Tuesday, July 25, 2017

Republicans: Anti-Business, Turns Out, in Texas

Maybe only caring about the top of the hierarchy brings short-term benefits to a few at the top, but those at the top can be amazingly clueless about how their actions affect the whole, including them.

The Dallas News reports that Texas is falling behind in attracting new business and in employment.

"AUSTIN — The once mighty Texas Miracle is rapidly becoming the Texas Debacle.
After years of leading the nation's job growth, Texas has now sunk near the bottom: 39th, to be exact. The Republican mantra of lower taxes and still-lower regulation has done nothing but disprove itself. Meanwhile, the Republicans that control state government have convened a special session, with economic growth nowhere on the agenda — indeed, the opposite is true. The Republican Party has completed an astonishing metamorphosis: It is unabashedly anti-business."

"At 4.8 percent, the Texas unemployment rate is higher than the national average for the first time in years. That percentage, by the way, means that 700,000 Texans are out of work. The state's overall economic output, the gross state product, has been flat at $1.6 trillion annually even as the state's population continues to rise. That means that Texas now is just about on par with Alabama, Arkansas and Mississippi, states with small economies that are nearly perpetually stalled for structural reasons. Now in Texas, too, flat is the new up."