Texas has the 8th largest economy globally and has experienced high GDP growth and low unemployment since the pandemic. Despite these statistics, WalletHub ranks Texas as the state with the most financial distress. The state has a per capita personal income of about $68,000, lower than the national average and the lowest of the Big Six states. Texas is unique in having a child uninsurance rate of 11.9%, and it also experiences a high level of economic precariousness, highlighting stark contrasts in wealth distribution and residency satisfaction.
Texas has had higher GDP growth and a lower unemployment rate than most states since the pandemic, yet it ranks first in financial distress according to WalletHub.
Despite being a powerhouse with the world's 8th largest economy, Texas's per capita personal income is about $68,000, lower than the national average and the lowest among the Big Six states.
Texas's aggregate strength conceals significant internal fragility, resulting in a precarious economic situation marked by high rates of child uninsurance and overall financial distress in residents.
While Texas leads in many economic metrics, the reality for many residents is one of financial insecurity, revealing a contrast between state-level prosperity and individual economic health.
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