While Money Walks into Texas, Bullshit Stays in New York, California and Massachusetts
by Betty Butter • 7 March, 2014 • Politics • 2 Comments
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Facts are a funny thing. According to an article at Investor’s Business Daily: “In just five years, $14.4 billion worth of income shifted from other states to Texas, according to the Tax Foundation. Over the same years, liberal bastions such as California lost $15.8 billion, New York $21 billion and Massachusetts $4 billion.”
And since progressives are always itching to get their hands on other people’s money, its a slap in the face to those who criticized Rick Perry for his hands off, low taxes policy in Texas.
Economy: When not making excuses for President Obama’s dismal economic record, liberals try to explain away Texas’ stellar growth. But what choice do they have? The Lone Star State proves limited government works.
After Gov. Rick Perry entered the presidential primaries in 2011, the left made a determined effort to dismiss the fact that his state had outperformed the rest of the country.
Economist and New York Times columnist Paul Krugman called it the “Texas Unmiracle.” Time magazine dismissed Texas’ burgeoning growth as mere luck. Others chimed in along the same lines, insisting that low taxes, limited government spending and a business-friendly environment couldn’t possibly have anything to do with Texas’ better-than-average growth in GDP, jobs and incomes. And so, as Krugman put it, Texas “offers no useful lessons.”
Now that Perry is giving hints of another presidential run, the debunking effort is undergoing a resurgence.
An article this week in Washington Monthly written by Phillip Longman and titled “Oops: The Texas Miracle That Isn’t” spends 4,700 words claiming to have exposed the miracle as a fraud. But his debunking effort turns out to be phony.
Longman admits Texas has “outperformed the rest of the country in its growth of high-paying jobs.” That, he says, is “potentially a very big deal.” So he spends the rest of the article trying to explain it all away. He argues, for example, that the growth is almost entirely due to the boom in oil and gas production, though that industry directly accounts for just 8% of the new jobs.
In any case, he overlooks the fact that the oil and gas industry is doing well because Texas — unlike other energy-rich states such as, say, California — isn’t smothering it to death with regulations.
Longman then tries to deny the fact that people are flocking to Texas from other states in search of opportunity by citing just one year’s data on net migration — from 2010, a relatively low year for Texas.
Truth is that, since 2000, Texas has enjoyed a net migration of more than 2 million people, accounting for 40% of its total population growth, according to Census Bureau data. Between 2005 and 2012, nearly a quarter-million came from California alone.
Another way to look at it: In just five years, $14.4 billion worth of income shifted from other states to Texas, according to the Tax Foundation. Over the same years, liberal bastions such as California lost $15.8 billion, New York $21 billion and Massachusetts $4 billion.
Read more at Investor’s Business Daily
Read more at http://blurbrain.com/money-walks-texas-bullshit-stays-new-york-california-massachusetts/#EfMt3lqaG4uXX3jg.99