Quote of the Day
No matter who says what,
you should accept it with a smile
and do your own work.
Mother Teresa
Gov. Rick Perry (R-TX) Takes Political Fire
With Rick Perry as Texas governor taking credit for 297,000 of 715,000 new jobs since 2009, David Axelrod and Debbie Wasserman Schultz are parroting the same old same old propaganda points: the job claims are disingenuous because they are principally due to factors beyond Perry's control, i.e., use of the stimulus funds, increased military spending, and the oil/gas industry. No doubt if you press them further, they'll talk about the quality of jobs, including a high percentage of minimum-wage positions, and an unemployment rate higher than roughly half the other states
Let's make some useful observations: of the 10 largest states, only two have ADDED private-sector jobs: over 1999-2009: Florida with 4.3% and Texas with 9.3%. It is true that unlike the Obama Administration, which knowingly and illegally attempted/succeeded in imposing a moratorium on offshore drilling, Texas indisputably maintains a business-friendly environment, and there is no doubt that Rick Perry's policies have championed a pro-economic growth agenda, including litigation reform. There is no doubt if Perry adopted Obama-like policies, the job growth would have been much lower.
Second point, the oil and gas industry: there's no doubt that fracking has provided a startling turnaround from the days of importing compressed natural gas; decades of domestic supply have been projected. But other than a few states like North Dakota, there have been restrictions and/or environmental lawsuits in other states. People like Axelrod, woefully incompetent on economics, fail to note that uncompetitive restrictions actually restrict supply and thus push up prices and profits. But more to the point, it isn't just oil and gas: professional services, construction, and hospitality have done well, too, over the past year.
Finally, the pathetic attempts by the partisan hacks intrying to attribute Texas job growth to Obama spending policies are transparent; in fact, during the time frame in question, the number of government jobs FELL over the past year. Briefly: the lackluster unemployment rate has more to do with the number of new residents swamping new job growth, and I believe a growth of minimum wage positions is an artifact of a more robust economy, with low-skilled jobs providing an excellent opportunity for newer/less-skilled labor to find an opportunity.
Perry Calling Loose Money Policies 'Treason':
Thumbs DOWN!
Bernanke Wrong and Irresponsible: Thumbs UP!
Many economists will point out loose monetary policy kills the middle class because of resulting inflation and it benefits the wealthy by lowering the cost of capital; the wealthy have more inflation-proof assets and often benefit from any federal bailouts.
Musical Interlude: My Favorite Groups
Bread, "Make It With You" Yesterday's concluded my Eagles series. The new group selection is probably the greatest soft rock group ever, particularly the songwriting genius of David Gates. The first song is their only #1 song.
