Paul Krugman -- Nobel laureate and New York Times columnist (I don't know which of those makes him more suspect to Texas readers) -- has been looking into the conventional wisdom that the Texas economy has been a great success in this recession. He compiles a telling graph showing unemployment trends for Texas and New York for the last decade. I challenge you to tell which state is which without looking at the legend. Krugman suggests that "the miraculous Texas immunity to the recession is mythical."
After the jump, Krugman's explanation for why Texas, for a long time, has had faster-growing employment and population than the Northeast.