The Massachusetts economy wasnât in great shape during the early aughts. As Mitt Romney’s opponents like to point out, the Bay State ranked 47th out of 50 states in terms of job creation from 2003 to 2007. It was only one of two states to have no growth in its resident labor force between 2002 and 2006. But as Mitt Romney is quick to note, it survived its economic crisis - and even saw its credit rating improve - through a combination of higher taxes and spending cuts. Recovery did come.