By Pat Stacey
Black Friday retail sales are up, automotive sales are growing and….The Comptroller for the State of Texas, Susan Coombs has declared the recession is over.
Mrs. Coombs reports to the state legislature on economic conditions across Texas and it is certainly true that tax revenue into the state coffers is increasing and on a good trend, but to call the recession over is akin to claiming mission accomplished when there is still work to be done.
I appreciate the work of the comptroller and her department but using a few select facts to claim the worst recession in a generation is over, is premature. We still have high unemployment and many sectors of the economy are very sluggish. So it is accurate to say that those that have jobs are spending more and that should feed more companies to add jobs, but again, there is still a lot of work to be done.
It seems the Comptroller was looking to be the first to claim fiscal policy victory. I don't want to dampen the impact that emotion has on the economy but reporting the emotional state of Texas economics is not part of her job description.
We have made progress and business conditions are turning favorable but we need to promote that there is work ahead and it is not yet time to have a parade. It is the fiscally responsible thing to do and it will make for a Better East Texas.