GDP has now recovered to pre-crash levels, but how about state revenue?
On average it has returned to 89% of peak levels. In Louisiana it is about 72 percent of peak levels, the lowest figure in the group. In North Dakota it is over 110 percent. Only New Hampshire and North Dakota are above 100 percent of peak levels.
I take these numbers to be one measure (not the only measure) of how much we had been overvaluing our actual wealth, pre-crisis.
Here is the on-line version of the WSJ article, it does not reproduce all of the information in the paper edition, pp.A6-7.