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Financial crisis
October 6, 2008
Perry pumps up Texas economy
As the stock market plunged today, Gov. Rick Perry talked up the Texas economy before sitting down with some agency heads for a “frank discussion” about the implications of the national economic turmoil for the state.
“I’m very pleased to say that our state’s economy is better suited than just about any other state to weather this financial crisis,” Perry said, noting that Texas, unlike California, will not be asking the federal government for a handout to “keep the lights on.”
It is a message that state officials have often proffered since the economy took a turn for the worse a year ago. Perry did, however, add a note of caution.
“As strong as our economy is, it is still interlaced with the economies of other states that are in substantially worse condition than we are,” Perry said.
It is the state’s pension systems that are the most vulnerable to the national economic woes. But as Austin American-Statesman business reporter Bob Elder reported last week, the pensions seem to be faring comparatively well.
Dick Lavine, senior fiscal analyst for the Center for Public Policy Priorities, said no one can be certain how the Texas budget next year might be roiled by the national conditions.
For instance, the state might have to put more money toward children’s health insurance and Medicaid since the federal budget is being stretched thin, he said.
“Looking backwards, things were going great,” Lavine said. “But going forward, we’re driving into the fog.”
Talmadge Heflin of the Texas Public Policy Foundation said the state should focus on trimming spending.
“It should serve as a precaution just to be very frugal,” said Heflin, director of the foundation’s Center for Fiscal Policy.
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October 1, 2008
Carter again says thousands of his constituents opposed bailout
ROUND ROCK — U.S. Rep. John Carter again said he heard from more than 2,000 voters in the two days after the $700 billion bailout legislation was proposed.
The Round Rock Republican, speaking to the city’s business and community leaders at an economic development summit today, said 2,000 voters were against the deal and eight were for it. He said responses since then have been about 50-50 for and against. Carter voted against the legislation Monday.
Carter was quoted in a story today saying:
“I want to thank the thousands of constituents who called and voiced their opinion. Rest assured that your voice was heard and will continue to be heard during the next round of negotiations.”
After his speech, Carter said he wants to see what the Senate does with the bill before deciding his vote on future legislation. Carter said he is looking for two things in such legislation: market accountability and protection for people back home.
“This is still a bailout,” Carter said.
Carter said he was headed back to Washington this afternoon and that he has not heard from President Bush about the package.
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