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Walker’s Wisconsin Manufacturing Renaissance Revised Away (Again)

Summary:
Or. Oops. (Again). Figure 1: Manufacturing employment, in thousands s.a., from December 2018 release (red), and January 2019 benchmarked release (blue). Light green shading denotes benchmarked data. Source: BLS. A longer term perspective shows how consequential the revision has been. Figure 2: Manufacturing employment, in thousands s.a., from December 2018 release (red), and January 2019 benchmarked release (blue). Light green shading denotes benchmarked data. NBER denoted recession dates shaded gray. Source: BLS, NBER. Former governor Walker stated in October: “We don’t want to go backwards,” Walker told members of Wisconsin Manufacturers and Commerce at a luncheon in Madison. “About 88 percent of all the recipients … are small businesses. Businesses that make less than million a

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Or. Oops. (Again).

Walker’s Wisconsin Manufacturing Renaissance Revised Away (Again)

Figure 1: Manufacturing employment, in thousands s.a., from December 2018 release (red), and January 2019 benchmarked release (blue). Light green shading denotes benchmarked data. Source: BLS.

A longer term perspective shows how consequential the revision has been.

Walker’s Wisconsin Manufacturing Renaissance Revised Away (Again)

Figure 2: Manufacturing employment, in thousands s.a., from December 2018 release (red), and January 2019 benchmarked release (blue). Light green shading denotes benchmarked data. NBER denoted recession dates shaded gray. Source: BLS, NBER.

Former governor Walker stated in October:

“We don’t want to go backwards,” Walker told members of Wisconsin Manufacturers and Commerce at a luncheon in Madison. “About 88 percent of all the recipients … are small businesses. Businesses that make less than $1 million a year. If we were to wipe that out, we would be taking out a lot of the growth and prosperity in the state.”

Walker signed the credit into law as part of his first budget in 2011. It was phased in over the course of several years.”

I think we can dispose of such hyperbolic warnings now, after years of continuous failure with the Manufacturing and Agriculture Credit.

Menzie Chinn
He is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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