Nationwide recovery lost steam in late summer, Fed survey says
The economy lost strength in late summer as factory production weakened in areas of the East Coast and Midwest, the Federal Reserve reported Wednesday. The central bank's "Beige Book" survey found the slower growth spreading to more regions of the country.
Of the 12 regions the Fed tracks, economic activity slowed or was mixed in five — New York, Philadelphia, Richmond, Va., Atlanta and Chicago. Activity elsewhere was described as modest or pointed to positive developments. In the Fed's previous survey in late July, only two regions had reported slower growth.
Texas economy still growing, survey by Dallas Fed reports
The economy in Texas and parts of two neighboring states "expanded modestly over the past six weeks," according to a report from the Federal Reserve Bank of Dallas.
Perry to submit federal application to try to access funding for school teachers
Gov. Rick Perry today sent a letter to school administrators across the state detailing his efforts to try to access the $830 million in federal funds for Texas schools that Lloyd Doggett’s anti-Texas amendment to the federal emergency education jobs bill (H.R. 1586) has jeopardized. Doggett’s amendment requires the governor to make assurances that the Texas Legislature will make specific funding commitments, which is a violation of the Texas Constitution.
“The actions of a Texas congressman, with votes from the congressional majority, make it unlikely for your school to receive these federal funds this year,” Gov. Perry wrote. “I am working with state leaders, educational officials and the U.S. Department of Education to explore every possible avenue to allow hard working Texas teachers to receive these funds.”
Despite the punitive Doggett language, Gov. Perry is committed to continue working with the Department of Education to try to access these dollars for Texas, and therefore intends to apply for the federal funds in a manner consistent with Texas laws and the Texas Constitution.
AUSTIN -- Gov. Rick Perry today issued the following statement regarding bullets from a gun battle in Juarez that struck a building on the campus of the University of Texas-El Paso over the weekend:
"For the second time in two months, bullets from a gun battle in the escalating drug war in Juarez have struck a building in El Paso, and I'd like to commend the swift action taken by local and state law enforcement in the area. By the grace of God, the stray bullets from these incidents have yet to injure or kill a Texan. It is unconscionable that the Obama Administration is gambling with American lives, betting that escalating violence from these cartels won't eventually shed the blood of innocent people on U.S. soil.
"We must ensure El Paso and other border communities remain a safe place for people to live, work and raise a family. It's time for Washington to stop the rhetoric and immediately deploy a significance force of personnel and resources to the border to protect our homeland."
Under Gov. Perry's leadership, Texas has outpaced every other state by leaps and bounds in job creation this year and over the past decade. No other state can boast more Fortune 500 company headquarters than Texas with its low-tax, low-regulation, business-friendly economic climate. Texas is consistently applauded as a model for good government and good fiscal policy, even in the wake of a national recession.
Last week, Gov. Perry was proud to announce the creation of about 300 new jobs in the San Antonio area by a Fortune 500 giant. BD (Becton, Dickinson and Company) noted Texas' skilled workforce and stalwart academic institutions as a few reasons it relocated to Texas.
"Bill White’s call for tax increases is the last thing working families of Texas need in these challenging economic times.
“Transportation, border security and education are just some of the issues that will be a priority in the next state budget. However, just as families have to prioritize spending to make ends meet, so too must their government.
“The people of Texas expect their elected officials to reduce spending and practice fiscal responsibility, not raise taxes in search of additional revenues. I will continue to work with the legislature to identify ways to cut taxes so families can keep more of their hard-earned dollars and keep the Texas economy the envy of the nation.”
There is a clear choice in this race. Choose Governor Perry, not tax hikes.
"Blueprint for Recovery: Deep in the Heart of Texas," a web video based on economic figures from nearly a year ago, highlights some of the ways in which Texas is leading the nation, even in these tough economic times. Indeed, it may be even more relevant today:
Nearly a year later, Texas remains the blueprint for America's recovery.
Facts you probably won't hear President Obama mention while he is in the Lone Star State today raising money for Liberal Trial Lawyer Bill White...
* CNBC has ranked Texas America’s Top State for Business, based on their study that scored each state based on 40 different measures of competitiveness. Texas received more points than any other state based on categories including: cost of doing business, workforce, economy, education, quality of life, technology and innovation, transportation, cost of living, business friendliness, and access to capital. (CNBC, July 2010)
* Texas’ major metro areas – Austin, Dallas/Ft. Worth, Houston and San Antonio – were named as America’s Recovery Capitals on a list compiled by Forbes. “Looking for a place to take advantage of the recovery?” Forbes asks. “Try Texas.” (Forbes, June 2010)
* Texas created more private sector jobs than any other state in the nation over the last 10 years. Texas also has the lowest unemployment rate among the 10 largest states in the nation. Additionally, since the beginning of 2010, Texas has created more total new jobs (and more private sector jobs) than any other state in the nation. (U.S. Bureau of Labor Statistics, May 2010)
On the 80-mile drive from San Antonio to the Texas capitol in Austin, it’s difficult to miss the signs of growth. At every highway exit, it seems, huge new shopping malls greet motorists. Valleys where cattle grazed five years ago now sport shiny new Target stores, tract homes, and tennis courts. Between 2000 and 2009, Texas added about 4 million residents, more than half of them migrants from elsewhere in the nation. And Texas will almost certainly emerge from the recession with the nation’s strongest and most important economy.
In May alone, Texas, America’s second most populous state, added over 75,000 jobs—more than California (the biggest), New York (third biggest), and Florida (fourth biggest) combined. Texas has shown consistent gains in 10 of the 11 categories of private employment that the Bureau of Labor Statistics measures. The state is far more than cowboys and oil: It has several of the nation’s leading medical research centers (Baylor and UT hospitals among them), one of the biggest computer makers (Dell), and a financial industry that never took a turn for the worse. And, even though unemployment remains a tick over 8 percent (about a point and a half lower than the national average), the rapid growth is bringing this down quickly. During the last week in June, the job-hunt website Monster.com offered more new job openings in Texas than in California even though the Golden State has over 10 million more people. In a nation looking for economic good news, Texas stands out as a bright spot.
Yesterday morning, Governor Perry went on air with Laura Ingraham, who is touring with her radio program in Texas this week, to discuss border security and immigration, Second Amendment rights, jobs and economic growth, and more.