Gov. Perry - A Fiscal Conservative

This may seem like a dumb question: where is it good to be a young adult? The easy answer is everywhere. But some metro areas, starting with Austin, are kinda awesome.

The Southwest is the new frontier for young Americans—the region where those in their 20s and 30s have the best chance of establishing themselves in a recessionary economy.

Five Southwestern metropolitan areas, led by No. 1 Austin, rank among the nation’s 10 best places for young adults, according to a new Portfolio.com/bizjournals study.

Two qualities help Austin—the host of the annual South by Southwest music, film, and interactive conference and festival—to stand out among the nation’s largest metros:

— Two thirds of the nation’s major markets have fewer jobs now than five years ago, but Austin added 99,200 jobs during that span. Its annual employment-growth rate of 2.8 percent is the fastest in America.

— Austin has the strongest concentration of young people among the 67 metros. Twenty-eight percent of its residents are between the ages of 18 and 34. The median for the study group is 23.1 percent.

Washington, Raleigh, and Boston are the three runners-up in the study’s rankings of the best places for young adults. They’re followed by four Southwestern metros—Houston, Oklahoma City, Dallas-Fort Worth, and Tulsa—that occupy fifth through eighth place.

Portfolio.com/bizjournals analyzed the 67 U.S. metropolitan areas with populations above 750,000, searching for qualities that would appeal to workers in their 20s and early 30s. The study’s 10-part formula gave the highest marks to places with strong growth rates, moderate costs of living, and substantial pools of young adults who are college-educated and employed. (See the methodology sidebar for details.)

Here’s a quick look at the very best places—the top-10 metros for young adults.

1. Austin: Its attractiveness to young adults is broadly based, and it ranks among the 10 leading markets in five of the categories that were analyzed. This isn’t the first time Austin takes top honors in a Portfolio.com/bizjournals analysis. Earlier this year, the city was named the best city in which to launch a small business.

5. Houston: Employment opportunities abound in Houston, where the job-growth rate (1.7 percent per year) ranks among the five best in the nation. And so does its annual upswing in per capita income (6.6 percent).

7. Dallas-Fort Worth: The recession caused some backsliding in 2009, but Dallas-Fort Worth still has 206,000 more jobs than it did five years ago. Local population is zipping higher by 2.4 percent per year.

The least desirable market for young adults, according to the Portfolio.com/bizjournals study, is Detroit, which shares the pain of the major automotive corporations based there.

Detroit is saddled with the nation’s worst unemployment rate for young adults, the slowest rate of income growth, and the biggest decline in overall employment. A total of 343,700 jobs have disappeared from the Detroit area during the past five years. This isn’t the first time Detroit has come up short this year in a Portolio.com/bizjournals study: It came in last in the January analysis of small-business vitality and was the lowest-ranking major city in February’s review of U.S. wealth centers.

Two Midwestern industrial markets and two Sunbelt metros round out the bottom five. These areas may differ in geography, but they share a lack of attractiveness to young adults: Cleveland (66th place), Dayton, Ohio (65th), Tampa-St. Petersburg (64th), and California’s Riverside-San Bernardino area (63rd).

Economist Michael Cox has a slogan to suggest if you're trying to attract talented workers from either coast: Move here and get a free BMW.

It's not false advertising, says the former chief economist for the Federal Reserve Bank of Dallas, who's now at Southern Methodist University.

Most professionals working in the Northeast and California pay the equivalent of a year's worth of expensive car payments in annual personal income tax – which we don't have.

But we don't need an ad campaign to encourage immigration to North Texas.

Every year for the last three years, Dallas-Fort Worth has added a Little Rock to our population, Cox says. Maintain that annual increase of 165,000 for three years, and we will have "annexed" a San Jose, Calif., since 2007.

"Every six years, we add a million people," says Cox, who heads the O'Neil Center for Global Markets and Freedom at SMU. "That's unbelievable. When they lose their jobs in Cleveland, they say, 'OK, let's pack up and move to Dallas.' "

AUSTIN – Gov. Rick Perry today received the endorsement of Dr. Arthur B. Laffer, founder and chairman of Laffer Associates who is widely known as the economic guru behind former President Ronald Reagan’s policies of supply-side economics.

“Governor Perry understands sound economic principles, including the fact that tax cuts and restrained spending stimulate private sector growth and opportunity,” said Laffer. “The Texas economy continues to outperform the nation, and that is testament to policies that limit taxation, reduce frivolous litigation, and provide predictable regulation. I endorse Governor Perry as the best candidate to keep Texas on strong financial footing.”

Dr. Arthur B. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm that provides global investment-research services to institutional asset managers, pension funds, financial institutions, and corporations. Dr. Laffer’s economic acumen and influence in triggering a world-wide tax-cutting movement in the 1980s have earned him the distinction in many publications as The Father of Supply-Side Economics. Dr. Laffer was a member of President Reagan’s Economic Policy Advisory Board for both of his two terms (1981-1989). He was a member of the Executive Committee of the Reagan/Bush Finance Committee in 1984 and was a founding member of the Reagan Executive Advisory Committee for the presidential race of 1980. Dr. Laffer has been widely acknowledged for his economic achievements. Recently he was noted in Time Magazine’s March 29, 1999, cover story The Century s Greatest Minds for inventing the Laffer Curve, which it deemed one of a few of the advances that powered this extraordinary century . He was listed in A Dozen Who Shaped the 80s, in the Los Angeles Times on Jan. 1, 1990, and in A Gallery of the Greatest People Who Influenced Our Daily Business, in the Wall Street Journal on June 23, 1989. Dr. Laffer received a B.A. in economics from Yale University in 1963. He received a MBA and a Ph.D. in economics from Stanford University in 1965 and 1972 respectively.

“I am honored and humbled to have the support of one of the greatest financial minds in our country, Dr. Art Laffer,” said Gov. Perry. “His work has set a precedent and model for fiscal conservatives. Here in Texas, I am proud of the work we have done to follow in his example to keep the tax burden low on businesses and provide a fair and predictable regulatory climate. I look forward to building upon our successful efforts to continue to keep Texas strong and prosperous.”

A recent Associated Press headline makes it abundantly clear why Texas was right to turn down federal "Race to the Top" funding last month.

The story was titled, "Schools face big budget holes as stimulus runs out."

"The nation's public schools are falling under severe financial stress as states slash education spending and drain federal stimulus money that staved off deep classroom cuts and widespread job losses," the AP reported. "School districts have already suffered big budget cuts since the recession began two years ago, but experts say the cash crunch will get a lot worse as states run out of stimulus dollars."

The result, the AP added, could be "more teacher layoffs, larger class sizes, smaller paychecks, fewer electives and extracurricular activities, and decimated summer school programs."

States that relied heavily upon stimulus dollars -- and less on planning ahead and making economies -- will be hit the hardest.

"The situation is particularly ugly in California, where school districts are preparing for mass layoffs and swelling class sizes as the state grapples with another massive budget shortfall," AP reported.

That's one reason Texas was wise to turn down further federal "incentive" money -- a federal bailout, with no fiscal reform, only puts off the inevitable.

Gov. Rick Perry had other reasons, as well.

"Texas won't compete for up to $700 million in federal stimulus money for education because the program 'smacks of a federal takeover of our public schools,' Perry said," the AP reported last month. "The funding is from the U.S. Department of Education's 'Race to the Top' program, a $5 billion competitive fund that will award grants to states to improve education quality and results. The program, created in the economic stimulus law, is part of Democratic President Barack Obama's efforts to overhaul the nation's schools."

As Brooke Dollens Terry of the Texas Public Policy Foundation points out, the "Race to the Top" money would have been very costly, indeed.

"In order for a state to apply for its share of President Obama's Race to the Top stimulus funds, it will have to explain how it will use those federal dollars on a list of suggested education reforms," she explains.

For one thing, education is a state matter -- not a federal responsibility.

"Texas lawmakers control funding and school requirements, and the State Board makes decisions about curriculum," she says. "All of these are elected positions directly accountable to the voters at least once every four years."

And the federal funds would have to be "leveraged" by the state -- meaning we would have to spend money to get money. It could be as much as $3 billion (in revamping curriculums to meet federal mandates) to have access to a maximum of $750 million.

But the stark reality is stimulus money isn't limitless -- it will dry up.

Other states are already facing that reality. By prolonging the pain, Washington isn't doing those states any favors. Texas was right to turn down the funding. That's the lesson here.

Texans for Rick Perry releases new radio ad, “Endorsement”

AUSTIN – Gov. Rick Perry today received the endorsement of the Council for Citizens Against Government Waste (CCAGW) PAC for re-election in 2010. Texans for Rick Perry also released a new radio ad, “Endorsement,” featuring Tom Schaz, chairman of the CCAGW PAC, which is now airing across Texas and is available at www.YouTube.com.

"Senator Kay Bailey Hutchison talks like a fiscal conservative back home, but acts like a big spender in Washington," said Schatz. "She asked for $1.6 billion in earmarks last year, and called earmarking ‘a legitimate role of Congress.’ That is one reason why Senator Hutchison came in second in the voting for 2009 Porker of the Year to liberal Democrat Barney Frank. She also has one of the worst CCAGW vote ratings on wasteful spending and taxes among Senate Republicans. Her record stands in complete contrast to Governor Rick Perry, who has held the line on taxes, demanded greater transparency in the state budget, and vetoed $35.8 million in earmarks in 2007. Governor Perry is the real fiscal conservative in the race for governor. That is why the CCAGW PAC has endorsed Governor Perry and why Texans should vote for him in the March 2nd primary.”

The mission of the Council for Citizens Against Government Waste (CCAGW) is to advocate the elimination of waste and inefficiency in government through nonpartisan public education programs. Each year, CCAGW tabulates its Congressional Ratings, evaluating how each member of Congress measures up on key tax and spending votes.

“I am honored to receive the endorsement of the Council for Citizens Against Government Waste PAC,” said Gov. Perry. “Their mission to eliminate waste, mismanagement and inefficiency in the federal government is to be commended. In Texas, I have worked with the legislature to cut taxes, reduce spending, and eliminate waste while calling for increased transparency. Because of these efforts, our state is best positioned to weather the current challenging economic climate.”

Below is the script and sourcing materials for “Endorsement.”

“Endorsement” Script
This is Tom Schaz, chairman of the Council for Citizens Against Government Waste PAC.
Senator Kay Bailey Hutchison talks like a fiscal conservative back home, but acts like a big spender in Washington.
She asked for $1.6 billion in earmarks last year, and called earmarking “a legitimate role of Congress.”
That is one reason why Senator Hutchison came in second in the voting for 2009 Porker of the Year to liberal Democrat Barney Frank.
She also has one of the worst CCAGW vote ratings on wasteful spending and taxes among Senate Republicans.
Her record stands in complete contrast to Governor Rick Perry, who has held the line on taxes, demanded greater transparency in the state budget, and vetoed $35.8 million in earmarks in 2007.
Governor Perry is the real fiscal conservative in the race for governor.
That is why the CCAGW PAC has endorsed Governor Perry and why Texans should vote for him in the March 2nd primary.

Calls for restoration of state’s sovereignty and increased accountability in Washington

PLANO – Gov. Rick Perry today spoke at the Texas Conservative Coalition’s Tenth Amendment Town Hall to discuss solutions to restore Texas’ constitutional rights and hold Washington accountable for its increasingly intrusive and fiscally irresponsible policies.

“Our voices here in Texas are being joined by a chorus of concerned citizens from across the country frustrated with a federal government that is rewriting the basic rules to expand its power and intrude further into our lives,” said Gov. Perry. “We’re not here to preach rebellion, subversion or insurrection, but to express our love for the greatest country on earth and discuss how to keep it from running off a cliff. We are part of a growing movement in this nation of sensible people from every race, creed and political party who cannot abide the ongoing assault on the values that made our nation great and the freedoms that set us apart.”

Gov. Perry pointed to the president’s newest budget numbers, which anticipate more than $5 trillion in deficits over five years, as the most recent example of the federal government’s ongoing failure to reign in its out-of-control spending. Furthermore, Congress has also sent legislation to the president allowing the U.S. to borrow another $1.9 trillion and hiking the national debt ceiling to an historic $14.3 trillion. These recent fiscal projections, combined with the Inspector General’s report on bailout legislation that points to possible criminal and civil fraud, tax evasion, insider trading, and public corruption, are evidence of the increasing need for stronger accountability in Washington.

“It is well past time for us to halt the endless intrusions into our lives, put a stop to the out-of-control spending and restore our commitment to a set of shared values: life, liberty and the pursuit of happiness,” said Gov. Perry. “It’s time for the federal government to be less intrusive and more respectful of the wishes of the states and their citizens. We know that the route to success is lower taxes, smaller government and freedom for every individual, because it works for Texas.”

Gov. Perry pointed to recent analysis of Texas economist Ray Perryman who has noted that Texas is the “last in and first out” when it comes to the current economic downturn, because of the state’s job growth at the end of 2009 and an unemployment rate that has remained nearly two points below the national average. The Texas Workforce Commission has also reported that Texas created more private sector jobs than any other state in the nation over the last 10 years and has the lowest unemployment rate among the 10 largest states in the nation, while Forbes magazine listed Texas’ debt level as the lowest of the ten largest states. Furthermore, Texas was last week named the top exporting state in the country for the eighth straight year.

The governor also spoke for the need of a balanced budget amendment to the U.S. Constitution, calling on states to lead the effort in pushing such limits, since leaders in Washington won’t do it on their own. In Texas, Gov. Perry has proposed amending the state’s constitution with two key provisions: requiring a two-thirds vote of the Legislature to approve tax increases and limiting spending growth to the combined growth rates of Texas’ population and inflation. Both measures will ensure the continued fiscal discipline that allowed Texas to balance its budget in 2009, while setting aside billions for its Rainy Day fund and cutting taxes for more than 40,000 small businesses.

“We don’t ask for much: we simply want the powers-that-be in Washington to re-read the Constitution, retreat to the boundaries established by that remarkable document and free up our citizens to compete and prosper,” said Gov. Perry. “If we do this, our nation will remain strong and our state will continue to lead in all the categories that matter.”