Texas needs to spend an extra $300 million to better compete for emerging technology research and the jobs that it creates, Gov. Rick Perry said.
Like the $300 million Texas Enterprise Fund, which Perry says, created 22,000 jobs in Texas, the governor wants the legislature to create $300 million technology education resource fund.
"You can not build your state taxing people, taxing businesses first and then expect them to move here. You want to look at that blueprint go to California. We just announced 7,500 new jobs to the state of Texas by Countrywide Mortgage because they're overtaxed and overregulated in California," Gov. Rick Perry said.
University of Texas Chancellor Mark Yudof applauded the governor's plan.
The University of Texas System and the state's other top universities would benefit directly if lawmakers approve the $300 million request.
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Tech fund
Gov. Rick Perry wants money to bring more tech ed to Texas.
 
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"The idea behind this is that it will help us recruit these best scientists and engineers. It will help them buy the equipment that they need in order to succeed. Ultimately, what will come of that is new discoveries, technology transfer, new product lines and jobs," Yudof said.
Those who approve of the governor's plan say it's money well spent. But critics of the plan say the money is better spent elsewhere.
"Texas, right now, is number 50 in the country in graduation rates. We have the worst graduation rate in the country. I think we need to declare public education the priority and make that happen before we start looking at how we take $600 million and drop it in some company's coffers to get them to come to Texas," State Sen. Eliot Shapleigh, D-El Paso, said.
Shapleigh is not the only lawmaker interested in increasing the state's share of education.
A recent district court decision said the state's system of funding public schools financial is inadequate, which makes school finance a political priority this legislative session.
The new wealth created by his incentive program would help pay for school, the governor said.
"You can' t have better schools, if you don't have more resources," Perry said.
A better-educated population is what's going to lead to economic growth, Shapleigh said.
"More than anything else we do that's what will create jobs in Texas, that's what will bring these companies and that's why they want to locate here," Shapleigh said.
These are tough choices that will confront lawmakers in a tight budget year.
