Job Losses:
More than 100k oil and gas jobs lost in the U.S. (-45k in Texas) @RystadEnergy says. It expects a wage decline of at least 8-10% going into 2021. Here’s a completely empty man camp in South Texas last month...
https://pbs.twimg.com/media/EaVSd76XYAA6zZK?format=jpg&name=small
Thats OK, JB said we are getting our salaries back in july
Let’s avoid a state income tax at all costs. That is really the only benefit of living in Texas(other than WB and DQ).
The state of Texas has been far too dependent on oil gas for far too long. That reality started back in 2015 when the price of oil collapsed and left the state of Texas with a 5 billion dollar revenue hole that never balanced out. Of course the state never admits that but the statistical data doesn’t lie and now it’s doubled down on that downward trend. Then you factor the possibility that we’re entering a period of stagflation and you have a recipe for disaster beyond belief as asset prices fall and the price of goods and services rise precipitously. Expect high unemployment and high inflation and the only thing that can make that worse are rising interest rates, especially in reference to the national debt which would result in higher taxes.