Time for another Texas vs. California update:
In a fiscal test of which states are best prepared for the next recession, Texas ranked best and California ranked worst. (Hat tip: Jack Dean of Pension Tsunami.)
And California didn’t just flunk the test, it flunked it badly. (Ditto)
A big reason is the top-heavy nature of income tax receipts. “Nearly half of the state’s personal income tax revenue comes from the top 1 percent of earners — 150,000 individual tax returns. And personal income tax revenue is 65 percent of total revenue, which means the One Percent provides 33 percent of the state’s total revenue.”
Here’s a handy comparison of Texas vs. California debt ratios using a number of different metrics. You can also look at several different metrics with the general pension tracker tool, put together by the Stanford Institute for Economic Policy Research. (Hat tip: Pension Tsunami.)
The same source tells us that California has the third highest market/pension debt ratio in the country, while Texas ranks 34th.
“During the Great Recession and since, Texas has been America’s jobs engine, creating 34 percent of all U.S. civilian jobs during the last eight years in a state with less than 10 percent of the nation’s population.”
Moody’s downgrades bond ratings for the Pasadena Unified School District right when the district passes a 6% salary increase.
Reno is increasingly benefiting from companies relocating from California.
Texas company wants to store California’s nuclear waste.
“In 2014, a study by the conservative American Enterprise Institute found that full-career state workers in five states — California, New Mexico, Oregon, Texas and West Virginia — earned more in retirement income than in their final salary.” I’m pretty sure Texas salaries on average were significantly lower than California’s, and that there were less of them…
Court strikes down California Attorney General Kamala Harris’s unconstitutional attempt to compel conservative nonprofits to reveal their donors. (Hat tip: Ace of Spades HQ. )
Bay area law enforcement offices have “lost” over 500 guns since 2010.
The headquarters for Jamba Juice is relocating from Emeryville, California to Frisco, Texas. (Hat tip: Jack Dean of Pension Tsunami.)
The U.S. headquarters for Mitsubishi Heavy Industries relocated from New York to Houston.
Tags: Budget, California, Crime, Democrats, Emeryville, Frisco, Guns, Kamala Harris, Mitsubishi, Nevada, Pasadena (California), pension crisis, Reno, Texas, Welfare State
This entry was posted on Tuesday, May 10th, 2016 at 12:09 PM and is filed under Budget, Crime, Democrats, Guns, unions, Waste and Fraud, Welfare State. You can follow any responses to this entry through the RSS 2.0 feed.
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Are you still seeking some of that evil federal disaster aid for recovery from the massive flooding you recently experienced?
SkippingDog’s simpleton’s bias is showing. Texas WOULD like to get some of its MASSIVE federal tax money back. Since Texas contributes an outsized portion of the Federal disaster funds, we certainly don’t think the money is ‘evil’. We believe the way it is usurped and then redistributed is what is evil. You should pay a little more attention to economics and not so much attention to whining emotions based liberal talking points.