Columbus, OH (November 15, 2018) – This morning, Gross National Happiness USA and Scioto Analysis released a comprehensive report of Ohio’s recovery from the Great Recession.
The report finds that Ohio has rebounded well from the Great Recession, but that its recovery has been hampered by growing inequality.
“The average Ohio family spent over $3,000 a year more in 2016 than in 2009 in real terms, which indicates that family incomes have been growing on average,” said Rob Moore, author of the study, “at the same time, inequality using traditional measures has grown by 3% over this period. Inequality has been shown to be a drag on economic growth by harming social cohesion, increasing crime, and dampening investment.”
The report, using the genuine progress indicator (GPI) framework, factors in broader economic impacts than traditional economic measures such as gross domestic product (GDP).
“By factoring in the impacts of indicators such as underemployment, family breakdown, higher education, and environmental degradation, this approach gives a more complete picture of Ohio’s recovery from the Great Recession,” Moore said, “adopting alternative measures like GPI can help policymakers have a better idea of the true state of the economy.”
Gross National Happiness USA is a 501c(3) Tax-Exempt non-profit organization with a mission to increase personal happiness and our collective wellbeing by changing how we measure progress and success.
Scioto Analysis is a policy analysis firm that provides policymakers and policy influencers with evidence-based analysis of pressing public problems.