In Texas, Economic Freedom Produces Innovation and Growth

American Legislator ^ | 1-13-14 | Ben Wilterdink

[ThethoughtsofGreg]

The United States is in the midst of an economic paradigm shift as evidenced by the evolution of state-level economies. States that used to be bastions of economic innovation are experiencing decline, while other states pick up the slack and replace them on the cutting edge of industry. In terms of public policy, the key to this shift lies in economic freedom and pro-growth tax and regulatory policies; states are realizing these policies are more likely to grow their economies rather than levying high taxes. Data show states with lower tax burdens vastly outperform their high-tax counterparts in nearly every category.

For evidence of the economic innovation paradigm shift, consider the mass migration of the tech sector to states like Texas, which now takes the number two spot in the TechAmerica report on U.S. tech jobs; or Nevada, whose tech sector growth was almost double the national average in 2012. While California maintains the top spot in current technology employment, in 2012 the tech sector in Texas grew just under 20 percent faster than did California’s technology industry.

In 2012 Apple announced it would double its presence in Texas and invest more than $300 million dollars in a new Austin campus, generating an estimated 3,600 new jobs in Texas. Simply put, California may currently have more tech jobs than Texas, but the high tech industry is growing faster in the Lone Star State than in Silicon Valley. Furthermore, California’s total employment shrank by 2.3 percent over the past ten years, while total employment in Texas grew by 12.4 percent.

[shadeaud]

good post

[Eccl 10:2]

Good post, but man, I thought I had a funny name.

Ben Wilterdink? Must be a real hit with the ladies.