Texas rejected huge portions of the federal stimulus-- the hundreds of millions of unemployment insurance dollars with strings attached. Texas has received the second lowest number of stimulus dollars per capita. Texas has one of the freest economies in the country, with one of the lowest debt loads per capita in the entire nation. Texas necessarily limits government by virtue of the legislature meeting for only 140 days every two years. Texas has relatively low taxes, keeps state government spending growth basically in line with population and inflation growth, and Texas has enacted among the most sweeping tort reform packages in the nation.
The result is that Texas' foreclosure rate is far below the national average and its bankruptcy rate is near the bottom. Texas has added far more jobs than all other states combined over the past few years, and income growth in Texas is far ahead of all other states.
Sunday, August 29, 2010
Will Franklin at WILLisms.com examines the economic miracle occurring in Texas: