The Achilles' Heel of Texas: Massive Local Government Debt
It’s no secret that the Texas economy is going strong despite a federal government that seems hell bent on raising taxes and increasing regulations. In Governor Rick Perry’s latest press release, he touts that “Texas has been named the top state for doing business for the third year in a row by Area Development Magazine. With its proven model of success, the Lone Star State continues to dominate the national conversation on job creation and economic prosperity.”
It’s not bragging if it is true. The Lone Star State is a beacon of fiscal responsibility relative to the rest of the country. According to the ALEC (American Legislative Exchange Council) most recent “Rich States, Poor States” study, Texas snags the #1 spot in Economic performance as expected.
The states were then ranked on their Economic Outlook scores. Texas didn’t even break into the top 10.
Texas was ranked 12th in Economic Outlook. High local government debt and high property taxes are painting a bleak future for Texas and for younger Texans.
Growth in local government debt is outpacing population and inflation. We are leaving a legacy of debt for young Texans and for generations to come.
We urge you to become aware of the debt levels that your local government is currently carrying by searching the Texas Bond Review Board. Look up your City, County, ISD, etc. and then share this information with your neighbors! The cost of liberty is eternal vigilance, help us take back Texas local governments by being informed.
More Helpful Links:
Exercising your power as a taxpayer:
Texans: go to the map to search local debt in your area: http://www.texastransparency.org/yourmoney/localdebt/spdistricts/
Information on city debt in Texas:
County debt – how much debt does your county carry?
Special purpose district debt – at a glance:
ISD debt in Texas – in 2011, 854 school districts with outstanding debt had $2,573.15 debt per resident. 170 districts had no debt outstanding; per student debt averages $13,530.12 among the 854 school districts with debt.
Public pension debt in Texas: http://www.trackingtx.org/index.php/pension/