The EFM Feature
Jobs, Jobs, Jobs

Dick Morris (yes, Dick Morris) has an interesting comparison between Gov. Perry’s job creation record versus Gov. Romney’s.

Ever since President Clinton drummed the concept of net job creation into our heads with his mounting claims of the millions of jobs “I created,” we have become accustomed to monitoring this figure as evidence of executive economic skill. But, in this case, Romney can point to a lifetime of actually creating jobs while Governor Perry can only cite his role in presiding over their creation as head of state.

It’s quite a difference. Perry’s Texas has had historically low taxes for decades and is one of only a handful of states without an income tax. In 1970, for example, Texas had 11 million people and Michigan had 10 million. Now Texas has 25 million while Michigan cannot find jobs for its current population of 11 million. The credit for Texas’ low taxes belongs not just to Perry, but to Governors George W. Bush and Bill Clements before him. (And even a nod is due Governor Ann Richards in between).

The job creation record is partially due to a surge in oil demand (one quarter of the new Texas jobs are in the energy sector) and some of the new jobs are due to the efforts of former Governor (and client) Mark White in getting the chip research industry to locate in Austin in the 80s.

Romney has actually, personally, financially created tens of thousands of jobs. His record of buying companies, fixing them up, selling off the unprofitable parts, obtaining financing to grow the money-making parts is invaluable in helping us to get out of the current job creation funk.

Any good Republican president will hold down taxes and block new regulations. But it may take a businessman with Romney’s skill set to dig down into the bureaucracy and understand precisely how bank regulation or EPA controls stop job creation. Romney needs to make the case that we need more than broad brush policy strokes to get the job machine running again. It is not enough to have been a good driver of the economic engine. You need to be a mechanic who knows how it works.

(H/T Michael – thanks!)


Comments and Discussion

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4 Responses to Jobs, Jobs, Jobs

  1. ccr says:

    Excellent points! A fact that seems to get “lost” in the 47th on job creation is that MA already had an extremely LOW unemployment rate. The need for job creation in that state was neglible.

  2. Sb says:

    This is why I am a Mitt supporter. The mess we are in goes WAY beyond just cutting taxes and spending. . .we need someone who can “remodel” our government. Business as usual even if it is conservative just won’t be enough.

  3. Jonesy says:

    ccr: “A fact that seems to get ‘lost’ in the 47th on job creation is that MA already had an extremely LOW unemployment rate.”

    Exactly. Additionally, the employment rate in MA was always 4-5% under Mitt. 4% unemployment is widely considered “optimal” by economists, with anything below 4% as a possible sign of inadequate movement (often caused by over regulation on the employee protection side, which slows the economy). When your state has a 4% unemployment rate, you may try to improve the quality of the average job, but you’re not worried about bringing in jobs for the sake of jobs.

  4. Jonesy says:

    Another point that needs to be made is that TX really isn’t the economic utopia Perry’s been preaching.

    TX has an 8.4% unemployment rate (ranked 27th nationally) and carries 2x the national average in minimum wage jobs. Certainly, TX has also been adding a lot of great jobs in energy and tech. However, the overall picture is not that strong. The numbers are average at best.

    TX also now has $37.8B in debt (had $13.4B when Perry became governor). Perry’s burn rate is worse than Obama’s. Literally. TX rate of indebtedness has been worse than the federal government’s rate under Obama. Perry’s recent balanced budget was a scam as well. They covered up a $20B structural deficit for 1 year by using a lot of stimulus & some accounting tricks (held back $2.3B from schools for 1 day to avoid putting it on this year’s books, etc.). TX is in real financial trouble right now & Perry’s heavy spending is a big reason why.

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