In a recent interview, Texas Governor Greg Abbott made a bold assertion that the economic strides made by his state are propelling the entire U.S. economy forward. This statement comes amid various economic indicators and expert analyses that paint a complex picture of the national economic landscape.
During a “Fox News Sunday” interview, Abbott responded to host Martha MacCallum’s comments on the role of migrants in the U.S. economy. He highlighted Texas’s economic growth, stating that the state’s GDP growth is outpacing the national average.
“For one, one reason why the U.S. economy is doing so well is because the Texas economy is doing so well. The gross domestic product economic growth in Texas is going twice as fast as the United States,” he said.
Abbott also pointed to recent Labor Department data, which showed the U.S. added 303,000 jobs in March, exceeding Wall Street forecasts. He noted that Texas contributed 49,800 jobs in February alone, according to the Texas Workforce Commission. The governor boasted about Texas leading the country in new job creation and having the fastest-growing economy among large states.
Additionally, Abbott addressed illegal immigration, claiming a 72% reduction in Texas due to the state’s resistance efforts. He suggested that Texas’s economic achievements are occurring alongside a decrease in illegal immigration, contrasting this with increases in other border states.
Abbott’s comments come at a time when economic signals are mixed. A top economist, Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, recently warned of potential recession indicators in the U.S. economy. This perspective offers a stark contrast to the optimistic jobs data that has improved investor sentiment, as evidenced by a surge in the Dow Jones following the release of the jobs report.
Moreover, the labor market has shown signs of heating up, prompting traders to reconsider the likelihood of interest rate cuts. At the same time, oil prices have quietly reached a 6-month high. These developments indicate a complex economic environment where Texas’s performance may indeed be a significant factor, but it is one piece of a larger economic puzzle.
