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IPFS News Link • Economy - Economics USA

Texas Is Awesome And These Charts Show Why

• Simone Foxman
 "Don't mess with Texas," warn some Texans.

You definitely can't mess with the strength of its economy.

Dallas Fed governor Richard Fisher spoke before the Texas Manufacturers Summit today in San Marcos and boasted not only of how well the state has braved the financial crisis but of the political forethought that made this possible.

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Fisher said that this might be an inconvenient truth for residents of other states:

Our record of job growth and the fact that people and companies have been voting with their feet and relocating to Texas from other states illustrate what for some is an inconvenient truth. The citizens of Texas and the Eleventh Federal Reserve District operate under the same monetary policy as do the rest of our fellow Americans. We have the same mortgage rates, pay the same rates of interest on commercial and consumer loans, and our businesses borrow at the same interest rates as our brethren in the rest of the country. Which raises an important question: If monetary policy is the same here as everywhere else in the United States, why does Texas outperform the rest?

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