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Oklahoma in the New MillenniumPolitics & EconomicsOklahomans entered the new millennium relatively optimistic about the future. They helped elect a conservative president, George W. Bush, the son of a former president. Oklahoma voted for Bush over Democrat Al Gore by a 2/3rds majority, and the state�s electoral votes helped Bush in what was one of the closest and most controversial Presidential elections in American history. Politically, one of the most hotly contested issues was the �right-to-work� campaign that organized labor opposed. Although able to defeat the measure previously, the unions could not stop the measure from becoming law in September of 2001. Both Governor Keating and Lieutenant Governor Mary Fallin, who made history when she became Oklahoma�s first woman lieutenant governor, supported right-to-work. Their leadership was decisive in making Oklahoma a right-to-work state. Oklahoma also passed legislation to improve its educational system across the board from the elementary school level to the university level. Educational reform in 1999 made Oklahoma�s high school curriculum one of the fifteen toughest in the country. To retain good public school teachers, the legislature approved a $3,000 pay raise in February of 2001 for every public school teacher. Clearly leaders expected quality work from both Oklahoma teachers and their students. Further, the 2001 appropriations for higher education was the biggest in state history. All state colleges and universities benefited. Together, the governor and the legislature continued to make reforms to help in the fight against crime. By 2002, Oklahoma�s crime rate had been decreasing for four years in a row. State troopers, prison guards and other people who work in other law enforcement agencies received major pay raises. In addition, many early release programs for convicts were stopped. That reform kept more criminals in prisons and jails for longer sentences and off the streets. Although the nation entered a recession in 2001, the Oklahoma economy remained fairly healthy. First, the unemployment rate remained low. From 2001 to mid-2002, it hovered around 4.4 to 4.5 percent, a statistic that points to a relatively healthy state economy. Further, population growth increased the workforce without a rise in the unemployment rate. Experts predicted that such a trend will continue. Oklahoma�s Gross Domestic Product rose by 1 percent in 2001, and it was predicted that 2002 will see growth of 1.3 percent even as the recession continues. In 2001 and 2002, the construction industry was the biggest source of economic growth and stability as more and more people took advantage of low interest rates and purchased new homes. As of 2000, Oklahoma ranked twenty-eighth out of the fifty states in population. The Sooner State was the home of approximately 3,450,654 people. The state�s population is predicted to rise to about 3,491,000 by 2005, to 3,789,000 by 2015 and to around 4,570,000 by 2025. Whites continue to make up the great majority of Oklahoma�s population, 76.2 percent as of 2000. African Americans comprise about 7.6 percent, Native Americans count for 7.9 percent and Hispanics were 5.2 percent. Oklahoma's elderly population is also growing. By 2025, Oklahoma will have the eighth highest senior population in the United States. Future problems may include rising health care costs for the state, a strain on social services, depleted retirement funds and a loss of tax revenue. One problematic issue was that the per capita (per person per year) income in Oklahoma, as of 2002, ranked fortieth in the nation. Consequently, Oklahoma is losing some of its best educated, most productive men and women. Governor Keating believed that to reverse that trend, right-to-work was crucial. He also suggested that perhaps Oklahoma should eliminate the state income tax and use the Texas model to raise sufficient revenue without forcing workers to pay more income tax. Indeed, Keating campaigned for and won tax cuts in both 1998 and 2001. He also called a special session in 1999 to cut taxes on the state�s ailing oil industry, a mainstay of Oklahoma�s economy. Democrat Brad Henry was elected governor in the 2002 elections. Henry inherited a budget deficit of almost $600 million. He vowed to cut state expenditures while maintaining the state government's commitment to education. One way Henry proposed to increase funds to education was to institute a state lottery with the revenue being directed to schools. Henry served two terms and in 2010 Republican Mary Fallin became the first female elected governor.
Towards the end of 2007 a mortgage crisis threatened the financial services industry. Because thousands of mortgages had been sold to unqualified buyers the secondary market for mortgages collapsed, housing prices fell and banks were faced with billions in loans that could not be collected. Major banks and other financial services companies faced insolvency and thousands of families faced foreclosure. The United States government stepped in to provide billions in financing for the largest banks and financial services companies while many other companies were forced into bankruptcy. The crisis caused consumer spending to collapse in 2008 and all sectors of business were faced with declining sales and revenue. As a result many business were forced to lay off workers and the economy was further weakened. Particularly hard hit were the major domestic automakers. General Motors required billions in government money to survive and Chrysler was sold to the Italian automaker FIAT. In 2009 the U.S. Congress passed the American Recovery and Reinvestment Act, which provided almost $800 billion dollars in funds to help strengthen the economy. The September 11, 2001, terrorist attacks on our country negatively affected United States economy and ripple effects were felt in Oklahoma. The state�s transportation sector of the economy was particularly hard hit. Air traffic declined in the Oklahoma City and Tulsa airports, forcing many airlines and the airport itself to lay off workers.
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