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The Secrets of Texas’ Successful Economic Model

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    Texas Lt. Gov. David Dewhurst on what is driving the state’s successful economy.

  • Duration 4:49
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Shares -- right now we are in one of the fastest growing cities in the nation Houston's economy grew 100.

Point 6% in 2011 can you believe that that's China -- speed.

See you can -- the people who live here are without question happy about that after all.

This city's unemployment rate last month was 7% and that is well below the national average of eight point 1%.

And it gets better for the folks here in Houston the partnership he predicts -- Houston partnership predicts that 86000.

Jobs will be added this year.

So what -- -- happening ever everywhere else what's the Texas government doing to make this happen.

-- drive business in order come in and invest here to find out I'm joined by Texas lieutenant governor.

David Dewhurst you did that very well slide -- that's -- there are still quite a fresh start I assure you ask me but yeah it.

Special that Texas I mean we have been talking to people for the past two days and there is a unique spirit.

I can answer all the time what next Texas.

The strongest economy in the country number one growth in the population.

Texans -- no I'm serious I don't tell me yeah differences that Texas has more Texans living in Texas than any other state.

In the -- there's -- there's a -- -- what I want serious because we're risk takers we really had Esther we're we're risk.

Takers and and we know what we're -- but he's just take a look at our economy our business model.

In which.

We rate between 45 and fiftieth among all the states and when you look at her tap evidence.

The state spending per capita.

On taxes on the state debt so we're keeping our spending low and people -- to come to Texas Kansas is a good place to invest and create jobs.

Yet I -- speaking of which Texas has created half a million private sector jobs since 2009 you cut more than 30000.

State and local government jobs.

Would you say that's a victory mean there are other places where they would -- -- you cut you know government.

Jobs snow we want to cut government jobs we want more private sector jobs.

Over the last three years Texas is created more net new jobs in the rest of the country in mind but just think of about 8% of the population.

This created more than 92% -- -- But why isn't cutting government jobs important because -- -- people say that's taking money out of the economy being alone you know fight for the other side nominee here.

-- I'm in the oil and gas -- been an Obama alive I've been.

Lieutenant governor now for almost the last ten years.

And what you want to do is create productive jobs with all due respect you need a certain amount of people -- government -- -- cut government.

That's reducing the cost that -- tax -- That they have to -- so that's a good thing.

The money to pay government workers at -- -- there absolutely attacks as that's why we won't the lowest tax rates in the entire country.

Now you see people coming to Texas and businesses especially from places like California what do you do for a regulatory point of view or from that.

You know political point of view to make it to make it welcome for businesses from your states we typically.

We have been over backwards -- the light his regulatory hand possible while still protecting the environment and still protecting our consumers.

And again.

The reason why the country is so many problems is they're not following.

-- modestly the Texas model.

There's two trillion dollars sitting on the sidelines in non bank corporation's.

And every business I've talked to says I'm concerned about investing in any other place but Texas because.

We don't know -- the taxes are gonna be old.

Pres Obama's threaten to raise taxes on oil and gas industry all these regulations on.

Hydro fracking is scaring our our our oil and gas industry.

What we've done is create predictability.

And stability.

We've got we've tried to get state government -- business -- way.

We have cut taxes 51 times over the last eight years so people know that they could torture me and I won't raise -- American morning -- yeah Obama recommending that didn't show I know but I'm -- -- And end and we have kept our spending well.

And so.

That's made this a very attractive.

The place to invest people say when you set corporations -- -- it's bad for workers it's bad for the average person is that the environment where there's a -- -- -- -- I mean when you encourage them to do what they do best.

If that's free that's a good thing.

No we still have regulations but we have a light regulatory hand somebody does something wrong we're still gonna throw the book -- We're gonna protect the environment and protect.

Our consumers but we've got the lightest -- possible.

There are right well thank you so much for coming on I think there's a party going -- on over -- look at what they can't read sounds like Greece go join them all right.

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