The 2015 Texas Legislature started with the state’s coffers overflowing with cash from a robust economy. Instead of discussing how much to spend, state officials discussed how much to cut taxes. This novel concept should be the starting point every legislative session.
That Legislature went on to make great strides by passing a conservative budget, defined as an increase by no more than the key metric of population growth plus inflation, $4 billion in tax and fee relief, and billions of dollars left unspent, including more than $10 billion in the state’s rainy day fund.
These prudent fiscal decisions helped keep the size and scope of government from crowding out the productive private sector—the best economic stimulus—during a slowing economy.