Investor’s Business Daily tells the tale of two states, Texas and California. One state is doing things right, one is not. One state is creating jobs and leading the country out of the recession, one state is holding the country back.
The chart provided by Investor’s Business Daily tells the tale.
Business Climate: In Texas, the payroll count is back to pre-recession levels. California is nearly 1.5 million jobs in the hole. Why such a difference? Chalk it up to taxes, regulation and attitude.
The contrast between America’s two largest states, in terms of both population and economic heft, is as stark as it has ever been. Texas is leading the country out of the recession; California is holding it back.
By August, the job count in Texas had rebounded to where it was when the recession officially began in December 2007. California’s payroll was still 1.46 million below the pre-recession level. The nation as a whole was down by 6.42 million jobs. In other words, California, with one-eighth the nation’s population, accounts for more than a fifth of its job deficit left over from the downturn.
What country needs a state like that dragging it down?