Gov. Perry: Commitment to Fiscal Responsibility Will Keep Texas the Envy of the Nation

Gov. Rick Perry today touted Texas’ successful approach to job creation and economic development, and recognized the impact of Dr. Arthur Laffer’s economic principles to Texas’ successful economic approach. The governor spoke at the launch of the Laffer Center for Supply-Side Economics, established in partnership with the Texas Public Policy Foundation.

“By sticking to the principles Dr. Laffer has advocated, like low taxes, predictable regulations and a fair court system, Texas has become a beacon for employers fleeing the job-crushing atmosphere that has taken hold in other states,” said Gov. Perry. “Although we face a challenging legislative session, we’ll prioritize spending and remain committed to these fiscally responsible priorities, ultimately drafting a budget that meets state needs and preserves the jobs-friendly climate that has made Texas the envy of the nation.”

Gov. Perry credited Texas’ sound economic principles with helping the state lead the national economic recovery, and add more jobs than any other state over the past 10 years and in 2010. He also discussed the importance of further strengthening the state’s legal system by creating a "loser pays" system to provide stronger protections against frivolous lawsuits, establishing an early dismissal option for frivolous lawsuits, ensuring new laws cannot create causes of action unless expressly established by the Legislature, and setting up speedier trials and limited discovery for lawsuits with claims between $10,000 and $100,000.

“The policies that will drive America’s return to economic vitality will not come from Washington, D.C.; they will come from the states,” TPPF President Brooke Rollins said. “Texas has shown during the last decade that low taxes, limited government and free markets are the key to prosperity. The Texas Public Policy Foundation is honored to partner with Dr. Laffer to carry forward this message in the decades to come.”

Texas’ economy continues to receive national recognition, and the state’s unemployment rate remains well below the national average, dropping to 8.1 percent in March compared to the 8.8 percent national average. Site Selection Magazine awarded Texas the 2010 Governor’s Cup for the most new and expanded corporate facilities announced over the year. Newsweek recently ranked four Texas cities in its list of 10 cities best situated for economic recovery, and described Texas as the top destination for job-seeking Americans. The Wall Street Journal recently credited the state's low taxes and employer-friendly environment with helping make Texas the job creation capital of the nation. Additionally, Texas was recently designated the top exporting state in the nation for the ninth year in a row, and no other state is home to more Fortune 1000 companies.

The Laffer Center for Supply-Side Economics officially launched on April 14 with the release of Dr. Laffer’s report The Economic Burden Caused by Tax Code Complexity, regarding the importance of implementing major tax reform. The center is a partnership with the Texas Public Policy Foundation, and is dedicated to preserving and promoting the core tenets of supply-side economics including low/flat tax rates, limited regulation, spending restraint, sound money and free trade.

To learn more about Dr. Laffer and the Laffer Center for Supply-Side Economics, please visit http://www.laffercenter.com.

To view Dr. Laffer’s report, The Economic Burden Caused by Tax Code Complexity, please visit
http://www.laffercenter.com/2011/04/the-economic-burden....

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