Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yet higher taxes played a role in Texas dodging at least one pitfall. Imagine how many of these distinctions Texas wouldn't have if it wasn't so greed-centric.
One of the worst five states in terms of percentage of population living in poverty.
One of the worst ten states in terms of health of the elderly.
Two of the five least literate cities in the nation.
Grow up.
None of those have anything to do with greed. But I'm sure you know that.
Some local economies began to boom as the housing bubble burst and new technology made it possible to access huge oil reserves. This brought an influx of people and the need for increased infrastructure and jobs. Texas and North Dakota were the primariy beneficiaries of this cycle.
Texas, no stranger to boom/ bust cycles has historically trended conservative as it relates to home equity loans. Prior to the late 90's such loans were not possible in Texas. The law was changed and limited the loan amount to 80% LTV specifically to prevent over extention of credit and to protect the state economy during economic downturns. i strongly favor the law. Having said this I appreciate it is an instance of government impeding the free market.
I don't know why anyone would become giddy at the prospect of any state being at a higher risk for a recession. My sense of Texas is that the economy is substantially more diverse than oil, no?
I don't however make light of those whose ongoing employment is directly or indirectly tied to high oil prices. No doubt for some, it's a depression.
Yeah, oil is only 10% of the GDP.
I know a few in the oil industry that have been layed off.
They didn't work on the rigs though...white collar travel type jobs.
Yet higher taxes played a role in Texas dodging at least one pitfall. Imagine how many of these distinctions Texas wouldn't have if it wasn't so greed-centric.
One of the worst five states in terms of percentage of population living in poverty.
One of the worst ten states in terms of health of the elderly.
Two of the five least literate cities in the nation.
It has nothing to do with greed.
Demographics is the reason why.
Young, poor Hispanics that speak little English and have low levels of education and have large families.
That about sums it up in a nutshell.
That's what makes up the majority of the poor in Texas.
If anything Texas, along with California is a harbinger of the future of the US as more Hispanics come here and migrate further north.
Young, poor Hispanics that speak little English and have low levels of education and have large families.
That about sums it up in a nutshell.
That's what makes up the majority of the poor in Texas.
If anything Texas, along with California is a harbinger of the future of the US as more Hispanics come here and migrate further north.
Yes, that's true. When you travel out of the confines of a Texas city to the border, you would see poverty beyond belief. Not to say that the other regions of Texas don't have poverty, but the border is extreme. Poverty is a cottage industry in those parts and the major cities.
That's an old link (not to mention a random, unknown source.) Let's try a newer one that uses Census data. California has the highest poverty rate in the country according to this article from 2 months ago.
For several years now, wingnuts on this site have been pointing to Texas as an example of the success of GOP policies while pointing to Blue states as examples of economic "failure". Well, it now appears - thanks to low oil prices - that mighty Texas may be headed for recession like it had in the 80's (the rest of the country - probably not so much (since Texas is so much dependent upon oil)). And - just to placate those wingnuts who claim this is all left-wing spin, I'll using use a RIGHT-WING source (ie NEWSMAX):
"...Economists are not alone in fearing a repeat of the recession of the 1980s.
“I wish I could paint a rosy picture, but I’m a realist. This is my fourth downturn. Everything’s going to get pretty ugly. It’ll take a couple of years for this to work itself out and get back on track," Larry Oldham, who owns a Midland, Texas, oil company, tells the Houston Chronicle.
Now, my point here is NOT to "gloat" over the economic troubles that Texas is about to experience, nor is it to say that GOP policies in Texas led to the recession. My point is that much of the success of Texas has had LITTLE to do with it being a RED state and a LOT to do with the natural resources the state happens to be sitting on. Dependence on those natural resources - notable OIL - led to the economic boom in Texas and to it's economic decline during DOWN TIMES. It ain't so much POLITICS that's driven Texas success and failure as it is an ACCIDENT OF GEOLOGY.
Ken
So you suddenly care about the profits of big oil now?
It's a great lesson for Texans and others....when times are good, be making preparations for the bad. The beauty of the US ecoomy is that when oil is up, certain areas benefit and when it's down, other areas benefit.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
