As reported in Investors Business Daily, "in Texas, the payroll count is back to pre-recession levels. California is nearly 1.5 million jobs in the hole. Why such a difference? Chalk it up to taxes, regulation and attitude. The contrast between America's two largest states, in terms of both population and economic heft, is as stark as it has ever been. Texas is leading the country out of the recession; California is holding it back."
You can click on the chart to see a larger version.
IBD goes on to say:
California and other states with steeply progressive income taxes simply do not grow as fast as their tax-free competitors. The nine states with no income tax had nonfarm payroll growth of 11.76% from 1999 to 2009. Payrolls in the nine states with the highest top tax rates (a group that includes California) rose an anemic 2.48%.
The difference in tax systems reflects a difference in attitudes toward business and the wealth that business generates. Capital gains are tax-free in Texas; in California, they are taxed up to 10.55%. To an entrepreneur choosing where to set up shop, the message is clear: Texas wants to reward success; California wants to tax it.So for those of you who think that Texas is a backward, redneck state, you might want to think again. In fact, when it comes to high-tech industries, Austin, Texas, ranks 7th, and Dallas/Fort Worth ranks 14th, according to BizJournals.
Californians are even choosing to move to Oklahoma, where the unemployment rate is 7 percent. During the last 10 years, more Californians moved to Oklahoma than the reverse. (California has an unemployment rate of 12.4 percent and Texas is 8.3 percent.)
12 comments:
Texas does well because they have oil. Period. And they have the good fortune that one of their own started a war to keep oil prices high. VERY successful tactic, if you don't mind the death and suffering that comes with it, not to mention wrecking the economy of the rest of the country. Oil provides the dollars to grease the state economy so an uneducated populace can get by.
Your bigotry and ignorance is so evident. According to some sources, oil and gas is the 10th largest industry in Texas, not the first. Much economic activity in Texas is regional. For example, the timber industry is important in East Texas's economy but a non-factor elsewhere. Houston, the state's largest urban economic enclave stands at the center of the petrochemical, biomedical research trades, shipping, and aerospace (particularly NASA). Dallas/Fort Worth houses the state's predominant defense manufacturing interests and the expansive information technology labor market. West Texas and the panhandle is dominated by ranching and the petroleum industry. Austin's economy is dominated by the State Government, Educational Institutions, and the booming IT Industry.
So just STFU.
You forgot to quote the rest of the Googled article, which said NOTHING about oil being the 10th industry. According to the article you quoted, as Paul Harvey would say, 'Now, for the REST of the story.
(Because of) plentiful supplies of oil and natural gas. There are currently 35 billionaires residing in Texas today.
This has been attributed to both the growth in population in Texas and the RISE OF OIL PRICES in 2005.(After Bush's 'oops, bad info' war) Quote, mine.
I do like the STFU quote, as it shows I'm getting to you. Ha ha. You really expect anyone to believe that TX is doing well because of timber, not (overpriced)oil? You gotta be kidding.
You're not getting to me. You prove over and over again your ignorance and bigotry. Houston, Texas is the energy capitol of the world. Is that something to be ashamed of? Next time you pull into a gas station, remember that. Remember the late 1970s. Want to return to that?
I used the STFU acronym because you made the same statement about Republicans shortly after the 2008 elections and the rant that Olberman did a couple of years ago.
And no, I didn't say Texas was doing well because of timber. Just one of the other industries in Texas. I've known you can't read critically from the very first comment you posted on this blog.
Of the top 10 billionaires in Texas, two made their money in oil.
And yes, the price of oil did rise due to wild speculation, but is now at a more reasonable level. Where were you in the 1990s when oil was at $20 a barrel and the oil industy was losing money?
Since you have no idea of what it takes to get your gasoline to your local station, you really shouldn't start a debate about oil.
But I know what you'll say anyway. It's all Bush's fault.
Oh, one more thing. I guess you'd rather get your oil from the Arabs, huh? Or maybe Hugo, the buddy of the left? Rather than keeping our dollars in the U.S.? But since liberals keep blocking new production, we need to keep buying more oil from dictators and terrorists.
Since the days of when that idiot Carter told us we have to wear sweaters, we import twice as much oil as we used to.
$80/bbl is a reasonable level? Yup, since Bush more than quadrupled it with his war of choice, to enrich his buddies and bankrupt the country. Sickening, but SO Texan....
As far as taking it up the ass, I don't see that much difference whether there's an Arab or a Texan at the other end of the broomstick. Feels the same, as our economy gets f'cked.
You are an asshole, sir. Plain and simple. A fucking idiot that doesn't have a clue. You need to quit drinking so much wine, and get off the pain pills. If I get it right, you are/were an insurance adjuster. A leach on society. Shall we we debate how insurance companies screw people who have suffered the worse?
You are a narcissistic jerk.
Ooooh. What a well thought out response. Typical Texan bullshit, instead of addressing the problem of W screwing the country for his Big Oil buddies. At least you jerks hang together.
Actually, I'm not a Texan, officially. I'm from Michigan. Born and raised in Ann Arbor. Just here working, because there are no jobs in Michigan, after the Dems and liberals screwed that economy. And I'll defend Texans against the likes of you, because they are -- generally, not all, but mostly -- are better than you.
You can dish it out, but can you take it as well?
No pain pills, very little wine, but a reasoned response to a dumbshit Texan who wrecked the country I love. A combination of wars, oil politics and changing the rules of banking so his bud's could prosper. Nothing like it since the Great Depression I, soon to be followed by II. Deal with reality, jerk.
I'll give you the last word on this. Can't argue with a man with BDS.
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