STUDY: State independence ranks Texas near the bottom

Texas

HOUSTON (CW39) –   The pandemic hasn’t just keeping people apart. It’s also led many to become more dependent on support from the federal government.  Luckily, states have received an additional $195 billion in federal COVID-19 aid this year.  Others are depending on personal vices, such as drink and drinking due to the isolation and stress.  Just in time for Independence Day, personal finance website, WalletHub, is releasing a report on 2021’s Most Independent states despite the pandemic.  According to the report, Texas ranks #39 on the list.  They compared all the 50 states based on five sources of dependency: consumer finances, the government, the job market, international trade, and personal vices. The video shows 2021’s top 10 Most Independent States:

According to financial experts say joining the “gig” economy can reduce job dependency but there are risks.

Sure. But the problem is that you have to hedge against risk in ways that you were previously hedged against when you worked for somebody else: because you might have been hard to replace, even during bad times they had an incentive to keep you employed and keep paying you. Also, firms have more diversified product and service portfolios than folks who work for themselves. Those sources of security are gone once you break out on your own. So hustle, hustle, hustle.

Victor Menaldo – Professor, Dept. of Political Science – University of Washington

Here’s the breakdown of how Texas ranked in each category:

  • Total score: 49.81
  • Financial Dependency: 29
  • Government Dependency: 7
  • Job-Market Dependency: 31
  • International-Trade Dependency: 48
  • Vice Dependency: 25

For more details on 2021’s Most & Least Independent States visit this link.

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