No one really knows what plunging oil prices will mean for Texas’ economy, but rising fears of a 1980s-style recession are overblown — at least for now. Things have changed since the last bust, when I was the state's chief revenue estimator.
Billy Hamilton served as the chief revenue estimator for the Texas comptroller from 1982 to 1986. He also served as chief deputy comptroller from 1991 to 2006. He is now executive vice chancellor and chief financial officer of the Texas A&M University System.