Every Texan has released a report named “Texas is the Tale of Two Economies” to highlight the amount of wealth inequality being created in Texas by millions of workers not receiving their fair share, despite the consistent hours of hard work being put in. This series of reports will be pivotal to understanding not only the plight of Texas workers, but the massive role that employees in all sectors of work play in helping to bolster our strong state economy, while also informing readers about how reforms can be achieved.
Texas’ economy has been growing at a rapid pace in the past few decades, bringing in millions of people, jobs, and dollars. Additionally, the report highlights how “working Texans produce a booming and robust state economy by many measures. Texas boasts the second-largest state economy in the country, representing nearly 10% of the U.S. economy. In nearly 30 years, our state economy has more than doubled, ranking fourth nationally in terms of growth. With Texas leading in job creation in 2023, and as one of the fastest-growing state populations, our economy demonstrates strong potential for continued expansion.”
According to the US Census, Texas’ GDP has risen 115% in the last 25 years, its GDP per worker increased by 38%, and the GDP per capita rose by 39%. Economic success is highly present in industries across Texas, yet those who are helping to achieve this success are receiving little financial support and recognition for their efforts. Studies have found that half of Americans earn less than their parents do, meanwhile 66 billionaires earn more than 70% of all Texans combined. The wealth inequality in Texas has grown disproportionately and is leaving millions of hardworking Texans with little to no wiggle room in their monthly budgets.
The work to explore this issue by Every Texan is necessary, important, and will be beneficial to helping inform millions of workers about how the economic success they’re seeing should be theirs too.