Texas "last in, first out" of recession--economist says

Discussion in 'Current Events' started by Philobeado, Jan 18, 2010.

  1. Philobeado
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    Philobeado Active Member

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    Dad gummit, we must be doing something right in this great state.

    Analyst: Texas will be first to recover from economic ills | Business | Chron.com - Houston Chronicle

    DALLAS — Texas will be “last in, first out” among states battling the recession, although a recovery that has already started will require patience, a leading economist says....



    “The long-term story when people look back at it will be one of last in, first out. It's also a story of us doing a little better than the rest of the country,” Perryman said. “Nonetheless, there's going to be a legacy of pain. Three hundred thousand people did lose their job, and no one really escaped this.”



    As a measure of Texas faring better than most states, Perryman pointed to the 300,000 job losses. Although a large number, it represented about 4 percent of the losses nationally in a state that accounts for about 8 percent of the U.S. economy, he said. Using that formula, Texas had about half the job losses that might be expected.



    One of the strongest signs of a recovering economy, Perryman said, is Texas enjoying job gains the past two months and three of the past six. He and other economists say that trend will continue, but at a modest rate. Analysts say the same thing about other sectors of the Texas economy.
     
  2. kyzr
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    kyzr Gold Member

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    There are a lot of oil based jobs in TX. That brings in real money. Too many states are left with a "service economy", which is a joke. I hope the DC pols notice that drilling for oil in ANWR or off-shore will stimulate the economy. Its up to the states to say if they want to create jobs or if they want high unemployment and a deficit.
     
  3. blu
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    blu Senior Member

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    service based is in the present & future. if you want to work in a fac tory or break your back everyday til you are 70 be my guest, but the rest of us will do something more useful and forward thinking
     
  4. kyzr
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    kyzr Gold Member

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    We disagree. Factory/manufacturing jobs are necessary to "create wealth". Buying goods made over seas is a sure path to the 3rd world. Manufacturing jobs aren't "back-breaking", they are good paying and employ all types of workers, blue-collar, white-collar, and many support jobs. The service economy is a hoax. It basically says that we can import everything, sell them in stores and that brings prosperity. I don't see a service economy creating wealth in the long run. IMHO we moved too many factories overseas, and now we're borrowing money from China......who creates wealth and has a trade surplus.
     
  5. RodISHI
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    RodISHI Gold Member

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    You are correct. Blu does not have a clue.
     
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  6. Vel
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    Vel Gold Member

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    I doubt the Dems in power are too concerned. If you'll consider that when Bush removed the ban on offshore drilling, gas prices dropped which is always good for economic development. Now that Obama has renistated the bans, gas prices are up almost $1.00 per gallon and unemployment is at over 10%. They didn't make the connection.
     
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  7. uscitizen
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    uscitizen Senior Member

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    As the price of oil goes up and we pay more for energy the jobs go up in TX.

    We have to buy our way out of this recession.
     
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  8. kyzr
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    kyzr Gold Member

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    The part that makes no sense is Obama's statement that "energy costs will necessarily need to skyrocket". As oil becomes scarcer it will be more expensive to do business, that will kill jobs. Unemployed folks always vote for the party out of power. I don't see how high energy costs, and high medical costs, and SS & Medicare going broke can help Obama. Besides, the Cap+Trade scam shows where the dems are on energy & jobs.
     
  9. rdean
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    rdean rddean

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    I remember the gov of Texas was against the stimulus money before he was FOR it.
     
  10. Sidestreamer
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    Yep.

    I was living in Odessa, pretty much where most of Texas's oil was coming from leading to the 2008 election when the gas prices dropped. Everyone outside of the area was cheering, as were a few drivers there, but the oil workers were getting laid off. If gasoline isn't going for at least 2.30 a gallon nationally then drilling basically stops.

    Where I disagree with most of the workers there is the effect ANWR would have on the oil prices. If ANWR makes a higher supply, then naturally gas should drop, but when prices drop, the roughnecks in Texas will either be laid off or will relocate to a much colder climate, and then it's going to go right back up again until Texas becomes profitable again.
     

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