Revision of state's credit outlook gives harsh look at Ohio's future
BYLINE: William Hershey COMMENTARY
COLUMBUS - Last week's heavy fog wasn't thick enough to keep the bad news from breaking through with a painful, clinical clarity that should put Democratic Gov. Ted Strickland and the Republican-controlled legislature on notice that their time is now - or it may be never.
The news came from Moody's Investors Service, one of the agencies that rates the state's credit and determines how much it costs to borrow money.
Moody's immediate action was a warning. The agency revised the state's credit outlook down to negative from stable without lowering the actual bond rating.
However, the narrative that accompanied the warning provided scant hope that, for lack of a better description, Ohio has a bright future.
"Ohio is undergoing an economic downturn that, based on employment trends, is its longest-running in post-Depression history," the report said. "In the past six years, the annual employment rate change has averaged 0.5 percent weaker even than the average 0.4 percent for the six-year period that began in 1980."
That was just the beginning. The report highlighted the exodus of manufacturing jobs, erosion of personal income and population and lack of economic resilience.
"While Ohio has experienced job growth in several sectors in recent years (notably education and health services, leisure and hospitality and government) the expanding sectors do not appear to offset declines in manufacturing," the report said.
Actually, the gloom and doom resembles talk from both candidates in last year's governor's race - Democrat Ted Strickland, the winner, and Republican J. Kenneth Blackwell, who lost.
The difference is that Moody's provides a cold, hard look from the outside, not the appropriate, but still very partisan, advocacy from a candidate trying to persuade voters that he possesses the magic elixir needed to reincarnate the Wright brothers, John Patterson, Harvey Firestone and others who provided a foundation for Ohio's greatness.
It's actually an open question how much state government can do to spur an economic rebirth.
Whatever it can do, however, will take cooperation between Strickland and the lawmakers.
Because Strickland is new to the governorship, he won't give his state-of-the-state address until March 14, a day before he's to introduce his proposed twoyear budget.
After that, it will be up to him, House Speaker Jon Husted, RKettering, and the rest of the legislators to roll up their sleeves, avoid cheap shots and do what they can to lift the fog that for too long has shrouded any hopes for a brighter Ohio future.
Contact this reporter at (614) 224-1608 or whershey@DaytonDailyNews.com.