Krugman: Texas cannot afford debt service for DC

The Texas Unmiracle

So Texas tends, in good years and bad, to have higher job growth than the rest of America. But it needs lots of new jobs just to keep up with its rising population — and as those unemployment comparisons show, recent employment growth has fallen well short of what’s needed.

So that leaves out Texas. California is severely in the dumps. Illinois has an internal $80B gap. That leaves the other Great lakes or the Midatlantic to supply a middle class tax stream for the next round of bailouts.