Things have changed drastically in Texas compared to when it was primarily an oil-producing state in the early 1980s. In 1981, the mining industry, the vast majority which includes oil and natural gas activity, was 21% of the state’s private economy, 5% of the labor force and 28% of total state revenue.
Since the last national recession started in December 2007, Texas employs 1.4 million more people. However, after a long seven years, the rest of the nation employs 276,000 fewer people.
There are many reasons for the poor condition of Texas’ public pension systems, but at the root of the problem is the fiscally unsustainable defined benefit system, which guarantees retirees a lifetime of monthly benefits irrespective of the health of the pension fund.
A 'more efficient' higher education system would be met with great applause by the students, their parents, and the taxpayers who help fund public higher education, as evidenced by a Pew Research Center national study, which finds that 57 percent of prospective students believe a college education today costs more than it is worth.
By Kolten Morris As the 84th Texas Legislature gains steam and lawmakers begin considering budget proposals, on the table are tax cuts, infrastructure improvements, education-related expenditures, and other important issues. With the drop in oil prices, many are worried about tax revenues. But Texas doesn’t have a revenue problem, Texas has a spending problem. The Texas Constitution...
The Federal Reserve Bank of Dallas recently released the report Regional Outlook: Moderate Growth Ahead. They discuss the current state of the Texas economy and where it’s likely headed. They find a combination of challenges and opportunities on the horizon. Here are the highlights: Economic growth in the Eleventh District moderated somewhat as oil prices fell...
"We all know the story about the runaway property taxes." –The Honorable Talmadge Heflin
Congress legally designated 2,000 of the 19.5 million acres of ANWR – only .001 percent of the vast refuge – for future oil and gas exploration in the Alaska National Interest Lands Conservation Act of 1980.
The EPA estimates that 10% of the total greenhouse gases emitted in 2012 came from methane and that 30% of those emissions were derived from the oil and gas industry. Notably, the second largest contributor to methane emissions is livestock.
The nuclear industry supplies 19 percent of America’s electricity needs. Nuclear energy is the only electricity source as cheap as coal, and it has zero carbon emissions. And yet the federal government has impeded the development of a healthy, competitive industry.
Since fiscal 2009, the total debt owed by cities, counties, school districts, and special districts has grown from $298.3 billion to $333.1 billion in fiscal 2014. That’s an increase of almost $35 billion over a relatively short period, pushing up the total amount owed by each Texan to near $12,500.
The per student debt burden - a figure rarely paid any attention by those advocating for more public school spending-comes to more than $21,850 owed for each of the state's 5.1 million students. Of course, some school districts' owe even more than that.