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Saturday, July 11, 2009

I'm back! Let's Talk About Texas & California

A short Independence Day vacation and we're back.

Well, California is certainly in the news and we've read that banks will no longer accept California's IOU's after yesterday. Very, very bad news for California.

No economist in this neck of the woods and we certainly can't begin to understand all the causes, which we're sure are very complex. I can use my simple mind to make simple comparisons that even I can understand.

California and Texas - Numbers 1 and 2 in population and (as of 2008) economy. We know how California is faring - bankrupt - but how bout Texas which we hear little about:

California - $25 billion in the hole
Texas - An $11 billion surplus in 2008

California unemployment - Around 12%
Texas - 7.1%

California Income Tax 1% to 9% + 1% surcharge over $1 mill.
Texas - Nada, zero, 0, zip, nil

California Sales Tax - 8.25% + 1% for each district in effect
Texas Sales Tax - 6.2% state + up to 2% local

California gasoline Tax - 63.9 cents per gallon
Texas - 38.4 cents per gallon

Perhaps most telling is that California is losing jobs and while unemployment slowly climbs in Texas, they are still creating jobs, nearly 100,000 new jobs in 2008. Are people moving to the Great State of Texas?

Ain't them Texicans a bunch of redneck hicks and not nearly as so-phis-ticated as a Californian?

In the news, Texas Governor Rick Perry recently refused $555,000,000 in federal "stimulus" funds and backed a resolution affirming Texas States Rights under the 10th Amendment. Are we heading for a show-down as Texas wants to protect it's surplus and $1.2 trillion economy (12th in the world) from attack by a liberal, corrupt administration beholding to every special interest group and full of great ideas like cap and trade, EFCA & one-size-fits-all health care?

As stated, we don't claim to understand the complexities of the California economic woes other than to say: "You can't continue to spend more than you make and expect to stay in business". A couple of points we note:

California has lavish benefits for millions, including many illegals, and while you won't starve in Texas, neither will the state dole out large sums to anyone who asks.

California is heavily unionized and Texas is a right-to-work state. Any correlation?

As I remember from my childhood "Long Horns and Long Necks - Where Else But Texas?"

YeeHaw & giddy-up!

2 comments:

  1. This should be front page news but, of course, the unionized media wouldn't be able to report these startling facts!

    Great post!

    ReplyDelete
  2. I wonder why Obama isn't touting Texas as a state model? Could it be he wants to see bankrupt states and federal control?

    ReplyDelete