Imagine the economic potential of Texas if we had greater control over our fiscal policy, trade, and regulatory framework—one where the Lone Star State could establish its own currency and monetary policy. Texas independence will unlock this potential and offer significant benefits to the Texas economy. In this blog post, we’ll explore these benefits in-depth and examine how independence is likely to impact the state’s fiscal autonomy, trade, regulatory control, monetary policy, and international investment.
The Texas Economy: A Global Powerhouse
The Texas economy is a powerhouse not just within the United States, but also on the global stage. With a gross domestic product (GDP) of approximately $1.9 trillion in 2021, Texas ranks as the 9th largest economy in the world, ahead of countries like Canada, South Korea, and Australia. The state’s key industries of energy, technology, aerospace, and agriculture contribute significantly to its economic success.
In the energy sector, Texas is the largest producer of oil and natural gas in the United States and a major player in renewable energy, particularly wind power. The technology industry, anchored by the rapidly growing tech hub of Austin, attracts top talent and investment. Meanwhile, the aerospace industry has experienced significant growth in recent years, thanks in part to the presence of companies like SpaceX, Boeing, and Lockheed Martin.
In the agricultural sector, one out of every seven Texans is employed in an agricultural job. Texas has over 240,000 farms and ranches comprising 127 million acres of farm and ranch land.
This robust and diverse economic foundation positions Texas well for success as an independent nation. By capitalizing on its existing strengths and addressing its unique challenges, the Lone Star State has the potential to flourish on the global stage.
Fiscal Autonomy: Tailoring Policies to Suit Texas’ Unique Needs
Are you tired of the Federal Reserve creating inflation with stimulus, and then trying to tamp down inflation with interest rate hikes? Do you want Texas to continue to suffer under these kinds of self-inflicted economic wounds at the hands of the Federal government? These kinds of issues fall under the umbrella of “fiscal policy.”
As an independent nation, Texas would gain full control over its fiscal policy. This increased autonomy would enable the state to allocate resources, prioritize investments, and craft policies that best suit its residents and businesses. Independence could allow Texas to focus on its unique economic strengths and challenges, resulting in more targeted policies that foster economic growth and stability.
Trade: Negotiating Agreements That Reflect Texas’ Economic Strengths
With independence, Texas would have the opportunity to negotiate its trade agreements. This newfound control could lead to more favorable deals that align with the state’s economic priorities and capitalize on its strengths. Texas could pursue trade partnerships that better serve its key industries.
Regulatory Control: Streamlining Regulations for a Competitive Business Environment
Independence would grant Texas the ability to establish its own regulatory framework. This increased control could allow the state to streamline regulations, creating a more competitive business environment that attracts investment. By reducing bureaucratic red tape and crafting regulations that encourage innovation and growth, Texas could further solidify its status as a global economic powerhouse.
As an example, consider the current influence of the Federal government on the oil and gas industry. If you want to drill a well, you need an EPA permit. If you want a pipeline or a distribution hub, that’s the EPA as well. Would you like to build a refinery? Good luck getting the EPA permit for that one, as they haven’t approved a refinery since the 1970’s.
Monetary Policy: Addressing Economic Challenges Effectively
As a sovereign nation, Texas would have the authority to establish its own currency and control its monetary policy. This would enable the state to address economic challenges, such as inflation and unemployment, more effectively. By setting interest rates, controlling the money supply, and implementing other monetary policy tools, Texas could respond to economic fluctuations and maintain stability within its borders.
Texas also has the potential to return to a sound asset-backed monetary policy. With our own gold depository already in place, Texas is well set up to create its own currency that will be independent of US manipulations.
International Investment: Attracting Global Capital to Texas
Independence could make Texas an attractive destination for international investors seeking to capitalize on the state’s economic potential. A stable, business-friendly environment, combined with a strong but limited regulatory framework and monetary policy, will encourage global capital to flow into Texas. This increased investment could further fuel economic growth, job creation, and innovation across the state’s diverse industries.
The potential benefits of independence for the Texas economy are significant and warrant careful consideration. By gaining control over its fiscal policy, trade, regulatory framework, and monetary policy, Texas can unlock its full economic potential and create a more prosperous future for its residents and businesses. The prospect of attracting international investment and fostering a competitive business environment further underscores the potential advantages of independence for the Lone Star State.
Texas already possesses a robust economy that rivals many countries around the world. By exploring the possibilities of independence, Texans can continue to build upon the state’s economic strengths, address its unique challenges, and craft a future in which the Texas economy continues to thrive on the global stage. With careful planning and a focus on unleashing the full potential of the Texas economy, independence will bring new opportunities and long-lasting benefits for the people of the Lone Star State.