Paul Krugman has noticed the looming budget crisis in the state of Texas, and he’s all over it.Specifically, he is pointing out that the Republican utopia of low regulation, low taxes, pro-business policies, and tough, conservative spending decisions is no panacea–either for the state’s financial condition or for the state’s citizens.
Despite these policies, Texas is as broke as, well, New York, with a huge structural budget deficit to fill. And it already has very low education spending per pupil and a very high percentage of residents without health insurance.
And now Texas’s two-year budget review is coming up, so there will be some more hard decisions to make.
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