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As the ‘Texas Miracle’ Fades, a Closer Look at Policy
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Experts compare the performance of two states with thriving economies California and Texas, but run by governors who are different, one passionately liberal Democrat and the other passionately conservative Republican. The Texas economy is slowing following the drop in oil prices. The Dallas Fed has lowered the forecast for growth in Texas to 0.5%-1% from the 1.5% rate projection. This compares with a growth rate of 3.4% in 2014. During the economic downturn following the financial crisis of 2008, Texas was lucky to have laws that prevented the kind of housing bubble that happened in California. It also benefitted from high oil prices. California has recovered from the worst effects of the crisis with unemployment dropping from 12% in 2011 to 6.3% in 2015, and half million jobs added in the last 12 months. Many of the jobs are in the higher paying tech sector. Critics point to the weakness in education and lower paying jobs in Texas. Texas has diversified ite economy since the 1980's, with about 13% of the state's GDP from the oil and gas industry in 2015 compared to 19% in the earler period.
A tale of two economies, Texas and California- one with a liberal Democrat as governor and the other with a conservative Republican
06/03/2015
Both states are thriving economies, California with its tech industry and Silicon Valley, Texas with the energy industry and tech companies in the Austin area. Texas has diversified since the 1980's reducing the portion of GDP coming from the energy industry to 13% from 19%, and direct employment in the oil and exploration industry from 4.5% to 2.5%, according to the Federal Reserve Bank of Dallas. Experts say this shows states can thrive on either a low regulation, low taxes model or a higher taxes, increased regulation model. Critics point to weakness in education, and low wage jobs in Texas.
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