The more than ten years of sustained economic expansion that preceded the pandemic, the longest period of growth in US history, brought notable progress across a broad spectrum. The latest income and poverty data from the US Census Bureau (through 2019) illustrate this point, indicating how the sustained strength benefitted individuals and families across the nation. Real (inflation-adjusted) median household income increased an impressive 6.8% between 2018 and 2019 to reach $68,703. It was the highest level since the series began (1967). It's an impressive increase from just five years prior in 2014, when median household income was $58,001, which was lower than five years prior to that in 2009 ($59,458). Keep in mind that the median is the level at which half are above and half are below; it's not just some huge gains at the top end driving the increases (although there has been some widening of the gap).
Dr. Perryman explains how the oil and gas industry can adapt to weather the storm of climate change and keep the state economy strong.
Prior to COVID-19, the US was in the midst of a 10+ year expansion. While not perfect, the basic structure of the economy was basically sound. If this structure is kept intact, the recovery can be both robust and rapid. If it is allowed to deteriorate, things will inevitably be much worse.
The percentage of adults in the state who do not have basic reading capabilities is significantly higher than the national average. Dr. Perryman explains the depth of this issue.
Emergency Services Districts (ESDs) are local political subdivisions of the State of Texas that may provide fire, rescue, emergency medical services, and other emergency services. ESDs are designed to ensure adequate and stable funding for local emergency services, and in Texas, there are currently 334 ESDs in 94 counties with new districts formed every year.
The Leahy-Smith America Invents Act (AIA) and the Patent Trial and Appeal Board (PTAB) are crucial aspects of the US system of intellectual property protection. The AIA and PTAB reduce the need for patent litigation, reducing costs and generating substantial economic benefits. One type of patent which has been protected involves covered business methods (CBM). CBM patents deal with methods or corresponding apparatus for performing data processing or other operations used in the practice, administration, or management of a financial product or service. (Technological inventions are excluded from CBM.)
Dr. Perryman explains the importance of broadband for schools and corporations in Texas.
According to a new report from the non-partisan Congressional Budget Office (CBO), the amount of federal debt held by the public is projected to exceed gross domestic product (GDP) for the first time next year. This assessment is consistent with current and projected patterns and, thus, likely to occur.