Republicans have destroyed the Texas economy as well as countless lives. The reason for this is because Republicans in charge of our government got their advice from the television on how to respond to an outbreak of a respiratory virus.
The Texas unemployment rate rose to 8.3% in September, the Texas Workforce Commission said Friday, surpassing the national unemployment rate of 7.9% and returning the state to the unemployment levels of the Great Recession.
While the national unemployment rate declined, the state’s sharp increase from the seasonally adjusted August unemployment rate of 6.8% shows how some industries that had hoped to weather the coronavirus pandemic’s economic recession have not been able to do so, economists said, and instead have announced large numbers of layoffs. The number Friday also shows that a lot of Texans are jobless seven months into the pandemic despite widespread business reopenings across the state.
You can’t have a reopening of a business that’s permanently closed.
In September 2019, the Texas unemployment rate was 3.4%, tied for the state’s best-ever month of employment on record. In the year since then, the state has faced the coronavirus pandemic and, as a result, some of the worst-ever months for the state’s economy, including a 13.5% unemployment rate in April. Since March, more than 3.6 million Texans have applied for unemployment relief.
Congress initially passed legislation in March to send money to businesses and individuals, but much of that money has now dried up, and economists say more federal stimulus funding is needed to keep the economy afloat.
Oil and gas jobs are down 22%. Leisure and hospitality industries are down 16%. Its a complete nightmare.
Finally, people are being forced to admit we have an economy that needs magic money printed out of thin air in order to function. It’s disaster that we let it come to this. As we now see, all the talk about our “great economy” was built upon a scam where 67% of jobs were service jobs propped up by cheap Chinese trinkets.
But either way, that world is now dead and gone. Governor Greg Abbott hasn’t gotten the message.
Governor Greg Abbott today issued a statement after a new survey of U.S. corporate executives ranked Texas the number one state for business for the eighth consecutive time since 1996. The survey was released at the International Economic Development Council (IEDC) Annual Conference, which is being held from Dallas virtually.
“Thanks to our talented workforce, welcoming business climate, and state-of-the-art infrastructure, Texas has been named the best state in the nation for business for the eighth consecutive time since 1996,” said Governor Abbott. “I want to congratulate the Texas Economic Development Corporation on their well-earned recognition as one of the premier economic development marketing organizations in the nation. TxEDC, working together with my Economic Development & Tourism Office and other public and private sector partners throughout the state, play a pivotal role in bringing more investment and jobs to our state. As we safely and strategically mitigate the spread of COVID-19, Texas will continue to expand economic opportunity for all Texans and build a more prosperous future for the Lone Star State.”
I have no doubt that mega corporations are doing well in Texas, just like everywhere else. Look at how our billionaires have been doing as the the working class has been eviscerated by government shutdowns and virus response.
This is a nightmare. Anyone who is hurting from this virus hysteria and the actions of Greg Abbott, we feel for you.
This is a nightmare and it’s not ending anytime soon.