I had an op-ed in the Midland Reporter-Telegram today revealing that local governments in Texas have run up a $322 Billion debt (principal plus interest.)

While our eyes are focused on the national debt clock, local governments are piling more debt on us.

Midland Independent School District has a current debt load of $184 million ($117 million in principal and $68 million in interest), but the superintendent wants yet another bond initiative...for a whopping $158 million...which will likely triple Midland ISD's debt when interest in added. The one being discussed would more than double the current debt when interest is added.

We are leaving our children and grandchildren a legacy of debt, not the legacy most of us want to leave them.

Read more: Future Texas taxpayers inheriting a legacy of local government debt - Mywesttexas.com: Opinion http://www.mywesttexas.com/opinion/article_ccb5a17c-5f2c-11e1-9e75-00187...
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-- Peggy Venable
posted 2/24/12