Perry vs. Obama--Texas vs. Nation

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IBD:

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By almost every measure, Texas has done far better over the past 2 1/2 years under Perry's stewardship than the nation as a whole has done under Obama's, according to an IBD review of government data.

Jobs. Texas is one of only eight states to have seen a net gain in jobs since Obama took office, adding 64,400. Only tiny North Dakota comes close, with 27,800 net new jobs, driven largely by that state's oil drilling boom.

The U.S. overall has lost a net 2.4 million jobs since January 2009, according to the Bureau of Labor Statistics.

What's more, since the recession ended in June 2009, Texas has added 298,600 jobs, accounting for 52% of U.S. net job growth.

A recent USA Today report noted that while the energy boom has helped Texas as well, employment growth has been "broad-based," with gains in sectors including education, health care, leisure, and professional and business services.

Unemployment. Texas' jobless rate has been consistently below the national average, peaking at 8.3%.The national average topped out at 10.1%. The state's unemployment rate is still a full percentage point below the national average.

Economic growth. In 2010, Texas' economy grew 5.3%, according to the Commerce Department's Bureau of Economic Analysis. The overall U.S. economy, in contrast, grew 3.8%.

Wages. Texas has seen wages climb faster than the country overall. According to the Bureau of Labor Statistics, the average wage for employees in Texas rose 7.4% between May 2008 and May 2010 (the latest data available). For the nation as a whole, average wages climbed 5%.

Population. Texas is also experiencing a population boom, as people flock there for job opportunities.

A recent study by Michael Cox, former chief economist for the Dallas Fed, found that Texas was by far the top destination for people moving in the country, with a net gain of half a million migrants between 2004 and 2008. The vast majority came from other states.

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Since taking office, Obama has often chastised businesses — attacking Wall Street bonuses, oil speculators and the Chamber of Commerce — and imposed waves of new regulations.

He has also encouraged higher income taxes so "the wealthiest individuals and biggest corporations pay their fair share" and has hiked federal spending 28% compared with President Bush's last year in office.

Perry has gone in almost the exact opposite direction. In a Tuesday speech before the National Conference of State Legislatures, Perry touted the state's low tax rates (it has the second-lowest in the nation), limits on red tape, tort reform and fiscal discipline as creating an "environment that allows the private sector to create jobs."

From a business perspective, that seems to have worked. Texas ranks as the most business-friendly state by both Chief Executive magazine and CNBC, and in the top 10 in a Forbes ranking of best states for business and careers.

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The chart comes from the same story, Click on it for a larger view.

This is the kind of contrast that Obama can expect to see in the coming campaign as voters evaluate his "pivot to jobs." There are some clear policy differences that are responsible for the difference in results.