How Bad is the US Economy? We're Having State vs State Bum Fights

I don’t mean to pick on the author of this Fortune article, it may have been assigned to him and he probably didn’t select the clickbaity title (Here are 4 Reasons Why Texas Beats California in Recession).  The piece itself is pretty well-written, even if it’s saying something that we are all aware of.

Of course Texas came through the recession in better shape than California did.  One has oil & gas and people with true grit, the other went Cuckoo for Cocoa Puffs and now must pay for their real estate speculation sins for some time to come.  Fortune adds some other reasons for why Texas has been > California throughout the downturn…

1. Diversity of jobs – accountants over homebuilders.

2. It pays to be friendly to business owners.

3. Taxing sales instead of income distorts the economy less and allows for more flexibility.

4. Power of the people can backfire.

But very few individual states are in good shape – the debate over whether federal tax dollars should be used for state bailouts has just begun.  Pitting Texas against California or Florida against New York or even Northern Michigan against Southern Michigan is a bit like goading two slumbering homeless men into a videotaped fight for the internet.

In short, it’s just ugly.

Source:

Here are 4 Reasons Texas Beats California in Recession (Fortune)

What's been said:

Discussions found on the web
  1. strong herbal incense for sale commented on Sep 14

    … [Trackback]

    […] Here you will find 19575 more Information to that Topic: thereformedbroker.com/2010/07/13/how-bad-is-the-us-economy-were-having-state-vs-state-bum-fights/ […]

  2. new-kissanime.me commented on Sep 16

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2010/07/13/how-bad-is-the-us-economy-were-having-state-vs-state-bum-fights/ […]

  3. copias relojes commented on Sep 18

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2010/07/13/how-bad-is-the-us-economy-were-having-state-vs-state-bum-fights/ […]

  4. w88 commented on Sep 21

    … [Trackback]

    […] Read More on on that Topic: thereformedbroker.com/2010/07/13/how-bad-is-the-us-economy-were-having-state-vs-state-bum-fights/ […]

  5. Bitcoin Era Review commented on Sep 22

    … [Trackback]

    […] Here you will find 36860 additional Information on that Topic: thereformedbroker.com/2010/07/13/how-bad-is-the-us-economy-were-having-state-vs-state-bum-fights/ […]