Despite the Obama Economy, Texas State Revenues Jump 12.4%
January 7, 2013 - 1:34 pm
Democrats in and beyond Texas really have no credible arguments left to them. The US government has gone in the direction of statism, producing stagnant unemployment rates, pitiful economic growth and flat overall federal revenue intake. Raising taxes will not help alleviate any of these problems, but Democrats in Texas continue to support the Obama government’s policies. California has more or less followed the statist, high-tax model and is likewise in a world of fiscal hurt. Gov. Jerry Brown’s consistent answer: Raise taxes again, so he and the Democrat-dominated legislature can spend more money. Don’t rinse, just repeat.
Meanwhile the Texas record continues to improve. Texas resists tax hikes and encourages economic development, while holding the line on state government spending. Result: Stronger economic growth, leading to an increase in revenues to the state.
Texas lawmakers will have $101.4 billion to spend in the next two-year budget including sufficient surplus revenue in the current budget to close some sizable holes, Comptroller Susan Combs announced on Monday.
Combs’ official estimate of state revenue for the 2014-15 budget came in 12.4 percent higher than two years ago when the state faced a $27 billion shortfall.
Texas has enough to cover its bills and even pick up Obama’s Medicaid tab, while preserving the state’s rainy day fund. The Obama government’s policies are unsustainable and threaten to bankrupt the nation.