-Submitted by David Drumm (Nal), Guest Blogger
According to a Wall Street Journal article, Richard Fisher, the president of the Federal Reserve Bank of Dallas, using Bureau of Labor Statistics (BLS) data, found that since June 2009 37% of all net new jobs in America were created in Texas. Even though Texas is an energy state benefitting from high oil and natural gas prices, Fisher touts Texas’ business friendly environment, its right-to-work laws, and its “tort reform”– a $250,000 cap on punitive damages.
The WSJ article even calls Texas “fiscally responsible.” That’s the same Texas with a $27 billion budget shortfall. The WSJ article also uncritically cites Texas’ statutory limits on mortgage borrowing, a regulation of the financial industry they would decry if Obama proposed it.
While the 37% figure is accurate, the details are what’s interesting. Texas has the highest percentage of minimum wage worker in the country. As the chart below shows, the level of minimum wage jobs has increased during Perry’s reign.
The median hourly earnings for all hourly-paid wage and salary workers in Texas stood at $11.20 per hour in 2010; nationally, the median was $12.50.
Texas also ranks number one in the percentage of residents without health insurance. Texas’ percentage is almost 28%. Massachusetts, with Romneycare, has the lowest at 4.7%.
According to The Economist, the state-level Gross Domestic Product of Texas grew by 2.6% last year, equal to the national average. New York grew by 5.1% and California by 1.8%.
Here is a listing of the Perry economic portfolio touted as a model for the whole country:
- Highest percentage of minimum wage jobs.
- Highest percentage of residents with no health insurance.
- A budget deficit of $27 billion.
- Lower than average wages.
- Average growth in GDP.
So, if you want a low paying job with no health insurance, Texas is your choice.
henman:
so you would rather have people on government support? How are you going to pay for it?
“Scratch a liberal, find an economic illiterate.”…Just about everyone
Roco-
You forgot that nickel you put in the collection plate on Sunday. Or was that another slug?
“Are there no prisons? Are there no workhouses?”,,,,Ebenezer Scrooge
“If you tax me, do I not bleed?” (Oops- I think that may be a misquote.)
“Scratch a Conservative, Find a Cheapskate”….HenMan
nal:
“So, if you want a low paying job with no health insurance, Texas is your choice.”
better than having no job at all. Market forces are at work. If the economy gets better then wages will rise and so will benefits as more companies start to hire more people.
Wages are depressed during an economic downturn and high when the economy is doing well.
So what would you rather have? A bunch of people on government support or a bunch of people working even if only for $10/hour. At the least the people working are paying some taxes and able to purchase some things.
Apartments-$715 per month – Utilities- $105 per month
Electricity – 9.21 cents KWH – Gas Prices – $2.60 per gallon
State Sales Tax: 6.25% – 8.25% (depending on local taxes)
Gasoline Tax- .20 cents per gallon
Diesel Fuel Tax – .20 cents per gallon
Cigarette Tax – $1.41 per pack of 20
Income Taxes – None
10x40x4 = 1600/month. Take about 15% for taxes and SS that leaves you with around $1,360 per month take home if your wife works that gives a family 2,720 per month. Rent and utilities about $800 per month. That leaves you with $1,900 per month for food clothes and automobile. If you dont have any credit card debt, you can live on that and probably put away $100 per month if you are tight with a dollar.
If you have a roommate and share expenses then you have about $900 per month a little tighter but still doable.
not great but at least you have a job.
While I agree that college grades are just one measure of a person’s abilities, something is wrong when a presidential candidate could muster no better than a D grade in Principles of Economics and a C grade in U.S. History. In my book, those measures along reveal enough about Mr. Perry to me suggesting that he does not belong as the leader of this Nation. A president must understand and rely upon U.S. History and he certainly must fully understand the *principles* of economics.
Average and below average performances in subjects that are critical to proper governance are simply not acceptable in today’s world economy. Historical knowledge is important to avoid similar blunders of previous leaders who also did not remember or understand U.S. History and the lessons it could/should have taught them.
With Mr. Perry, instead of voodoo economics, we will get Grade-D gawdawful economics. There will be an new Standard and Poor’s rating resulting from such a disaster: God-Offal FFF—
I shudder to think of this country if Texas serves as its model. Rick should have seceded as he threatened. It would be a blessing to all of us.
Hang on a second. Texas has one of the lowest costs of living in the US. If you find a “cost of living” calculator on-line I bet the ~$11 state-wide average wage converts to a much higher average wage in New York or other metropolitan areas, which inflate the nation-wide average.
At first it was voodoo economics, now it is voodoo job creation by the job creators.
Some of the greatest minds have discussed how the minimum wage actually hurts people, not helps them, regardless of the good intentions of the law: http://www.youtube.com/watch?v=ca8Z__o52sk
Blouise,
Or retroactive abortions….
Rick Perry is living, breathing proof that evolution can go in reverse.
We could station guards around the other state borders….you know the soldiers will have to do something when they come back….
HenMan,
I understand your plight….But remember we could give them their very own Cabrini-Green…..This sounds like a good fiscal policy to me….
AY-
Please! No Teabaggers in Illinois! They will all take their vacations in Wisconsin. We are already up to our necks in home grown Fascists. And really, aren’t there already enough Bears fans?
rafflaw and AY,
If only it were that easy …
raff,
I am willing to give all of the teabaggers a state to call home…How about a state that is sorta of south of Wisconsin…, southeast of Iowa, due west from Indiana.. and northwest of Kentucky….of the most western border of Kentucky….included in the deal is Perry, Bush and Cheney….a place to call home…
Rick Perry is one more reason to stay out of Texas. I still think we should have taken Perry up on this threat to secede from the Union!
No need to hurry to Texas, the Masters Of the Universe are bringing all those glorious benefits to the rest of the US. But it won’t end there. The teabag brigade also has offered bills in several State Legislatures to eliminate the minimum wage as well as child labor laws.
When they are done with us we will have all the job growth you could ever want . . . well except for one little thing; nobody will have the money to spend on luxury goods that are common in American households today. So there really won’t be a reason to hire all those children for a dollar a day.
Like so much of the tired, trite tea party “agenda,” it’s been done much better before:
FF LEO posted a huffpo post about Perry….I think that I read something similar to the one posted and some of the folks that went to school with Perry at A&M thought he was a joke, not to be taken serious…..damn that Bush….you see when that box is opened…it is damn hard to close…..