Texas overtakes California as 'America's center of gravity,' claims Treasury Sec Bessent

FIRST ON FOX - Treasury Secretary Scott Bessent highlighted the stark difference he sees emerging between Texas and California as well as the "tale of two states" cropping up between red and blue jurisdictions.

"In California, I saw firsthand what years of failed governance looks like: a tax system that is hostile to ambition. A regulatory state that smothers enterprise. An economic climate indifferent to consequence," he said during a meeting at the Petroleum Club of Houston on Friday in remarks shared exclusively with Fox News Digital.

California has seen a number of high-profile defections in recent years, with many businesses and wealthy individuals citing the state's regulations and taxation regime as the reasons for their exit. 

"Here in Texas, meanwhile, the contrast is so striking that it begins to feel like a tale of two states," Bessent said.

And it's true that the Lone Star State's business-friendly policies and lower taxes have attracted more American families and businesses to move from other states to Texas. 

He said that Texas is spearheading that growth.

"Texas has become America's center of gravity because it is fostering the conditions for families and businesses to flourish," Bessent went on.

Data indicates that Texas has seen considerable success in attracting businesses and taxpayers to the state.