Many Texans earn low pay, hold few assets

Associated Press

AUSTIN, Texas (AP) - Texans politicians like to tout the state's economic growth, but more and more Texans are finding themselves teetering on the edge of poverty.

A study by the Corporation for Enterprise Development found that 27.7% of Texas households have no financial cushion in case of an emergency. If you exclude homes and automobiles from the calculation, a full 50% of Texans have no assets they could use to survive if they suddenly lost their income.

The poverty rate in Texas has also been inching up.

When compared to the rest of the country, Texans ranks 41st in financial security. Economic inequality will be an important issue in the 2012 election. Conservatives say the key is less government spending, while progressives are arguing for smarter health and education spending.