The Texas economy is recovering, but there’s much room for improvement. The Texas Workforce Commission recently released the Texas jobs report for August 2020. While there have been improvements in the state’s labor market, there are challenges to return to the robust situation of February 2020 before the COVID-19 pandemic and lockdowns by state and local governments. The U.S. Bureau of Economic Analysis recently reported that in Texas in the second quarter of 2020 on an annualized basis GDP growth declined by 29% and personal income increased by 34.1%.
The Foundation’s Recovery Agenda would help to protect individual liberties and prevent the expansion of government so Texans can flourish.
Safely reopen: End state and local government restrictions, especially where hospitals are not being overwhelmed, and target resources to populations most vulnerable to the effects of COVID-19.
- Spending restraint: Cover budget shortfalls with savings from reducing spending on nonessential programs.
- Tax relief: Enforce state property tax reforms with a goal of reducing state and local taxes.
Regulatory reductions: Eliminate regulations not necessary for public health and safety.