Posts Tagged ‘soaring

13
Jul
11

‘texas debt growing at faster rate than federal government’s’

Think Progress: For all his talk of fiscal conservationism on the national stage, Texas Gov. Rick Perry hasn’t been so parsimonious at home, where his state is racking up debt at a faster rate than the national government and in greater amounts than most other states.

Perry regularly attacks President Obama for engaging in “too much spending” and running up too much debt, but as the Fort Worth Star-Telegram’s Mitchell Schnurman writes today, Texas’ refusal to raise taxes has led to its own debt ballooning faster than Washington’s:

From 2001 to 2010, state debt alone grew from $13.4 billion to $37.8 billion, according to the Texas Bond Review Board. That’s an increase of 281 percent. Over the same time, the national debt rose almost 234 percent…

…..While Texas lawmakers have refused to raise taxes – and often criticize Washington for borrowing and spending – the state has been paying for much of its expansion with borrowed money.

…..as Schnurman points out, Texas didn’t have two wars, the budget-busting Bush tax cuts, recession-combating measurs, and other big-ticket national expenditures. And Texas’ “borrowing isn’t slowing.”

The state’s debt belies Perry’s boisterous rhetoric on his economic stewardship.  …. Texas’ obstinate refusal to raise taxes helped create the largest budget shortfall in the state’s history, leading to devastating cuts to government services – one town had to lay off its entire police force – and Perry using budget gimmicks and federal stimulus dollars to balance his budget.

Full post here

Thanks Fred

01
Feb
11

‘dow closes above 12,000 for first time since 2008’

Washington Post: The Dow Jones Industrial Average closed above 12,000 Tuesday for the first time since June 2008. The milestone was another mark of recovery from one of the worst financial crises in the nation’s history – and a sign that investors expect the economy to keep growing instead of taking a second dip into recession.

….The news raised hopes on the economic front. “We have issues; we have problems,” said James W. Paulsen, chief investment strategist at Wells Capital Management, an arm of Wells Fargo. “But I don’t think they’re as overwhelming as what everyone thought, and that’s why we’re back here as fast as we are.”

The Dow, an index of major corporate share prices, has now risen more than 83 percent in less than two years….Companies such as IBM, Apple, Netflix and Caterpillar have contributed to the momentum with encouraging year-end reports or upbeat financial forecasts…..

The symbolism of a Dow 12,000 could be as much political as economic. In his recent State of the Union address, President Obama noted that the stock market had “come roaring back.”

More here

And…..

AP: The best month for U.S. factories in nearly seven years is brightening the outlook for job growth.

Companies are exporting more construction and mining equipment, and Americans are buying more cars, appliances and computers.

The Institute for Supply Management, a private trade group, said Tuesday that its index of manufacturing activity rose last month to 60.8. It was the highest reading since May 2004 and the 18th straight month the sector has grown. Any reading above 50 indicates expansion.

The strong data on manufacturing activity was a major reason the Dow Jones industrial average closed above 12,000 for the first time since June 2008.

More here




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