Is Texas the only state not affected by the economy? (Temple: bankruptcy, salaries)

[carolinatx26]

Texas has been affected by the economy. Aside from the stats, which are skewed ( some of the places with high unemployment had it before the economy crapped out ) It's a matter of perspective in most cases. People that haven't been laid off tend to think were doing okay, and people that have been laid off, and can't find jobs, and try getting unemployment but the wait is longer than usual think the economy is just as bad as anywhere else. A huge majority of the companies that i looked at that are hiring now, are taking advantage of the economic status and paying a few bucks less for jobs that normally pay a lot more. Basically some companies are firing guys that they are paying $25 bucks an hour and replacing them with guys making $18 bucks an hour. My company for instance has used this as a chance to cut all of our benefits, cut our 401k contributions, cut out alot of our senior guys, cut out our bonuses, but still keep ramping up production. Its sad but true, some companies are using this to test the water and see if they can operate on skeletons crews, with lower wages and less benefits, and still get the same production out.

[HappyTexan]

Texas is indeed affected. I have some ex-co-workers that have been looking for work since they got layed off in November. Austin Texas here and they are programmers.

[High_Plains_Retired]

Things must be pretty good for construction here on the South Plains of Texas. This week I've called two construction companies and three overhead door companies to see about having a door on a barn repaired or replaced and only one company who told me they are "backed up" with work right now has returned my call. It's tough to figure.

[catluvr]

Since we are on the statistics of unemployment, keep in mind many people have dropped off the unemployment eligibility list because: their benefits have expired, they were contracting at the time and in-between contracts, they are independently employed, do freelance, etc. None of these categories are eligible for unemployment unless some former employer/contract agency has mercy on them.

I'll bet you can add an automatic 3% on top of whatever the correct numbers are.

Our household fell into the ineligible category because of contractor status. Whenever people talk about unemployment, they do not take this category into account. It's all a statistic until it is YOU that become unemployed.

TX economy is NOT doing well and will be getting worse. The stimulus package will improve a few roads...but those employees it benefits down here are not even "traditional American workers". My prediction is much of the money will get funneled to Mexico! They will NOT generate jobs for IT, retail, mechanical or electrical workers, etc. This is the category of workers that pay the most taxes. Since TX depends on sales tax, not having 6% or whatever the rate of those unemployed is, is a huge chunk of cash and therefore, it will get much worse. Grab your hats folks; it is going to be a fast ride downhill!

[blueseas123]

I dont think Texas is doing as great as some people seem to think, but I sure have noticed far more out of state license plates lately. All from states where unions and myopic leftist solutions to state wide economic problems reign...correlation, I think YES.

[Kibby]

Originally Posted by TexasTheKid

Most of our slowdown is due to the national banks reducing their lending coupled with the decrease in oil prices. The woes of national banks definitely affect what happens here, but they'll most likely open their coffers for businesses in this state soon based on the strength of our economy. And, oil prices will rebound. The drop in prices was just an organic pendulum shift back from last summer's ridiculous rates. You'll see the price of crude settle somewhere between $50-60/barrell which will keep our little economy chugging right along. We will face some hardships for the next year or so, but we'll suffer very little compared to some other places in the country, and we'll be among the first to recover.

The bank crisis is certainly part of the problem in Texas - we actually have some of the most stable and well rated banks in the whole nation BUT, the whole industry is tied together. Large cap companies deal with large cap banks, those banks have frozen a lot of lending. IF a company can't use a normal line of credit for materials/labor then the company suffers. They have to cut back and try to figure out a way to survive. My husbands company started laying off in November - about 500 now, mostly management. They are still trying to find ways to cut back, I expect another wave of layoffs soon. Smaller businesses with local banks and good credit ratings are doing much better here. It's the large companies that are in trouble. Keep in mind that your local Home Depot or Lowes does not have a credit line with a local bank - they are using one of the big troubled banks, those banks don't care a thing about the economy in Texas because they are not based in Texas.

Oil is way down and will surely go up. Tankers are parked off shore all over the globe, the OPEC producers and Russia can't get by on $40 a barrel oil - they will do something (think Iran and trouble) to raise those prices. Add to that - the Government is going to be raising taxes on Oil companies, that will be passed on to us. IF the cap & trade actually passes then God help us all because electricity rates will skyrocket along with every manufacturing companies cost, which will also be passed on to us.

We WILL be better off than most in this country - we always are during these times but it will be no picnic. I honestly think this thing is going to go on a while - anyone who is out of work now and has been for a while, needs to think about a move to find a job. Better sooner than later, especially with so many moving in. It was worse during the Carter years BUT we didn't have the financial meltdown then. That's going to make a huge difference - it's also going to make this last a lot longer than most realize.

This is a great map that I found today - shows unemployment by county in every state. Those 3% rates are there but this shows exactly where they are - Texas seems to be in really good shape when you consider how large our metro areas are and how much manufacturing we do here.

Geography of a Recession

[ahuimanu]

Originally Posted by killer2021

Only good government is no government.

Oh?

Then I suppose you find Anarchy good? Have you seen what Anarchy has done for Somalia lately?

[ahzzie]

Originally Posted by obamahater

Texas is only doing so good cause they arent a fan of big government ie the people skrewing up the economy and the president is a socialist piece of ****

Wow just WOW!

[texan55]

Originally Posted by catluvr

TX economy is NOT doing well and will be getting worse. The stimulus package will improve a few roads...but those employees it benefits down here are not even "traditional American workers". My prediction is much of the money will get funneled to Mexico! They will NOT generate jobs for IT, retail, mechanical or electrical workers, etc. This is the category of workers that pay the most taxes. Since TX depends on sales tax, not having 6% or whatever the rate of those unemployed is, is a huge chunk of cash and therefore, it will get much worse. Grab your hats folks; it is going to be a fast ride downhill!

Maybe a lot more regular americans will finally start doing their own construction?

not that I agree with the stimulus... it's just going to make things worse... should be a lot of fun when people realize that our money is worthless an we keep creating more and more out of thin air!

[ahzzie]

Originally Posted by texan55

Maybe a lot more regular americans will finally start doing their own construction?

not that I agree with the stimulus... it's just going to make things worse... should be a lot of fun when people realize that our money is worthless an we keep creating more and more out of thin air!

Just curious as to how you think the stimulus will make things worse.