Just a short update on how individual states can still affect their own fortunes as long as they have the brains and will to do so. After all, allowing the several states to improvise and compete in how they solve their own problems of local governance is part of the genius of our Founders. California, of course, has shoved that genius up where the sun don’t shine and we are where we are.
Today’s WSJ reports the results of a recent study by the Dallas Fed (here).
… since June 2009, when the recession ended. Texas added 265,300 net jobs, out of the 722,200 nationwide, and by far outpaced every other state. New York was second with 98,200, Pennsylvania added 93,000, and it falls off from there. Nine states created fewer than 10,000 jobs, while Maine, Hawaii, Delaware and Wyoming created fewer than 1,000. Eighteen states have lost jobs since the recovery began.
From the nearby graphic our California is not even lumped with ‘All other states’ because it lost a net 11,400 jobs. Today we find that “Texas accounts for 45% of net US job creation” and “is also among the few states that are home to more jobs than when the recession began in December 2007.”
So how did they do it? Well let’s see if we can guess which state “has no state income tax. Its regulatory conditions are contained and flexible …, is fiscally responsible and (its) government is small. Its right-to-work law doesn't impose unions on businesses or employees” and it “is open to global trade and competition”.
Only the hard left rejects that “capital—both human and investment—is highly mobile, and it migrates all the time to the places where the opportunities are larger and the burdens are lower.” That lesson has been absent in the Golden State for over a generation now, and like insane people everywhere, we expect things to change for the better by doing even more of the same.
What can little Nevada County learn from this data and constructively do, as we contemplate developing our own economy?
And what does all this say about multi-cultural democracy unleavened by education? But never mind, that query we’ll save for another time.