Rick Perry's 'Texas Miracle' is a Texas Mess - And He Won't Be Around to Clean it Up

[enid602]

1. Texas miracle

Texas is growing because of high oil and gas prices. Likewise, Canada and Saudi Arabia are doing pretty well these days. The price needed to make US oil and gas extraction profitable is relatively high; if world prices go down, Texas will again be in the dumps. I lived in Houston in the '80's, and have never witnessed such an economic downturn.

I bought a foreclosed house for $25K in '85. It had sold new scarcely a year before for $90K. I looked in Zillow recently, and the house (a patio home in North Houston/Champions Forest in a subdivision of almost identical homes) is valued at $100K. $10K appreciation in 30 years. Some Texas miracle.