WSJ News Item Debunks Leftists’ Anti-Texas Myth
Texas illustrates the real-world success of less government and free market principles, yet leftists like oft-discredited New York Times columnist Paul Krugman attempt to dismiss it as some sort of demographic or energy fluke.
A news feature this week in The Wall Street Journal, however, offers yet another objective refutation of their efforts. Entitled “Texas’ Engine Keeps Revving,” the article details how jobs and population continue to grow despite the recent energy sector slump:
The continued economic success of the Dallas-Ft. Worth metro area, the nation’s fourth largest, with nearly seven million people, is one of the reasons Texas has so far managed to stave off a sharp downturn despite losing thousands of jobs in the oil patch and related industries. The region lost more than 100,000 jobs during the recession, but it has added nearly four times that number since then… Dallas isn’t the only Texas region that has diversified. The San Antonio metro area, which has 2.3 million residents, now has a burgeoning biotech sector. Austin, with its population of 1.9 million, had the lowest unemployment rate among the nation’s largest metro areas in April as it undergoes a hotel boom.”
That doesn’t happen by accident. After all, California enjoys a higher population, better weather, diversified economic base and greater access to trade with its vast coastal area. In other words, the sorts of things that Krugman offers as rationalizations for the Texas boom. The reality is that Texas continues to flourish despite the rapid drop in oil prices because unlike states like California, Connecticut or Illinois, it opts for lower taxes, less regulation and freer markets. Hopefully, that lesson will continue to sink in with the rest of the nation and our federal leaders.