As politicians in Washington wring their hands, give speeches, and point the finger of blame at ‚??the other guy,‚?Ě there‚??s actually a very simple solution for how to turn around the U.S. economy overnight. It‚??s called the Great State of Texas.
If you want to see how a country should be run; if you‚??re interested in opportunity, mobility, and the pursuit of happiness for your citizens; if you‚??re interested in creating real, private sector jobs; all you need do is model our economy after the Wild West Cowboy Capitalism practiced in Texas. It‚??s that simple.
As I describe in my brand new book, ‚??The Ultimate Obama Survival Guide,‚?Ě everyone seems to be moving to Texas, especially residents of high tax and spend states. Americans are voting with their feet (and assets) for a reason. Freedom.
From 2000 to 2010 Texas led the nation in net population growth. A remarkable 551,914 new Texans came from one state- California. They brought with them $14.3 billion in income. During the same decade New York suffered a staggering net loss of 1.3 million residents. California was a close second with a net population loss of 1.2 million.
Why is everyone abandoning New York and California? And why are so many heading to Texas? The answer is taxes, regulations, and quality of life. It‚??s no coincidence New York has ranked first or second in the nation for tax burden every year since 1977.
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But those Hollywood liberals are so competitive. Not to be outdone, last November California passed the highest state income taxes in America. You can almost hear the liberals shouting, ‚??We‚??re Number One.‚?Ě Now they‚??ll be number one in residents running for the exit ‚?? especially high earners and net worth individuals. Be careful what you wish for.
I should know. I escaped both New York (where I was born and raised) and California (where I lived for a decade) for the no tax state of Nevada. I’ve saved hundreds of thousands of dollars and it changed my life (and that of my family) for the better.
What exactly is ‚??Wild West Cowboy Capitalism and why does it work? As I explain in ‚??The Ultimate Obama Survival Guide,‚?Ě Texas has zero state income tax, zero capital gains tax, and zero death tax. It is a ‚??right to work‚?Ě state where employees may choose to join a union, but are never forced. It is a pro-business and anti-lawyer state- passing both landmark medical lawsuit reform and America‚??s first ‚??Loser Pays‚?Ě lawsuit reform. The results? Lawsuits dropped by 70%. 25,000 doctors moved to Texas. Medical liability insurance rates dropped by as much as 50%.
Quite simply, Texas treats businesspeople and taxpayers fairly and is tight-fisted with their money. California pays out $179 per citizen in welfare benefits compared to $32 per citizen in Texas. California‚??s public employee salaries average 25.2% more than state employees in Texas. Texas also pays its teachers far less, yet has a high school graduation rate higher than California.
Texas has a balanced budget amendment. The recently passed 2013 budget cut both taxes and spending, and produced a record-setting $8 billion budget surplus. Congratulations to Governor Rick Perry. By contrast California is an insolvent state with a net worth of NEGATIVE $127.2 billion (according to the California State Auditor).
The result is people with high incomes, assets, and more importantly, ambition, are moving into Texas, while those who lack work ethic and feel entitled to handouts are moving out. Good luck to New York and California- we’ll see you in bankruptcy court.
Just look at the remarkable results of favoring hard working business owners and job-creators over entitlement addicts, unions and lawyers. The annual Texas economy has passed $1 trillion, accounting for 8.3% of the entire U.S. economy. It’s economy has also surpassed New York. It is now second largest in America and 14th largest in the world- equivalent to Russia.
How about jobs? Feast your eyes on these statistics: Since 2007 one third of all jobs in America were created in Texas, and in the past decade, more jobs were created in Texas than in the other 49 states Combined.
Even better is the kind of jobs Texas has been creating. They have created the most private sector jobs in the nation- the ones that pay taxes and cost taxpayers nothing. And, they didn‚??t do it by spending the federal government‚??s money. Of all 50 states, Texas receives the second lowest stimulus funding per capita. That‚??s bang for the buck.
Texas‚?? economy had the most explosive growth in all of America during the past 50 years, while California‚??s economy peaked in 1990, and showed the 4th biggest decline out of all states from 2000 to 2010. Texas‚?? fiscal condition is sound. California, New York, Illinois, and all those other high spend and tax states careen from crisis to crisis, always on the verge of bankruptcy.
Still unconvinced? Ask the CEO‚??s of America. In Chief Executive magazine‚??s annual poll Texas has been ranked number one for business eight straight years (while California has been dead last for eight consecutive years). Even CNBC ranked Texas as the top state in America for business for 2012.
So, there you have it. The solution to saving America is simple- It’s to do the opposite of everything Obama does! Reduce the size of government, lower taxes, and get government out of the way of the private sector by welcoming and celebrating small business (the people that pay the taxes and create the jobs), and kicking unions and lawyers to the state line.
The result is the best economy in America and the one thing Obama can NEVER make happen- robust job creation. Long live Wild West Cowboy Capitalism!.
By the way, my Texas friends want everyone to know, ‚??Come on down. Y‚??all are welcome as long as you leave your socialist politics at home.‚?Ě And if a move to Texas is not in your future, there are several other capitalist-friendly states to consider. As I reveal in my new book, millions of Amerians are doing just that. Join them, and the money you save can make the difference for you, your family and your business‚??s survival.
Wayne Allyn Root is a Capitalist Evangelist, serial entrepreneur, and Libertarian-conservative media commentator. He is a former Libertarian vice presidential nominee. He serves as Executive Vice Chairman of the Conservative Caucus in Washington DC. Wayne’s latest book is out TODAY: The Ultimate Obama Survival Guide: How to Survive, Thrive and Prosper During Obamageddon. Wayne’s twitter: http://twitter.com/WayneRoot/