The Economist

Dr. M. Ray Perryman is President and Chief Executive Officer of The Perryman Group He also serves as Institute Distinguished Professor of Economic Theory and Method at the International Institute for Advanced Studies.

Marking a milestone

We recently passed a notable milestone in the long process of recovering from the Great Recession: Household debt levels have surpassed the peak reached during the recession in 2008. In many ways, this rise in consumer debt is a good sign in that it indicates Americans are feeling optimistic enough to take on additional obligations. Moreover, housing markets and credit conditions have normalized to the point where mortgages are trending upward along with loan quality.

Texas Spending

With about 27.5 million residents, more than 260,000 square miles, and a $1.5 trillion economy, substantial resources are required to maintain quality of life and public safety, provide for education and infrastructure, and serve as a safety net through social programs in the state of Texas, which will spend more than $140 billion this year.