I know I'll likely receive some serious MS for this post. But, I'll do it for the state pride. Anyways, I thought it was an interesting post and something to discuss. How is NY rated in the bottom half of states for business?
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There is no business in New York. It's a state where effectively you either work on Wall Street (FO/MO/BO) or as a waiter or in retail. OCR for top NY schools is banking/consulting. There are almost 0 corporate roles. The non-target schools in NY have absolutely no OCR. Summa cum laude grads at NY non-targets, if they have the right connections, go into BO at BBs and maybe Big 4.
I now live and work in NJ. It's very different here. The non target grads (mostly from Rutgers) can end up in NY finance/consulting but if they don't, they get work in the pharma scene (which is huge) in some capacity. There's actual work here. Corporations hire.
Anyways, great news for Texas but, unfortunately, the liberals are coming. Like a plague, they destroy their home states and move on to new targets. The South American socialists and the east coast liberals have their target.
Who would have thought a state with low taxes and a business friendly government would be top of the list.
As mentioned above, the liberal plague will eventually ruin the state. Like a roving parasite. Texas should really ban anyone from CA, Oregon, NYC, etc from relocating.
Side note - but NYS is a lot different from NYC. I think the New Amsterdam movement has some merit. Outside of NYC, the state is a huge agricultural and manufacturing state. The city really ruins the state politically.
The business of Texas is business.
Texas has done a lot of things right in terms of creating a friendly environment for both large corporations and entrepreneurs to do business. The state's political and economic future could largely change however. Increasing urbanization in the largest cities (Houston, San Antonio, Austin, DFW) brings with it higher educated professionals and entrenched lower income demographics that overwhelmingly vote for democratic representation. That, coupled with immigrants from pro-democratic states bringing with them their "more govt is the answer" policies are creating a stand-off for the state's future. The greatest threat to Texas as a tax friendly state, in the form of no state-level income tax, are those such policies. Creating the need to fund necessary or unnecessary social programs will eat into the state's budget and force their hand to raise funds from incremental tax burdens. Presently, the majority of tax revenue is raised from our relatively high property taxes and city set sales taxes with an added bonus coming from ad valorem and severance taxes from O&G production. A scenario where an income tax is levied on the state's residents I fear will do irreparable harm to the state's ability to attract talent, business and a level of future investment necessary to keep above stagnation.
With skin in the game here, I fear that our urbanization will at some point triumph over the old rural conservatives, the population trends just scream it. Gerrymandering in the past has in large part held off this urban vs. rural dichotomy but that is not a means to an end. Real action has to be taken in a meaningful way to provide alternatives to the democrats' knee-jerk legislation intended on addressing inequality issues. In no way is this a "muh freedoms" rant- I believe Texas does have some maturing to do, but I also firmly believe it affords more people the opportunity to live the American dream and would hate to see bad policy erode that.