Friday, December 6, 2019

Another year; Yet Another $11 BILLION in Local Government Debt

"The rich rules over the poor,
And the borrower is servant to the lender."
Proverbs 22:7

From TPPF:
AUSTIN— Using the Public Information Act, the Texas Public Policy Foundation secured the release of new information from the Bond Review Board revealing local governments are awash in public debt. According to the agency, local debt totaled $365.3 billion in FY 2019, an increase of almost $11 billion over the prior year. Since FY 2017, Texas’ local governments have added more than $27 billion to the total. On a per capita basis, Texas’ local governments have accumulated enough debt to cost every man, woman, and child in Texas more than $12,500.

“Texas’ local governments are drowning in a sea of red ink,” said TPPF’s James Quintero. “New data reveals that local debt now totals $365 billion, representing an increase of almost $11 billion since last year and more than $27 billion added since fiscal year 2017. By running up the taxpayer credit card like this, local officials are courting higher taxes, bigger government, and unsustainable spending habits. Texas lawmakers cannot allow the status quo to continue. We need big, bold action from the statehouse next session.”
As a matter of context, when we started this stuff a few years ago, that number was $323 Billion.

That 13% growth clip is totally sustainable.

Keep Voting Republican.

Bottom Line: Wall St. makes its real money financing government debt, and it looks like local officials across the Lone Star state are all too willing to oblige.

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