Great write up as always Simon. What's even more exciting is that the CHIPS act and many policies in the Inflation Reduction Act are only seeing the slightest light over the horizon at this time. They should really start to kick into jobs later this year and last through the next 4-5 years. Hopefully that keeps job growth going.
Also in a classically tight labor market you might expect low-wage sectors to be losing bids for workers and tech growing as companies hire to automate things, but right now it’s actually the opposite.
As we go forward, we’ll need to support with the “why” and the “how”. The “why” is kinda obvious (better quality of life for all... pursuit of happiness...); the “how” is not so obvious to most people (according to Navigator surveys). It’s things like IRA, BIL, CHIPS, Recovery Act, Obamacare and Biden’s “bottom-up, middle-out” approach versus the discredited trickle down, regulatory anarchy approach of the gop.
I agree there needs to more awareness about how good democrats are for the economy but the other economic issue is at the state level blue states like California and New York have higher taxes and higher cost of living then red states and I think Republicans in the red states successfully use this to stay in power ie if you elect democrats your taxes and the price of goods like gas will increase.
Where are you getting your data? According to the ITEP, total state and local taxes as a percentage of family income is 13 percent in Texas and just 10.5 percent in California for the bottom 20 percent of earners. The number drops to 9.7 in Texas and just 8.9 in California for the middle 60 percent of earners.
Texas defines low earners as those making less than $20,900 annually while California’s threshold is those who make less than $23,200 annually; for middle earners, Texas cites that as those who make between $35,800-$56,000 and for Californians, it’s $39,100-$62,300, per Houston Chronicle.
It is just the top one percent of earners that stand to dramatically benefit from lower taxes in Texas. The tax rate for those highest earners is 12.4 percent in California and just 3.1 percent in Texas, reflecting the two states’ differing economic and political philosophies. The top one percent of earners in Texas make $617,900 or more while those in California make $714,400 or more, reports the Chronicle.
For example California has the highest gas tax in the nation. Also regardless of taxes is the average rent/house payment higher in Houston the in any major California city?
Yes and when gas prices spiked last year, California residents received a stimulus check from the state ranging from $200-1000, Texas residents did not.
Two quick thoughts after reading this excellent summary:
1. Remove the record-setting domestic oil production from the list of Biden Administration accomplishments. The 18-30 year old demographic we need to hit 55 is pretty woke about climate change, and this will not be seen as a +.
2. Do not 'talk down' to the younger cohort when recruiting them; they do not need age-adjusted versions of the powerful arguments, and will detect the condescension. They will hear and understand well-crafted stories of who has accomplished what, and who is responsible for the things that negatively affect their lives. It does not have to be reduced to pop-culture sound bytes.
Great write up as always Simon. What's even more exciting is that the CHIPS act and many policies in the Inflation Reduction Act are only seeing the slightest light over the horizon at this time. They should really start to kick into jobs later this year and last through the next 4-5 years. Hopefully that keeps job growth going.
Also in a classically tight labor market you might expect low-wage sectors to be losing bids for workers and tech growing as companies hire to automate things, but right now it’s actually the opposite.
Wonderful summary of the “what”.
As we go forward, we’ll need to support with the “why” and the “how”. The “why” is kinda obvious (better quality of life for all... pursuit of happiness...); the “how” is not so obvious to most people (according to Navigator surveys). It’s things like IRA, BIL, CHIPS, Recovery Act, Obamacare and Biden’s “bottom-up, middle-out” approach versus the discredited trickle down, regulatory anarchy approach of the gop.
I agree there needs to more awareness about how good democrats are for the economy but the other economic issue is at the state level blue states like California and New York have higher taxes and higher cost of living then red states and I think Republicans in the red states successfully use this to stay in power ie if you elect democrats your taxes and the price of goods like gas will increase.
Where are you getting your data? According to the ITEP, total state and local taxes as a percentage of family income is 13 percent in Texas and just 10.5 percent in California for the bottom 20 percent of earners. The number drops to 9.7 in Texas and just 8.9 in California for the middle 60 percent of earners.
Texas defines low earners as those making less than $20,900 annually while California’s threshold is those who make less than $23,200 annually; for middle earners, Texas cites that as those who make between $35,800-$56,000 and for Californians, it’s $39,100-$62,300, per Houston Chronicle.
It is just the top one percent of earners that stand to dramatically benefit from lower taxes in Texas. The tax rate for those highest earners is 12.4 percent in California and just 3.1 percent in Texas, reflecting the two states’ differing economic and political philosophies. The top one percent of earners in Texas make $617,900 or more while those in California make $714,400 or more, reports the Chronicle.
For example California has the highest gas tax in the nation. Also regardless of taxes is the average rent/house payment higher in Houston the in any major California city?
Yes and when gas prices spiked last year, California residents received a stimulus check from the state ranging from $200-1000, Texas residents did not.
Please put a revision date on each chart! Thank you.
Two quick thoughts after reading this excellent summary:
1. Remove the record-setting domestic oil production from the list of Biden Administration accomplishments. The 18-30 year old demographic we need to hit 55 is pretty woke about climate change, and this will not be seen as a +.
2. Do not 'talk down' to the younger cohort when recruiting them; they do not need age-adjusted versions of the powerful arguments, and will detect the condescension. They will hear and understand well-crafted stories of who has accomplished what, and who is responsible for the things that negatively affect their lives. It does not have to be reduced to pop-culture sound bytes.