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Sunday, May 11, 2008
I keep hearing how poor the economy is. I'm sure outside of my little box in Texas, things are troublesome. But here, that's just not the case.
Despite the high cost of gas, the roads are just full of commuters, and shoppers. It took me 30 minutes to get from my office to the automobile service center on Friday. It felt like I was back in Connecticut on the Bulkley Bridge at 5 pm.
The big box stores are always packed. Target, Best Buy, Kohls, etc. have an abundance of shoppers. If people are cutting back, they aren't cutting out retailers.
As far as housing goes, I read about people losing house value and equity. Not here. Housing starts are still in full bloom. Our subdivision, a new addition to the area, is still seeing growth. Houses seem to sell after 30-60 days, which doesn't seem unreasonable to me. Personally, my property assessment went up 5% this year. So while America loses equity, Texas doesn't seem to be.
And then I read this today:
Recent reports reveal that more Fortune 500 companies are now based in Texas than in any other state. Job growth in our state remains high while unemployment rates are still low in spite of negative national trends in this recessionary environment. Texas added more than 213,000 new jobs last year, and job growth has exceeded one million over the past four years.
Maybe all of this is indicative of just how bad things are in the rest of the country. Or maybe it shows how productive the economy can be when companies can locate in a low-tax area, where residents can live without a punitive state income tax, and where the cost of living is generally low. Maybe if other states got out their own Petri dishes, and experimented with ways to promote growth in their own backyards, they would see similar results. Just maybe.Labels: Economy, Texas
.: posted by
Dave
1:55 PM
Thursday, January 24, 2008
More on the Economic Stimulus Package:
Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples with children an additional $300 per child under the deal. Workers who make at least $3,000 but don't pay taxes would get $300 rebates. The rebates would be limited to individuals whose income is $75,000 or less and working couples with incomes $150,000 or less. The plan would also boost the cap on Fannie Mae and Freddie Mac conforming loan limits.
[...]
The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps rise higher for individuals and couples with children.
I shouldn't complain about a sudden $2100 windfall, but I still don't believe this is a necessary move by our federal government. More likely, it is just a scheme to give the illusion that they're "doing something". We could use a little less scheming and a little more sensibility.Labels: Economy, Taxes
.: posted by
Dave
12:48 PM
And The Stimulus Goes Forward:
via the Economist -
President George Bush will unveil the whole package in his state-of-the-union speech on January 28th. But several details have leaked. Households will receive tax rebates of between $300 and $1,200, depending largely on how many children they have. Pressure from Democrats ensured that even families too poor to pay taxes will benefit. And pressure from Republicans ensured that even couples who earn as much as $150,000 a year will get a handout.
The package also includes tax cuts for businesses, giving firms incentives to invest in new factories, showrooms, machine tools and so on. Small firms will enjoy laxer rules on writing off expenses, and ailing firms will get rebates for taxes already paid.
To buoy house prices the package includes a rescue plan for distressed mortgages more generous than anything previously mooted. Fannie Mae and Freddie Mac—two huge government-backed firms that finance and guarantee home loans—will be allowed to buy up mortgages significantly larger than the $417,000 maximum currently permitted. Critics worry that this will only delay a necessary correction in the housing market, but they will almost certainly be ignored.
Both parties have compromised. Democrats wanted to expand food stamps and unemployment benefits, but have backed down. Republicans wanted to target the rebates at those who pay income taxes, but have reportedly agreed to extend them to the large number of Americans who do not.
Compassionate Conservatism meets the Democratic legislature, and in an election year to boot.
Sigh.Labels: Economy, Politics
.: posted by
Dave
12:01 PM
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