Ouch. But sure, let’s raise taxes.
No states saw their real gross domestic product increase in 2020, but with a 4.5% drop, Wisconsin ranked 37th in the country for GDP growth in the past year, according to data released Friday by the U.S. Bureau of Economic Analysis.
The decline is the largest single-year drop in the state’s GDP in data going back to 1963. In 2008, Wisconsin’s GDP declined 1.3% and dropped another 2.8% in 2009. Measured in dollars, 2020’s decline sets the state economy back to about its 2017 level.
Wisconsin also had some of the slowest person income growth in the country, according additional data released earlier this week by the BEA.