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Midwest Economy Gone Forever?
Old 02-26-2005, 06:15 PM   #1
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Midwest Economy Gone Forever?

I read an article not too far back about the great outflow of residents in the upper midwest, the slow growth economy & the higher than average costs to do business (taxes). The article spoke highly of the southeast & southwest and their ability to attract business & people looking for a better life. For example, Charlotte is now the number one or two banking center in the US & only one major consumer bank remains hq'd in NYC. What do people think? Will the Midwest ever recover or will we see a steady decline for many years to come? Imagine the changes in demographics as a result.
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Re: Midwest Economy Gone Forever?
Old 02-26-2005, 06:22 PM   #2
 
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Re: Midwest Economy Gone Forever?

I think you are right! *- Not just about the Midwest, but the entire USA. I think that India and China will be leading the pack!

It will be tough to compete with 30 cents an hour labor. But heck who needs a middle class anyway! We've got the highest paid CEO's in the World
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Re: Midwest Economy Gone Forever?
Old 02-26-2005, 07:22 PM   #3
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Re: Midwest Economy Gone Forever?

It will likely be a continued slow drain as the manufacturing jobs move to the lower cost countries, but there will be pockets of greatness in the midwest.

There will be pockets of wealth creation in areas where good education and a globally competitive mindset exist, particularly where multinational companies are already based. Those companies with a long reach and products with competitive barriers will continue to thrive. It will be the executives at these companies that thrive because part of the globally competitive mindset will be to open new factories in places where the company can produce a product and sell it for a profit and benefit from lower cost labor. The line worker job will move away, but the distribution chain worker will still have a job - at probably lower pay. Hence more wealth stratification.

Cities that attract these companies by embracing an excellent quality of life for the executives will still do well in the midwest.

Boulder, Minneapolis, Kansas City, and Chicago would be four midwest cities IMO with good schools, quality cultural activities, and friendly neighborhoods which will continue to attract executives and companies.

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Re: Midwest Economy Gone Forever?
Old 02-26-2005, 08:16 PM   #4
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Re: Midwest Economy Gone Forever?

Quote:

It will be tough to compete with 30 cents an hour labor. But heck who needs a middle class anyway! We've got the highest paid CEO's in the World
You are right...and the great thing is, the "average" wage won't suffer (perhaps the mean, but not the average).
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Re: Midwest Economy Gone Forever?
Old 02-26-2005, 08:24 PM   #5
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Re: Midwest Economy Gone Forever?

Quote:
. . . It will be tough to compete with 30 cents an hour labor. But heck who needs a middle class anyway! We've got the highest paid CEO's in the World
That's a little bit of an exaggeration. I've heard it's as high as 35 cents an hour if the off-shore worker has experience.

Plus, who needs a middle class? There's no indication that ancient Egypt had a middle class and look at what they accomplished. I hear that after Bush tackles social security he's going to put all those high tech engineers and programers to work building pyramids.
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Re: Midwest Economy Gone Forever?
Old 02-27-2005, 10:30 AM   #6
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Re: Midwest Economy Gone Forever?

The midwest will someday return to its dustbowl state once the Ogallala aquifer is depleated. Once that happens (and it will), the US will probably cease being the "bread basket" of the world. China can't feed itself anymore, and has been importing food (from the US) for quite awhile now. I don't know this for sure, but I would speculate that other populus nations such as India are in a similar situation.

It's funny how so many people depend on an ancient aquifer that's being drawn down in some areas by 10' per year, but aren't even aware of its existance. So as far as the topic post, once the free water is gone, the economy in the midwest is shot IMO.
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Re: Midwest Economy Gone Forever?
Old 02-27-2005, 11:13 AM   #7
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Re: Midwest Economy Gone Forever?

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The midwest will someday return to its dustbowl state once the Ogallala aquifer is depleated.
I'm not sure that the western great plains is co-extensive with the "midwest". Here is a map of the Ogallala.

http://www.rra.dst.tx.us/gw/Ogallala_1.cfm


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Re: Midwest Economy Gone Forever?
Old 02-27-2005, 11:14 AM   #8
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Re: Midwest Economy Gone Forever?

Looking out my front windows in my home near Lake Superior there is fresh water as far as the eye can see.

Maybe my city will finally be rich.
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Re: Midwest Economy Gone Forever?
Old 02-27-2005, 02:28 PM   #9
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Re: Midwest Economy Gone Forever?

I suppose I should specify the upper midwest. The plains never really had much if you ask me with the exception of TX. Michigan, Ohio, IL, Wisconsin, MN & etc. but also areas that charges excessively high tax rates & high cost of living that are driving businesses away. The article basically concluded that the southwest (not CA) & southeast are kicking butt and the north is in trouble. A major downfall could be the lack of tax revenue from all the residents & businesses that are leaving for good. It would be hard to make up for it when taxes are already high. Manufacturing jobs are getting wiped out of the area or dying a slow death yet foreign manufacturing companies are setting up shop in the South. BMW, Toyota & Nissan all have a major presence in the South. How do you stop the bleeding or can you?
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Re: Midwest Economy Gone Forever?
Old 02-27-2005, 07:30 PM   #10
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Re: Midwest Economy Gone Forever?

Quote:
Cities that attract these companies by embracing an excellent quality of life for the executives will still do well in the midwest.

Boulder, Minneapolis, Kansas City, and Chicago would be four midwest cities IMO with good schools, quality cultural activities, and friendly neighborhoods which will continue to attract executives and companies.

Mountain_Man
What about professionals other than executives? Do we need them to do the real work?

Boulder is not in the Midwest.
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Re: Midwest Economy Gone Forever?
Old 02-27-2005, 07:35 PM   #11
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Re: Midwest Economy Gone Forever?

Quote:
Looking out my front windows in my home near Lake Superior there is fresh water as far as the eye can see.

Maybe my city will finally be rich.
We enjoy the northshore for hiking and biking. However, it may take a while to develop economic growth.
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Re: Midwest Economy Gone Forever?
Old 02-28-2005, 03:37 AM   #12
 
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Re: Midwest Economy Gone Forever?

Now this is the one area where I separate myself from
"Randian" thinking and align myself with liberal
treehuggers (think Al Gore). I think mankind generally
is a blight on the landscape. So, in terms of economic
development (where I reside), I would prefer less rather
than more. Same with population trends. People moving away from where I am located (wherever that may be) can only enhance my lifestyle and enjoyment
of the things I like best, i.e. outdoorsy nature-related
stuff. Less people = better quality of life, at least for me.

JG
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Re: Midwest Economy Gone Forever?
Old 02-28-2005, 04:29 AM   #13
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Re: Midwest Economy Gone Forever?

John,

I agree with you. Not everyone wants economic development. It's nice to enjoy nature and to be away from air and noise pollution assocaited with large cities.

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Re: Midwest Economy Gone Forever?
Old 02-28-2005, 04:40 AM   #14
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Re: Midwest Economy Gone Forever?

??

Aren't some town/towns in the Midwest offering free land if you will move there and build a house?

I don't remember where I caught the article - but along the lines of try anything to help the local economy.
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Re: Midwest Economy Gone Forever?
Old 02-28-2005, 06:34 AM   #15
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Re: Midwest Economy Gone Forever?

I am not talking about development for the Midwest, I am talking about recovery. I have read the article about "free land" and other incentives to stay in the plains but who is going to go for that other than a hand full of people? Unless you are a self-employed professional and can take your job anywhere why would a person go for incentive and no job prospects? I think the bleeding will continue in the Midwest. I think Chicago may be the only area to sustain an economic base b/c many young Midwesterns consider it to be the gem of the Midwest. Detroit, Cleveland, Columbus, etc. forgetta bout it.
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