Bloomberg news slams Texas "miracle."

"To a sizable degree, however, the state’s booming payrolls are the result of hard-to-duplicate factors, such as a fast-growing population, and unusually low wages."

Impossible to duplicate in a state that is dominated by unions, geriatrics and enviro-nutjobs (New York).

Bottom line - us Bloomberg guys and gals live in a crap state like NY and are jealous of Texas's success, therefore the way we deal with our frustration and envy is to dismiss Texas as a fluke and an outlier (rather than a model to follow). Cuz if we liberals admitted that we are on the wrong track, well it would be embarassing - better to just pretend that it's "bad luck" that NY sucks vis-a-vis Texas.

Well done Bloomberg.

http://youtu.be/yYzvCpMGSrY

OK, maybe it wasn't the best path... but it is certainly a path to more jobs, and that works better than less jobs, no? Unless the rest of the country can add some, perhaps we shouldn't be talking?

BTW, crain's this week said the job creation here is low-wage, too.

No no, I am 100% sure that EVERY job that's created in NYC is a "good", whereas EVERY job that's created in TX is a "bad" job. At least, according to loony liberal morons that live in NYC (that's how they sleep at night).

That's it - I'm moving to TX - see u suckers later.

Texas has 8% unemployment. NY has 7.9%. That's something to brag about?

Socialist North Dakota has 3.3% unemployment.

Just got back from Texas -- too hot.

Low wage jobs don't add any value to society. Low wage workers typically don't pay income taxes and require substantial govt. support (ie: Medicaid, food stamps, etc.). The govt. is subsidizing every single low wage employer in America. Now you know why Wal Mart can afford to sell their Chinese made crap so cheap.

And most of Texas' population growth is the result of illegal immigration. Contrary to what you hear, their population is NOT booming becasue people from high tax states are flocking there.

"Low wage jobs don't add any value to society."

You just purchased Google TV and splurged on a large SONY flatscreen TV manufactured in China...

you can't enjoy the fruit and bash those who bear its fruit.. hypocrite much?

My other SONY was made in the US.

"Contrary to what you hear, their population is NOT booming becasue people from high tax states are flocking there. "

The article says Mexican immigration is the biggest driver of pop growth, yes. Thus most of the jobs being min wage jobs...

> Low wage jobs don't add any value to society. Low wage workers typically don't pay income taxes and
> require substantial govt. support (ie: Medicaid, food stamps, etc.).

But less so than if they had no job. Socialists haven't figured that out, have they?

> The govt. is subsidizing every single low wage employer in America.

Let's be clear... rich and middle class americans are subsidizing...

"Let's be clear... rich and middle class americans are subsidizing..."

So rich peopel don't get subsides of their own? Who do you think is getting all of the farm and ethanol subsidies? Poor people? There you go again defending rich peopel like they are God.

"It's a miracle
a true blue miracle,
THE MIRACLE IS YOU!!!"... (Barry Manilow)

Every real Fanilow knows that the true true blue miracle is YOU, Truth!

The bully loser, alanhart: He's so proud of his instant "comments".
He's trolling me on that other thread, and : Oh , he's so proud of himself on this thread too.
7/11/11 933P

Does anyone have the current date and time?

www.timeanddate.com

>Who do you think is getting all of the farm and ethanol subsidies? Poor people? There you go again defending rich peopel like they are God.

Are there any rich people who aren't getting a farm subsidy or an ethanol subsidy?

"So rich peopel don't get subsides of their own?"

A discount on the subsidy you pay others is not a subsidy. Just like a robber didn't give me any money if he took my large bills but left me with the singles.

Rich people pay for the country, and all those union benefits you like.

Sorry to burst your bubble

A 16 pound baby was just born in Texas.

Mazel tov!

And that baby has more going on in life than alanhart.

Sherwood Schwartz, writer-creator of two of the best-remembered TV series of the 1960s and 1970s, "Gilligan's Island" and "The Brady Bunch," has died at age 94.

Sherwood has more going on in death than alanhart.

"A three hour tour,
a three hour tour..."

"A discount on the subsidy you pay others is not a subsidy. Just like a robber didn't give me any money if he took my large bills but left me with the singles."

What the hell does this mean? Are you even trying anymore or are just spewing nonsnse like a drunk hobo on the subway?

Texas is a poor state for poor people.

Per Capita Income

1. Connecticut
2. New Jersey
3. Massachusetts
4. Maryland
5. New York
6. Wyoming
7. New Hampshire
8. Virginia
9. Alaska
10. California
....
..

.23. Texas $39,493

http://www.tiptoptens.com/2011/07/10/top-10-us-states-with-highest-income-rate-per-capita/

Texas ranks at the absolute bottom of everything (wealth, health, education), but people tend to overlook that because "Texas adds the most [LOW PAYING] jobs" (despite their strangely higher unemployment rate but whatever)

And the VAST majority of Texas population growth in the past fueled by births from Texas huge Hispanic population as well as illegal immigrants. For some reason that fact is always overlooked as well.

What a dump of a place. The only allure of that hell hole is the typical fat greedy American dream of living in a large home for dirt cheap.

And their economy is ENTIRELY 100% completely and totally based on Federal cashflows and policies -- their snouts are deep into the troughs of defense contracting, military bases, healthcare research (grants), military and diplomatic propping-up of the global petroleum grab, grain and other agribusiness subsidies, etc. etc.

here i sit buns a flexin, givin birth to a nuther texan

"Low wage jobs don't add any value to society"
pure nonsense - of course they do, otherwise why would someone be paying them to do the job? true, at the federal level they don't add income tax revenue. but value to society /= income tax revenue.

growth in hiring for low wage jobs, where there is shrinkage in hiring for better-payiong jobs, is indicative a shitty economic circumstance---as in texas

"Texas ranks at the absolute bottom of everything (wealth, health, education), but people tend to overlook that because "Texas adds the most [LOW PAYING] jobs" (despite their strangely higher unemployment rate but whatever)"

Um, maybe the UE rate is higher b/c population growth has exceeded the growth in jobs there - ever consider that possibility?

"And the VAST majority of Texas population growth in the past fueled by births from Texas huge Hispanic population as well as illegal immigrants. For some reason that fact is always overlooked as well. What a dump of a place."

Racist much? Xenophobic much? BTW, ever been to Queens? Ever been to Harlem? Etc etc. Lots of minorities and immigrants there the last time I checked.

"The only allure of that hell hole is the typical fat greedy American dream of living in a large home for dirt cheap."

Let's see - cheap large houses, no income tax, low cost of living, job growth, warm weather. Yeah, sounds like a real hell hole.

New York City is the 5th dirtiest city in the country - another reason to prefer NYC over Texas. Heh.

http://newsfeed.time.com/2011/06/14/the-ten-dirtiest-cities-in-america-new-orleans-tops-the-list/

"And their economy is ENTIRELY 100% completely and totally based on Federal cashflows and policies"

That's funny, b/c Texas is a "tax donor" state - they pay more in taxes to the federal govt than they receive in benefits. But, hey, don't let the facts get in the way of a good story, right?

Yep, it's a pretty sad state of affairs down there...

Texas Boasts No. 2 Economy in Union

By Frank Heinz| Thursday, Jun 30, 2011 | Updated 1:11 PM CDT
Flickr/scazon

Over the last decade, Texas moved past New York to become the nation's second-largest economy, according to a report in USA Today.

The report cites data released by the Bureau of Economic Analysis that shows Texas gross domestic product enjoyed a 26.8 percent increase since 2000, bringing the state's GDP to $1.2 trillion.

California remains first with $1.9 trillion while New York is at $1.16 trillion.

"Texas (GDP) notched one of the biggest increases in size in a half-century, surpassing $1 trillion in annual economic output," the USA Today article said. "This growth in economic clout has been matched only twice in the past 50 years — by California in the 1980s and Texas itself during the 1970s oil boom."

The data from the BEA reflected both population growth and income increases to determine the economic weight of each state, USA Today reported.

The article indicates that with continued growth, avoiding the real estate bubble and continued immigration, Texas may soon challenge a shrinking California for the union's largest economy.

http://www.nbcdfw.com/news/business/Texas-Boasts-No-2-Economy-in-Union-124792749.html

Yep, it's a pretty sad state of affairs down there...

Texas Boasts No. 2 Economy in Union

By Frank Heinz| Thursday, Jun 30, 2011 | Updated 1:11 PM CDT
Flickr/scazon

Over the last decade, Texas moved past New York to become the nation's second-largest economy, according to a report in USA Today.

The report cites data released by the Bureau of Economic Analysis that shows Texas gross domestic product enjoyed a 26.8 percent increase since 2000, bringing the state's GDP to $1.2 trillion.

California remains first with $1.9 trillion while New York is at $1.16 trillion.

"Texas (GDP) notched one of the biggest increases in size in a half-century, surpassing $1 trillion in annual economic output," the USA Today article said. "This growth in economic clout has been matched only twice in the past 50 years — by California in the 1980s and Texas itself during the 1970s oil boom."

The data from the BEA reflected both population growth and income increases to determine the economic weight of each state, USA Today reported.

The article indicates that with continued growth, avoiding the real estate bubble and continued immigration, Texas may soon challenge a shrinking California for the union's largest economy.

http://www.nbcdfw.com/news/business/Texas-Boasts-No-2-Economy-in-Union-124792749.html

"Texas is a "tax donor" state" ... really? Does that include the cost to the Federal government of wars and other foreign spending to prop up the massive Texas-based petroleum and gas industry? That'll certainly be news to the welfare-royalty Bush and Koch families.

"That's funny, b/c Texas is a "tax donor" state - they pay more in taxes to the federal govt than they receive in benefits. But, hey, don't let the facts get in the way of a good story, right?"

Wow, that is so easy to look up. Yes, Texas is a net donor, but way behind New York, Mass, NJ, CT, Califonrnia...in fact the bluest of blue states subsidize everyone else.

http://www.visualeconomics.com/united-states-federal-tax-dollars/

I don't post here often but the statement previous statement by alanhart has to be the most idiotic statement I have ever read, posted anywhere, including the internet.

"Texas is a "tax donor" state" ... really? Does that include the cost to the Federal government of wars and other foreign spending to prop up the massive Texas-based petroleum and gas industry? That'll certainly be news to the welfare-royalty Bush and Koch families."

1) Does the Texas oil and gas industry create demand or respond to supply?
2) Would we consume more or less foreign oil without the Texas oil and gas industry?
3) Are wars fought over foreign or domestic oil sources?
4) If you can't answer these questions you are a moron.
5) If you try to stand-by or justify your statement after correctly answering these questions, you are an even bigger moron.

Slams?
Hardly! But it does raise the importance of placing facts in proper context. Like when people claim Clinton balanced the budget while ignoring the role the internet stock bubble played. It's also true that Texas' economy is not the same as that of the other 49 states.

>Like when people claim Clinton balanced the budget while ignoring the role the internet stock bubble played.

Oh come on. Clinton killed Vince Foster. Gore was the one responsible for the Internet and the lockbox.

>Wow, that is so easy to look up. Yes, Texas is a net donor, but way behind New York, Mass, NJ, CT, Califonrnia...in fact the bluest of blue states subsidize everyone else.

So Texas isn't as stupid as NY, MA, NJ, CT and CA?

So when we figure if NY is a donor state I know we take into account all the taxes paid (lots and lots of rich people living here) but do we take into account the implied guarantees of the US gov't taht make the Too Big To Fail banks survive to pay those outsized salaries? How about paying off AIG's counterparties, like Goldman? Or the implied subsidization of the financial industry with QE I and II where the treasury has taken garbage as collateral in return for extraordinarily cheap capital?

Sorry, most of these data do not take into account all the exogenous costs.

I also think that if we were not paying outsized amounts of $'s on foreign wars then the value to us of domestic energy supplies would be greatly increased, making Texas even richer.

The financial crisis was, in large part, caused by "financial engineering" gone haywire, much of which was done on Wall Street (GS, MS, AIG, etc.) - so, if you want to assign blame for Washington's recent excesses when it comes to spending, look at NY, not Texas. Last time I checked, those big corporations asking to be bailed out during the financial crisis were not located in Texas.

The era of phony financial profits driven by a multiyear credit bubble is over - Dodd-Frank makes sure of that. We'll see how long NY maintains its "donor state" status under the new financial regime.

Oh, sorry, I also forgot to mention the auto companies (GM, F and Chrysler) that relied on govt largess to survive - also not located in Texas.

Enron was in Texas.

Despite Perry’s Tough Budget Talk, Texas’ Debt Growing Faster Than The Nation’s

From 2001 to 2010, state debt alone grew from $13.4 billion to $37.8 billion, according to the Texas Bond Review Board. That’s an increase of 281 percent. Over the same time, the national debt rose almost 234 percent. [...]

Still, the trend is undeniable. While Texas lawmakers have refused to raise taxes — and often criticize Washington for borrowing and spending — the state has been paying for much of its expansion with borrowed money.

http://thinkprogress.org/economy/2011/07/13/267895/texas-debt-faster/

If Republicans want to hold a state up as a role model for the rest of the country in terms of economic growth, why the hell are they choosing Texas? Why not North Dakota, which has only 3.3% unemployment? Or Kansas, which has 4.1% unemployment?

Socialist, why are you worried about low wage jobs in Texas? Remember the Socialist mantra: everyone is equal, but some are MORE equal.

"Texas’ Debt Growing Faster Than The Nation’s"

FYI, you can do this if your GDP is also growing faster than other parts of the country, which Texas's has been. Obviously, if I make $500K per year I can take on more debt than if I make $250K per year - it works the same way with states/countries. The key number is NOT the absolute level of debt - the key number is debt as a percentage of GDP. Greece has way less debt than Germany - but as a % of GDP, Greece's debt is much higher than Germany's. Get it???

"Why not North Dakota, which has only 3.3% unemployment? Or Kansas, which has 4.1% unemployment?"

These are small states (combined population = 3.5 million) largely dependent on agriculture. Comparing these states to CA, NY or TX (large populations, diversified economies) is comparing apples to oranges.

Enron didn't receive a taxpayer bailout - it went bankrupt.

What is Texas's deficit as a percent of its annual budget? Hint: its a LOT bigger than Californias, or New York, or Massachussets...

"What is Texas's deficit as a percent of its annual budget?"

They don't have a deficit for the current fiscal year. They also closed the 2012 and 2013 projected deficit through spending cuts. Sooo...what are you talking about???

Texas does not have a deficit? Really?

Rick Perry Doubled Texas’ Debt, Then Balanced Budget Through Accounting Gimmicks

Gov. Rick Perry signed a budget that was balanced only through accounting maneuvers, rewriting school funding laws, ignoring a growing population and delaying payments on bills coming due in 2013.

It accomplishes, however, what the Republican majority wanted most: It did not raise taxes, took little from the Rainy Day Fund and shifted any future deficits onto the next Legislature.

The new budget also preposterously assumes there will be no growth in the number of school children in Texas, even though it is one of the fastest-growing states in the nation. Experts predict this trick alone will shortchange school districts by $2 billion.

http://thinkprogress.org/economy/2011/07/06/261752/perry-budget-accounting-gimmicks/

Whether you think it was "accounting gimmicks" or not, it was balanced. Do you think NY and CA don't also use "accounting gimmicks"? Get a clue, please.

"ThinkProgress was voted “Best Liberal Blog” in the 2006 Weblog Awards"

What a shocker, a liberal blog bashes Texas. LOL @ nonobjectivity.

If you had bothered to click on the link, you would have seen that Think Progress was merely paraphrasing a Washington Post article abotu the exact same topic. You did not click the link, did you?

Are ABC and the AP liberal news sources too?

http://abcnews.go.com/US/wireStory?id=13925002

No, not all states use accounting gimmicks. The new Democratic governor of Connecticut, for instance, has balanced his budget using GAAP.

Minutes after being sworn in as the 88th governor of Connecticut, Dan Malloy signed three executive orders, including one that orders state government to begin transitioning to Generally Accepted Accounting Principles.

“These executive orders will open this new chapter in our state the right way,” Malloy said in a prepared statement. “I ran for this office to create new jobs, keep the ones we have and, importantly, get our state’s fiscal house in order once again. By signing an order mandating that our state begin to transition into Generally Accepted Accounting Principles – the same standard used in other states, Fortune 500 companies, and required of municipalities – we will begin to move toward honest budgeting and fiscal responsibility.”

“We require every city and town to do it, now we will require the state to do it,” Malloy said of GAAP as he addressed a joint session of the legislature Wednesday.

http://www.ctnewsjunkie.com/ctnj.php/archives/entry/malloy_orders_transition_into_gaap_preservation_of_rell-era_emails/

"If you had bothered to click on the link, you would have seen that Think Progress was merely paraphrasing a Washington Post article abotu the exact same topic. You did not click the link, did you?"

Did you click on the link, genius? There's no Wash Post article at the link - it's a dead link.

BTW, if it's all "smoke and mirrors" and there are no real cuts, then what are all the Democrats in TX wailing and crying about??? You can't have it both ways.

"No, not all states use accounting gimmicks"

Way to set up a straw man to knock down. I don't say ALL states use gimmicks, I asked whether CA and NY don't also use gimmicks. ARE YOU CAPABLE OF COMPREHENDING WHAT I WROTE - OR ARE YOU JUST TOO STUPID?

And, FYI, Socialism doesn't work. History has proved that. You need to get a new ideology.

Bottom line, Texas = business/job friendly (low taxes, less regulations, fewer unions), NY/CA = business/job unfriendly (high taxes, over-regulated, union-dominated).

The differences could not be starker. And then clueless liberals in CA and NY wonder why Texas creates jobs and CA and NY don't - go figure.

Texas Grows on Rust Belt Woes
Thursday, 14 Jul 2011 10:20 AM

By Chris Freind

In what amounted to a nonsurprise, Pennsylvania was just ranked near the economic bottom of the nation. Why the dismal showing for what was once the major industrial powerhouse, not just of the country, but the world?

Crushing taxes and a hostile business climate.

Shackled with the nation’s second-highest corporate income tax, it is also 15th in personal income tax, 30th in property tax burden, and No. 1 in estate and inheritance tax.

Those figures are bleak enough, but because Pennsylvania rolls over to organized labor and trial lawyers, it comes in dead last last in labor competitiveness.

But Pennsylvania is not alone. Millions in Ohio, Michigan, New Jersey, and Illinois are voting with their feet to escape ever-escalating taxes and an overbearing government.

The result is a mass exodus of businesses, and the people who work for them, fleeing for greener pastures of employer-friendly states.

And as children and grandchildren — the future — leave, so too does their political clout. Every one of those states continues to lose electoral votes: Pennsylvania has seen at least two disappear in every census since 1960; Illinois and Michigan have lost votes after the last four censuses; Ohio just lost two more; and New Jersey one vote.

While some businesses are outsourced overseas, many relocate to states that believe in welcoming rather than hindering. It is no coincidence that the recipients of this brain drain are primarily located in the south and west, states that are free of entrenched, business-as-usual politicians who would rather fall on the sword than make the effort to change the system.

And none more so than Texas exemplifies the fruits of the strategy to attract the best and brightest.

Despite America experiencing one of the worst recessions in its history, the Lone Star state is booming, gaining a whopping four seats in the Electoral College. In stark comparison to its Rust Belt competitors, Texas has experienced a period of nonstop growth, gaining at least one electoral vote in every census since 1930. The numbers tell the story:

Texas’ economic output is $1.3 trillion — 13th in the world.

It leads the nation in overseas exports; its railroads are ranked at the top; it has more miles of highway than any other state; and has state-of-the-art shipping ports and cargo airports.

Nearly 40 percent of all jobs created in the current “recovery” are in Texas, and it is one of only three states to have more jobs now than when the recession began.

Texas leads the nation with six cities on the top 20 Overall Strongest-Performing Metro Areas, according to the Brookings Institute.

Texas innately understands that fostering a business-friendly atmosphere pays big dividends. So it has paved the way to that goal: It is a Right-to-Work state, has no state income tax, and ranks 8th best for business-tax climate. And its regulatory environment is not nearly as onerous as in other states.

It has also passed significant legal reform, credited as a major factor in its unparalleled job growth.

Industries in Texas are quite diversified, from energy and mining, to timber, healthcare, biomedical and tourism — industries that parallel those in the northern states.

So why then do the other states continue to stagnate, seemingly content to limp along while their competitors are thriving?

Because the people, through the politicians they keep electing, are satisfied with mediocrity. Rhetoric aside about making their states great again, nothing of significance changes, no matter what party controls the governorships and legislatures.

Tax rates? Among the highest in the nation, especially for businesses. Legal reforms? Few and far between. Regulations? More burdensome than ever. Educational achievement of the future workforce? Well below par on a national scale, let alone internationally.

Perhaps the most telling difference is not statistical, but intangible. When in Texas, there is an unbridled sense of pride, a feeling that the American pioneering spirit is thriving, and that nothing is unattainable.

And you see the symbol of that pride everywhere: The Lone Star is embedded in concrete pillars of the modern infrastructure, in buildings, on car bumpers, and even in airport restaurants. That vibrancy, which is downright palpable, is not just because of Texas’ rich history, but comes from the security that only a booming economy can generate.

Sadly, that feeling has been nonexistent in the Rust Belt for decades. Whether it is ever regained will be decided over the next few years.

To Texans, everything they do is not just bigger, but better. That may seem arrogant to folks in the other 49 states, but as the old adage says, “arrogance ain’t arrogance if you can back it up.”

Looking at the Lone Star State’s success story, it most certainly backs it up.

California companies fleeing the Golden State
By Tami Luhby @CNNMoney July 12, 2011: 12:51 PM ET

California companies, including PayPal, have been expanding or relocating outside the Golden State. PayPal recently opened a facility in Arizona.

NEW YORK (CNNMoney) -- Buffeted by high taxes, strict regulations and uncertain state budgets, a growing number of California companies are seeking friendlier business environments outside of the Golden State.

And governors around the country, smelling blood in the water, have stepped up their courtship of California companies. Officials in states like Florida, Texas, Arizona and Utah are telling California firms how business-friendly they are in comparison.

Companies are "disinvesting" in California at a rate five times greater than just two years ago, said Joseph Vranich, a business relocation expert based in Irvine. This includes leaving altogether, establishing divisions elsewhere or opting not to set up shop in California.

"There is a feeling that the state is not stable," Vranich said. "Sacramento can't get its act together...and that includes the governor, legislators and regulatory agencies that are running wild."

The state has been ranked by Chief Executive magazine as the worst place to do business for seven years.

"California, once a business friendly state, continues to conduct a war on its own economy," the magazine wrote.

That is about to change, at least if Lieutenant Governor Gavin Newsom has anything to say about it. Newsom is developing a plan to address the state's economic Achilles heels, and build on its strengths. It will be unveiled at the end of July.

"California has got to get its act together when it comes to economic development and job creation," he said.

While not all companies investing elsewhere are doing so for economic reasons, some are shopping around for lower costs, lighter regulations, stable leadership and government assistance and incentives.

The most popular places to go? Texas, Arizona, Colorado, Nevada, Utah, Virginia and North Carolina, said Vranich. All rank in the Top 13 places to do business, according to Chief Executive.

No budget, no pay for California lawmakers
After 15 years in Monterey Country, Calif., Feel Golf relocated its headquarters to Florida earlier this year after it acquired Pro Line Sports, which was based in the Sunshine State.

"The whole state is a bureaucratic Santa Claus," said Lee Miller, chief executive of the golf equipment company, of his former home. "There's a very high cost of doing business."

In Florida, he found a better work pool, lower operating costs and no personal income taxes.

"Overall, it's just a better environment," he said.

PayPal opened a new customer services and operations center in Chandler, Ariz., in February, bringing 2,000 jobs to the area. The San Jose, Calif.-based tech firm, along with its parent eBay, also added 1,000 jobs in Austin, Texas, and expanded operations in Utah.

"They have business-friendly environments," said Kathy Chui, a spokeswoman for eBay.

Other states, which are revving up their job creation efforts in the weak economy, are making sure California firms know the advantages to doing businesses with them.

Utah, for instance, touts its stable government, balanced budget and AAA debt rating, said Todd Brightwell, vice president at the state's Economic Development Corp.

"We promote predictability," said Brightwell, whose agency features an online comparison between the states in terms of taxes, real estate costs, utility expenses, cost of living and other metrics.

Over the past 18 months, the state become much more proactive in courting California firms. It now visits there regularly to reach out to target companies. The strategy has been successful. Adobe has expanded operations in Utah, as has Electronic Arts.

California companies are also reaching out to other states. Sandra Watson, chief operating officer of the Arizona Commerce Authority, said she's seeing a growing number of California firms looking to expand outside the state.

The economic downturn has forced companies to find ways to reduce their costs, she said. Arizona is trying to capitalize on that by promoting its lower workers compensation and unemployment insurance taxes, as well as its aggressive incentive packages.

"There's a lot of competition out there and companies are re-evaluating their strategies," she said.

California, however, isn't sitting idly by. Not only is Newsom meeting with executives to hear their complaints, he's studying the best practices of other states. Earlier this year, he visited Texas, ranked #1 by Chief Executive, to learn more about its job creation efforts.

Newsom's plan will focus on California's premier industries, including biotechnology, agriculture and digital media. It will highlight the state's strengths in innovation and research and cultivate more manufacturing and exports. It also will examine how to address executives' concerns about regulation, taxes and layers of bureaucracy.

Later this year, California will set up a new agency that will serve as a focal point for economic development and job creation, he said. Among its goals will be to reverse the perception that California is business-unfriendly.

"We're going to start pounding away at this and begin to slowly turn this around," he said.

First Published: July 12, 2011: 9:39 AM ET

Richard Fisher, the president of the Federal Reserve Bank of Dallas, dropped by our offices this week and relayed a remarkable fact: Some 37% of all net new American jobs since the recovery began were created in Texas. Mr. Fisher's study is a lesson in what works in economic policy—and it is worth pondering in the current 1.8% growth moment.

Using Bureau of Labor Statistics (BLS) data, Dallas Fed economists looked at state-by-state employment changes since June 2009, when the recession ended. Texas added 265,300 net jobs, out of the 722,200 nationwide, and by far outpaced every other state. New York was second with 98,200, Pennsylvania added 93,000, and it falls off from there. Nine states created fewer than 10,000 jobs, while Maine, Hawaii, Delaware and Wyoming created fewer than 1,000. Eighteen states have lost jobs since the recovery began.

The data are even more notable because they're calculated on a "sum of states" basis, which the BLS does not use because they can have sampling errors. Using straight nonfarm payroll employment, Texas accounts for 45% of net U.S. job creation. Modesty is not typically considered a Texas virtue, but the results speak for themselves.

Texas is also among the few states that are home to more jobs than when the recession began in December 2007. The others are North Dakota, Alaska and the District of Columbia. If that last one sounds like an outlier at first, remember the government boom of the Obama era, which has helped loft D.C. payrolls 18,000 jobs above the pre-crisis status quo. Even so, Texas is up 30,800.

View Full Image
...What explains this Lone Star success? Texas is a big state, but its population of 24.7 million isn't that much bigger than the Empire State, about 19.5 million. California is a large state too—36.9 million—and yet it's down 11,400 jobs. Mr. Fisher argues that Texas is doing so well relative to other states precisely because it has rejected the economic model that now prevails in Washington, and we'll second that notion.

Mr. Fisher notes that all states labor under the same Fed monetary policy and interest rates and federal regulation, but all states have not performed equally well. Texas stands out for its free market and business-friendly climate.

Capital—both human and investment—is highly mobile, and it migrates all the time to the places where the opportunities are larger and the burdens are lower. Texas has no state income tax. Its regulatory conditions are contained and flexible. It is fiscally responsible and government is small. Its right-to-work law doesn't impose unions on businesses or employees. It is open to global trade and competition: Houston, San Antonio and El Paso are entrepôts for commerce, especially in the wake of the North American Free Trade Agreement.

Based on his conversations with CEOs and other business leaders, Mr. Fisher says one of Texas's huge competitive advantages is its ongoing reform of the tort system, which has driven litigation costs to record lows. He also cited a rule in place since 1998 in the backwash of the S&L debacle that limits mortgage borrowing to 80% of the appraised value of a home. Like a minimum down payment, this reduces overleveraging and means Texas wasn't hurt as badly by the housing crash as other states.

Texan construction employment has contracted by 2.3% since the end of the recession, along with manufacturing (a 1.8% decline) and information (-8.4%). But growth in other areas has surpassed these losses. Professional and business services accounted for 22.9% of the total jobs added, health care for 30.5% and trade and energy for 10.6%.

The Texas economy has grown on average by 3.3% a year over the last two decades, compared with 2.6% for the U.S. overall. Yet the core impulse of Obamanomics is to make America less like Texas and more like California, with more government, more unions, more central planning, higher taxes. That the former added 37% of new U.S. jobs suggests what an historic mistake this has been.

http://online.wsj.com/article/SB10001424052702304259304576375480710070472.html

Any questions????????????????????????????

Yes.
1. Why would you paste the meaningless drivel of a psycho wingnut site?
2. Who cares how lazy CEOs rank anything? They're stating their personal preferences, nothing more.
3. Texas added lots of jobs ... how many of them are at the counter, and how many in the food-assembly area in the back?

yes, I have a question. would you really want to live in texas? or north dakota? or alaska? or even dc?

Austin is a pretty great city. DC less so, but I can think of much, much worse. No idea about North Dakota. Never heard of that city.

oh, and I'm sure Austin can absorb tons of population growth. bs seems like someone who'd implode within a couple of days living in dc.

Tx for ur questions - responses are below (& you're welcome)

"1. Why would you paste the meaningless drivel of a psycho wingnut site?"

Is CNN a wingnut site? Is the Wall Street Journal? I guess if you drink the NYT koolaid daily they are - but that just makes you a kook.

"2. Who cares how lazy CEOs rank anything? They're stating their personal preferences, nothing more."

Last time I checked, CEOs are responsible for deciding where to allocate the vast majority of investment dollars (i.e., JOBS) in this country. So I care.

"3. Texas added lots of jobs ... how many of them are at the counter, and how many in the food-assembly area in the back?"

I don't know - maybe you should do some research and find out. I guess nobody in CA or NY works behind a counter or in the "food-assembly area in the back", right? Heh. (Oh wait, I forgot, NY had all those high-paying financial wizardry CDO-squared-making jobs and CA had all those high-grossing house-flippers - that worked out great for the country)

"4. would you really want to live in texas? or north dakota? or alaska? or even dc?"

Ever been to Austin? (BTW, who mentioned ND, AL or DC??? Not me)

"bs seems like someone who'd implode within a couple of days living in dc"

I grew up right outside of DC, in northern VA - and, you're correct, I would not want to live there. Would you? A few parts of DC are nice (near Rock Creek Park and the zoo), but why live there if you could live in VA?

Plus DC has far too many traffic circles.

fisher mentioned nd, al and dc. maybe you should read what you post.

yes, I've been to Austin. very nice university town, good music. as an international hub, or even national, not my cup of tea.

Oh, I get it ... you're from that creepy master-planned zombie-incubator new city, RESTON!!! How sad.

I read what I posted. Just b/c an article I posted listed Alaska as a net job adder does not mean I was saying I wanted to live there - the discussion was about Texas, not Alaska (or North Dakota or DC) - your question was just another straw man set up by you to knock down (accomplishing nothing).

aboutready, Truth says "Hi!".

You people need to learn how to debate honestly. Setting up straw men just so you can knock them down is really a pointless and time-wasting exercise - and shows how intellectually dishonest such a person is.

From Wiki (for your edification):

A straw man is a component of an argument and is an informal fallacy based on misrepresentation of an opponent's position. To "attack a straw man" is to create the illusion of having refuted a proposition by replacing it with a superficially similar yet unequivalent proposition (the "straw man"), and refuting it, without ever having actually refuted the original position.

so, move to Texas.

no it wasn't a straw man. look at the places that had net job growth. really. Alaska, north dakota, texas.

everyone's idea of heaven. if you can tolerate it, go for it.

ah, truth says hi? how could I have missed that?

bs, I was one of those geeky tools who went to debate camp for a month every summer. redlands for me, debate partner couldn't afford better. I'll debate you any day.

"Shackled with the nation’s second-highest corporate income tax, it is also 15th in personal income tax, 30th in property tax burden, and No. 1 in estate and inheritance tax."

More right wing bull sh*t. It is the dream of EVERY homeownner in NY and NJ to pay Pennsylvania property taxes. I will gladly trade in my crushing NJ property taxes for the tax rates of Penn.

"no it wasn't a straw man"

Yes it was.

"so, move to Texas"

Quite a few people have done just that - that's why TX keeps getting more and more electoral votes. I moved to NYC for a job; since I moved, things have gotten progressively worse here (a sad decline). Trust me, I plan on leaving when my current lease expires in about 6 months. I guess you and your fellow koolaid drinkers can make up for the $20-30K in taxes I've paid to NYC/NYS every year for the past decade - have fun.

"Bottom line, Texas = business/job friendly"

I guess Amazon did not get the memo. They just shut down their warehouse in Texas due to an "unfavorable regulatory climate." Not my words... but their words.

P.S. - don't worry, you guys & gals are "rich folks" and can handle the extra taxes (spreading the wealth around is good for everyone, you know). :)

"Last time I checked, CEOs are responsible for deciding where to allocate the vast majority of investment dollars (i.e., JOBS) in this country. So I care."

No, not really. Texas is full of energy companies that MUST be in Texas. Exxon Mobil can't pack up all their workers and move to New Hampshire.

"you're from that creepy master-planned zombie-incubator new city, RESTON"

No, I grew up in Arlington. It's next to Alexandria. But whatever.

Socialist - your posts are beyond laughable. Try connecting with the real world one day.

no it wasn't. see my awesome debate skills?

bs, I'm only very recently added to the "criminal class" as ah has labeled it. I grew up relatively poor. and yes, I think if asset and commodity prices weren't so horrendously distorted by recent policies most upper-middle to merely rich people could easily tolerate tax rates similar to those imposed during the profligate Clinton years.

FYI, Amazon is mad that states actually want to collect sales taxes. I don't blame a state for enforcing its laws - the question is whether the laws are intelligent or stupid. Some states are clearly smarter than others in that respect (see all of my above posts).

Why are you such a big fan of Texas? The state is literally being over run with illegals.

"Why are you such a big fan of Texas? The state is literally being over run with illegals"

WOW - open racism - very nice. Why am I not surprised that you are racist as well as ignorant?

but this is interesting. you've already decided to move, and to Texas I presume. no wonder you have such a self-vested interest in touting its glories. have fun, we have a number of friends from texas, both native and transplanted. most don't have a lot of good to say about it, but then again many people don't have much good to say about ny,

So being against ILLEGAL immigration is racist? So sad you have to play the race card. I guess yor a big fan of cheap labor, huh?

"most upper-middle to merely rich people could easily tolerate tax rates similar to those imposed during the profligate Clinton years"

OK, then raise tax rates to 90% if you want - this won't solve the entitlement problem. The problem is not that tax rates are too low - the problem is that the govt has engaged in a spending orgy of epic proportions for the past 3 years with no sign of any let up in sight.

Paul Ryan had the balls to actually propose a plan to deal with entitlements and he got shouted down by liberals and pilloried by Obama - and, yet, where is the Dems plan to deal with the problem???

But hey, that's another ball of wax...

"but this is interesting. you've already decided to move, and to Texas I presume. no wonder you have such a self-vested interest in touting its glories"

Haven't decided where to move just yet. Maybe VA, maybe TX, maybe somewhere else. But wherever I end up, I will be enjoying a much better lifestyle (big house, big yard, low taxes, etc.) than you can enjoy here [unless you are uber-rich, that is].

I will miss browsing books at the Strand though - but I can always come back for a visit.