct bearing on consumer credit.
In Mississippi, recently named as the poorest state in the nation, Gov. Phil Bryant has proclaimed that 2014 would be a breakout year for the state’s “Creative Economy,” noting that somehow the state’s claim to be the birthplace of blues might be the springboard for the state that has an unemployment rate in excess of 10 percent. We suppose the thinking could be that as the nation’s economic anchor, there is only one direction to go: up.
Louisiana, with a credit rating of 720, wasn’t much better. Like its poorer neighbor to the east, the state was hit hard by the double whammy of Hurricane Katrina and the BP Deepwater Horizon spill.
Still, the administration, in grasping at any straw to enhance its image, leans heavily on a report by the Louisiana Resiliency Assistance Program that said both Baton Rouge and New Orleans have made great strides in recovering from those twin disasters and the New Orleans ranks as “one of the best cities in the nation for business development and economic growth.”
Overlooked (deliberately, perhaps?) in that optimistic report is the fact that the Louisiana Resiliency Assistance Program is part of the Louisiana Office of Community Development’s Disaster Recovery Unit—a creation of the administration.
No conflict of interest there.
Other bottom 10 states in credit rating and their scores are, in order, Georgia (721), Nevada and Texas (722), Arkansas (725), Oklahoma and Alabama (727), South Carolina (728), and New Mexico (729).