Economy: West Virginia must embrace its potential
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As inflation has caused a downshift in most personal economies, we know some parts of the country are harder hit than others. In many cases the regions hardest hit are those where economies were already struggling, as here in West Virginia. Personal finance website WalletHub took a look at "2022's Best and Worst State Economies," and if you are a Mountain State resident, you probably know what is coming next.
We were dead last.
At 51st (Washington, D.C. is included in the study), West Virginia is being outperformed by Alaska, Louisiana, Hawaii, Oklahoma and Mississippi at the bottom. We are 49th for economic activity, 42nd for economic health and 51st for innovation potential. Washington state was ranked 1st in the study, for which WalletHub said it was determining "which states are pulling the most weight even during this time of economic difficulty."
It is an interesting phrase. West Virginia isn't pulling its own weight when it comes to national economic growth. We live in a region where implying an individual is not doing his or her share is considered an insult -- but often the kind that spurs a person to do better.
In the eyes of researchers such as those at WalletHub, however, our state doesn't have a lot to work with for fueling improvement. We're 49th for fewest independent inventor patents per 1,000 working age population; 50th for percentage of jobs in high-tech industries; 51st for median annual household income; 50th for startup activity. In other words, we are allowing ourselves to be left behind.
It is up to us to change mindsets enough to reverse that trend -- and while elected officials bear much of that responsibility, individuals will have to shift their thinking, too. Positive change is possible if we stop looking backward and thinking of our economy as firmly rooted in the industries and values of 100 years ago. Those standards are holding us back.
We can do it. We DO have potential here -- but we must stop being so very afraid to embrace it.