The national debt isnt the only burden big government is placing on young Americans. While the nations eyes are focused on the federal debt clock looming toward $16 trillion, local governments are accumulating massive debt as well.
Few people are following local government debt which has hit $1.785 trillion nationwide. Across the country, local debt is larger than all local revenue and thats not counting the interest payments.
Texas is second in the country in local debt, behind only California.
According to the Texas Bond Review Board, local governments in Texas are $192.7 billion in debt, and a whopping $322.3 billion when interest is added.
We are leaving our children and grandchildren a legacy of debt. That is not the legacy most of us want to leave future generations.