We in Texas had the foresight back in 1876 when the State's current Constituion was composed and ratified to place extensive limits on what government, state or local, can do. Apparently, New York state residents did not. Thus ,taxes in Texas are relatively low, business developmet is encouraged, the regulatory environment is benign, and the state is experiencing a huge growth in population, both indigenous and through migration. There are many states in the Union in the same position.
This "foresight" has been a mixed blessing for Texas. It went through a wrenching period when "inflation proof" Houston went through the last il bust and as the Texas Economy has shifted from primarily oil to high tech. Its low taxes and wages and lack of social programs do make it a business magnet, however there is an enormous disparity between rich and poor in the areas of health care, education, life expectancy, and infant mortality, to name a few. While Texas has one of the best State Universities in the Country, perhaps the world in Austin, its educational system is far from where it should be given the massive wealth within the state and the low taxes the rich of Texas enjoy.
Your 2007 stats are probably correct, but I do not think the 2008 stats are anywhere near the growth and unemployment rates you quote. Nationally unemployment is about 5.5% still not too bad and not cause for the panic we see in some quarters. Likewise inflation is starting to rear its head, again not in a way to make anyone panic, but still growing inflation and growing unemployment is a bad combination, and a place like Texas with no real social safety net could be in for a rough go, especially if you suffer a hurricane near Houston or Galveston, drought in th west or both.
