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The Economist takes a gander at Texas — “America’s most robust big state” — and concludes (spoiler alert!) that “many now fear that Texas’s low-tax, low-spend model will need revision.” Why come?
In December 2008 and January 2009 the state lost tens of thousands of
jobs. Unemployment reached 6.4% in January. (That was more than a point
below the national level, 7.6% in January.) And the worst is to come.
Susan Combs, the state comptroller, has estimated that Texas will lose
111,000 jobs in 2009. Keith Phillips, a Fed economist based in San
Antonio, has a gloomier perspective: he recently predicted that almost
300,000 jobs will go.
