Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Is wrong. Seven twenty two is their time here in
Houston's boring News. Glenn Hager joined US Texas Comptroller. The
good news is is we have a twenty billion dollars surplus.
The bad news is the state's probably going to spend
it all. Glenn, Welcome to the show. I asked a
silly question if you heard it before before the break,
But you know, if the idea is we have a budget,
then you know we want to live within the budget
(00:21):
and we end up with a surplus. You know, after
you put some money aside for a rainy day in
a rainy day fund, why not give some of that
money back to the taxpayers.
Speaker 2 (00:30):
No, that's a great question. I think first, if you
don't mind.
Speaker 3 (00:32):
First, we've got to go back to what Skott Mike said,
is that whether there's a stupid question or not, really
there's no dumb questions.
Speaker 2 (00:39):
He's right about that.
Speaker 3 (00:40):
But the part that he needs to add in is
there are stupid answers, So that that's one thing he
needs to make sure we got part of this morning.
But to answer your question, I mean, the fact is
Texas has been blessed with a growing economy. I think
first and foremost last session when we had this unprecedented, historical,
once in a lifetime record serve plus and it lets
just made some good decisions and trying to give taxpayer relief,
(01:03):
which is your question, but then also spend some of
that money on one time expenses such as water infrastructure,
road instructure. That may not be glamorous to you and
I the voter and the taxpayer, but there are things
that we need and we depend on. Unlike say, for example,
let's pick on a state, which one we want to
pick on California that win and created a bunch of
new programs, Well, now they have a deficit.
Speaker 2 (01:25):
Imagine that, and we don't.
Speaker 3 (01:27):
So my point is, I think the legislature, undoubtedly Governor's
going to focus on trying to provide tax really also
trying to provide in the infrastructure of the state of
Texas because that's what keeps the economy of working. That's
what keeps you and I either jobs, employment, and or
building business well.
Speaker 1 (01:45):
And unlike California, our population is growing, it continues to grow.
In fact, there'd be I'm sure you've seen the projections Glenn,
that by twenty forty, Houston is likely to be the
third largest city in America, overtaking Chicago.
Speaker 2 (01:56):
When that's that's right. So there's a lot, a lot
of needs across the state of Texas.
Speaker 3 (02:00):
Electrical infrastructure, we've lived that unfortunately in the Houston area.
So all of these things add to arc quality at life.
And you know, one of the points that I make
every time I talk to people is every morning when
you wake up and think about this, there's another eleven
to twelve hundred people in Texas home today then there
were yesterday morning when you woke up. That is enormous growth.
And how do we make sure we keep the engine
(02:21):
in Texas running. So it's a balance between the two,
is my point.
Speaker 1 (02:24):
Well, and you bring up infrastructure, and that's a good
thing to bring up because there are a couple of
areas where we know we have potential problems down the road.
And the city of Houston is a great example. It's
an old city. Like most cities. What's underneath the city
would probably scare the bijeebers out of most of us
if we ever saw it. As far as the water
pipes and all the other things that run underneath the city.
(02:44):
I mean, we're talking about multi billions of dollars, maybe
hundreds of billions of dollars to fix that problem. And
then you've got all the other types of infrastructure needs
roads as you're brought up again, but how about the
electric grid. You know, there's concerns that's about the electric
grid going forward? Are we you know, we've got all
these companies in that we're going to be using up
(03:06):
a tremendous amount of power. How long before we don't
have enough power to attract more business? And that's why
it's a constant balance, you know.
Speaker 3 (03:14):
And if you look at you say, well, if we
looked underground, it was scarce and it would And so
therefore the reasonable thing is you don't get overwhelmed by it.
You take an approach, You take one problem at a time,
you keep stepping forward resolving solutions.
Speaker 2 (03:28):
And it's a wide range of them.
Speaker 3 (03:29):
And so therefore we've got to make sure that we
have the infrastructure, we have a quality workforce for the
future of tomorrow at Texas. And if we continue to
do that, then Texas a decade ago, and just think
about this. Ten years ago when I got in this job,
we were this twelfth largest economy in the entire world
of Texas was its own nation. Now we're number eight,
and literally we are moving towards being number seven. And
(03:51):
in order to do that, provide.
Speaker 2 (03:52):
Relief to the taxpayers they deserve.
Speaker 3 (03:55):
It, but also make sure you're tending the issues that
keep Texas forward and not create a bunch of new
programs just because you have money at the time. Well,
guess what, it's not always going to be there.
Speaker 1 (04:04):
Well, and that's why I mentioned rainy day fund. Do
we have a specific rainy day fund? And how much
is in it?
Speaker 2 (04:09):
We do.
Speaker 3 (04:10):
Remarkably, that was created back in the nineteen eighties when
we had an old bus.
Speaker 2 (04:14):
We didn't have any money.
Speaker 3 (04:15):
It didn't have much in it for a long time
because it was all in gas severne tax collections.
Speaker 2 (04:19):
A portion of them go into there.
Speaker 3 (04:21):
And a few years ago I used to brag when
I put a billion dollars into it in oil and
gas severance taxes, and we actually split part of that
money to go over to transportation funding because we all
know we need to improve our road system and so.
Speaker 2 (04:33):
Half of what used to go there goes to roadem structure.
Speaker 3 (04:36):
And last year we transferred because of the growth in
the permium basin across the state. Instead of a billion,
it was three billion dollars not just into our state
sevens count but three billion dollars into roadem structure. And
this year was another two point seven billion dollars into
each fund. And so now the Rainy Day Fund and
we can make sure to continue to grow it to
keep up with inflation. We all know we've had to
(04:57):
deal with inflation unthankfully because of Biden economics and the
allow several years. And so therefore, now that fund has
an additional twenty four billion dollars in it, and people go, okay,
should we take that money? Well, part of the point
that I make that is a fund that continues to grow,
and really when the permium basin doesn't produce again, that's
the future for the future generations that can help with
(05:18):
a downturn in the economy and or when we don't
have additional funds because of the economy growing.
Speaker 1 (05:24):
All right, gotcha, Glenn, thanks so much for your time.
Do appreciate it. That is Texas Comptroller Glenn Hager
Is wrong. Seven twenty two is their time here in
Houston's boring News. Glenn Hager joined US Texas Comptroller. The
good news is is we have a twenty billion dollars surplus.
The bad news is the state's probably going to spend
it all. Glenn, Welcome to the show. I asked a
silly question if you heard it before before the break,
But you know, if the idea is we have a budget,
then you know we want to live within the budget
(00:21):
and we end up with a surplus. You know, after
you put some money aside for a rainy day in
a rainy day fund, why not give some of that
money back to the taxpayers.
Speaker 2 (00:30):
No, that's a great question. I think first, if you
don't mind.
Speaker 3 (00:32):
First, we've got to go back to what Skott Mike said,
is that whether there's a stupid question or not, really
there's no dumb questions.
Speaker 2 (00:39):
He's right about that.
Speaker 3 (00:40):
But the part that he needs to add in is
there are stupid answers, So that that's one thing he
needs to make sure we got part of this morning.
But to answer your question, I mean, the fact is
Texas has been blessed with a growing economy. I think
first and foremost last session when we had this unprecedented, historical,
once in a lifetime record serve plus and it lets
just made some good decisions and trying to give taxpayer relief,
(01:03):
which is your question, but then also spend some of
that money on one time expenses such as water infrastructure,
road instructure. That may not be glamorous to you and
I the voter and the taxpayer, but there are things
that we need and we depend on. Unlike say, for example,
let's pick on a state, which one we want to
pick on California that win and created a bunch of
new programs, Well, now they have a deficit.
Speaker 2 (01:25):
Imagine that, and we don't.
Speaker 3 (01:27):
So my point is, I think the legislature, undoubtedly Governor's
going to focus on trying to provide tax really also
trying to provide in the infrastructure of the state of
Texas because that's what keeps the economy of working. That's
what keeps you and I either jobs, employment, and or
building business well.
Speaker 1 (01:45):
And unlike California, our population is growing, it continues to grow.
In fact, there'd be I'm sure you've seen the projections Glenn,
that by twenty forty, Houston is likely to be the
third largest city in America, overtaking Chicago.
Speaker 2 (01:56):
When that's that's right. So there's a lot, a lot
of needs across the state of Texas.
Speaker 3 (02:00):
Electrical infrastructure, we've lived that unfortunately in the Houston area.
So all of these things add to arc quality at life.
And you know, one of the points that I make
every time I talk to people is every morning when
you wake up and think about this, there's another eleven
to twelve hundred people in Texas home today then there
were yesterday morning when you woke up. That is enormous growth.
And how do we make sure we keep the engine
(02:21):
in Texas running. So it's a balance between the two,
is my point.
Speaker 1 (02:24):
Well, and you bring up infrastructure, and that's a good
thing to bring up because there are a couple of
areas where we know we have potential problems down the road.
And the city of Houston is a great example. It's
an old city. Like most cities. What's underneath the city
would probably scare the bijeebers out of most of us
if we ever saw it. As far as the water
pipes and all the other things that run underneath the city.
(02:44):
I mean, we're talking about multi billions of dollars, maybe
hundreds of billions of dollars to fix that problem. And
then you've got all the other types of infrastructure needs
roads as you're brought up again, but how about the
electric grid. You know, there's concerns that's about the electric
grid going forward? Are we you know, we've got all
these companies in that we're going to be using up
(03:06):
a tremendous amount of power. How long before we don't
have enough power to attract more business? And that's why
it's a constant balance, you know.
Speaker 3 (03:14):
And if you look at you say, well, if we
looked underground, it was scarce and it would And so
therefore the reasonable thing is you don't get overwhelmed by it.
You take an approach, You take one problem at a time,
you keep stepping forward resolving solutions.
Speaker 2 (03:28):
And it's a wide range of them.
Speaker 3 (03:29):
And so therefore we've got to make sure that we
have the infrastructure, we have a quality workforce for the
future of tomorrow at Texas. And if we continue to
do that, then Texas a decade ago, and just think
about this. Ten years ago when I got in this job,
we were this twelfth largest economy in the entire world
of Texas was its own nation. Now we're number eight,
and literally we are moving towards being number seven. And
(03:51):
in order to do that, provide.
Speaker 2 (03:52):
Relief to the taxpayers they deserve.
Speaker 3 (03:55):
It, but also make sure you're tending the issues that
keep Texas forward and not create a bunch of new
programs just because you have money at the time. Well,
guess what, it's not always going to be there.
Speaker 1 (04:04):
Well, and that's why I mentioned rainy day fund. Do
we have a specific rainy day fund? And how much
is in it?
Speaker 2 (04:09):
We do.
Speaker 3 (04:10):
Remarkably, that was created back in the nineteen eighties when
we had an old bus.
Speaker 2 (04:14):
We didn't have any money.
Speaker 3 (04:15):
It didn't have much in it for a long time
because it was all in gas severne tax collections.
Speaker 2 (04:19):
A portion of them go into there.
Speaker 3 (04:21):
And a few years ago I used to brag when
I put a billion dollars into it in oil and
gas severance taxes, and we actually split part of that
money to go over to transportation funding because we all
know we need to improve our road system and so.
Speaker 2 (04:33):
Half of what used to go there goes to roadem structure.
Speaker 3 (04:36):
And last year we transferred because of the growth in
the permium basin across the state. Instead of a billion,
it was three billion dollars not just into our state
sevens count but three billion dollars into roadem structure. And
this year was another two point seven billion dollars into
each fund. And so now the Rainy Day Fund and
we can make sure to continue to grow it to
keep up with inflation. We all know we've had to
(04:57):
deal with inflation unthankfully because of Biden economics and the
allow several years. And so therefore, now that fund has
an additional twenty four billion dollars in it, and people go, okay,
should we take that money? Well, part of the point
that I make that is a fund that continues to grow,
and really when the permium basin doesn't produce again, that's
the future for the future generations that can help with
(05:18):
a downturn in the economy and or when we don't
have additional funds because of the economy growing.
Speaker 1 (05:24):
All right, gotcha, Glenn, thanks so much for your time.
Do appreciate it. That is Texas Comptroller Glenn Hager
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