Angus
10-06-2008, 06:09 PM
Perry: Texas economy in better shape than nation's
CLAY ROBISON Copyright 2008 Houston Chronicle Austin Bureau
Oct. 6, 2008, 1:46PM
AUSTIN — Gov. Rick Perry said today that the economy in Texas is in much better shape than it is nationally but noted that state government can't take anything for granted.
"We're not an island," he said. "As strong as our economy is, we're still interlaced with the economies of other states that are easily in worse condition than we are."
Perry made a few public comments before convening a closed door meeting of financial leaders from several state agencies, including the state's multibillion-dollar retirement funds for teachers and state employees.
He also took the opportunity to once again criticize Congress for its passage last week of the $700 billion "bailout of corporate America" sought by the Bush administration.
"It doesn't surprise me their miracle cure didn't seem to work," he added, referring to the continued drop in stock markets.
While the United States as a whole was losing 279,000 jobs during a recent 12-month period, Texas was gaining 252,000 new jobs, he said.
Perry credited the job gains to Texas' "entrepreneurial spirit" and the state's relatively low taxes, regulatory climate and recent restrictions on civil lawsuits and judgments.
He said the Texas Enterprise Fund and the Texas Emerging Technology Fund, two funds largely controlled by the governor that make grants of state tax dollars to selected companies, also have helped expand employment.
"My instinct is if you gave every governor truth serum across the country that they would all dearly love to have the Texas economy in their state," he said.
"We're not going to Washington, asking them for any money to keep our lights on."
The latter comment was an apparent reference to a report that California feared it may need a possible bailout from Washington to help meet its operating budget.
Texas routinely borrows money every August, in the form of revenue anticipation notes, to help the state have enough cash to make a large payment to school districts.
Texas borrowed $6.4 billion this August at an interest rate of 1.65 percent. R.J. DeSilva, a spokesman for the state comptroller's office, said that was more money than was borrowed in 2007 but the interest rate was lower.
http://www.chron.com/disp/story.mpl/front/6042737.html
CLAY ROBISON Copyright 2008 Houston Chronicle Austin Bureau
Oct. 6, 2008, 1:46PM
AUSTIN — Gov. Rick Perry said today that the economy in Texas is in much better shape than it is nationally but noted that state government can't take anything for granted.
"We're not an island," he said. "As strong as our economy is, we're still interlaced with the economies of other states that are easily in worse condition than we are."
Perry made a few public comments before convening a closed door meeting of financial leaders from several state agencies, including the state's multibillion-dollar retirement funds for teachers and state employees.
He also took the opportunity to once again criticize Congress for its passage last week of the $700 billion "bailout of corporate America" sought by the Bush administration.
"It doesn't surprise me their miracle cure didn't seem to work," he added, referring to the continued drop in stock markets.
While the United States as a whole was losing 279,000 jobs during a recent 12-month period, Texas was gaining 252,000 new jobs, he said.
Perry credited the job gains to Texas' "entrepreneurial spirit" and the state's relatively low taxes, regulatory climate and recent restrictions on civil lawsuits and judgments.
He said the Texas Enterprise Fund and the Texas Emerging Technology Fund, two funds largely controlled by the governor that make grants of state tax dollars to selected companies, also have helped expand employment.
"My instinct is if you gave every governor truth serum across the country that they would all dearly love to have the Texas economy in their state," he said.
"We're not going to Washington, asking them for any money to keep our lights on."
The latter comment was an apparent reference to a report that California feared it may need a possible bailout from Washington to help meet its operating budget.
Texas routinely borrows money every August, in the form of revenue anticipation notes, to help the state have enough cash to make a large payment to school districts.
Texas borrowed $6.4 billion this August at an interest rate of 1.65 percent. R.J. DeSilva, a spokesman for the state comptroller's office, said that was more money than was borrowed in 2007 but the interest rate was lower.
http://www.chron.com/disp/story.mpl/front/6042737.html