Texas businessman Tom Hicks points out that Texas was recently noted in The Economist for its many successes, including a low tax burden, tort reform, the state’s $9 billion rainy day fund, a high credit rating by Standard & Poor, and a friendly business climate.
To quote Hicks: “Our state has a special standing not only in the country but also among the nations of the world.”
We used to be able to say that about California. But now, as the article mentions, we are writing IOUs and have received downgrades on our credit ratings. Read more here.