Local government debt: an issue for all Americans (TX)

Local government debt is a real problem not just here in Texas, but across the country.  We had the opportunity to hear Texas Comptroller Susan Combs speak on this subject last week.  Below is a letter to the editor published today in our local paper that echoes the importance of Combs’ message.  The examples listed reflect debt numbers that can similarly be found in communities throughout America.

Letter to the Editor: Telegram’s Combs coverage informative

Temple Daily Telegram / Wednesday, Mar 14, 2012 4:30 AM

Thank you for coverage of Comptroller Combs’ Temple visit. Her message is critical — Temple area residents are no exception in needing to understand our compromised financial position.

Threats posed by ever-increasing local bond debt — threats to current/future generations’ economic freedom — is a key Americans for Prosperity Texas issue. While taxpayers should make their own choices, they must understand the range of implications attached to public policy decisions. Current bond debt isn’t likely to be a top talking point of entities pursuing such initiatives, but what responsible person would consider incurring new financial debt without first considering their current debt load?

In fact, with no such discussion part of last May’s TISD bond election, I wrote an article, “Taxpayers should do ‘homework’ on Temple ISD bond election,” detailing a then-TISD resident’s overall local bond debt to give wider perspective than appeared being otherwise offered. The article references the Texas Bond Review Board website, a great information source. Upcoming Belton ISD bond election coverage hasn’t yet appeared to address how this $59.9 million bond package will increase current debt ($88,780,000 principal/$47,750,451 interest/$136,530,451 total) by about 44 percent.

Meanwhile, thanks again for giving Comptroller Combs’ message such prominence.

The data she shared mirrors forecasts of other analysts. The practical implications of which she warned are absolutely on the horizon.

Lou Ann Anderson
Policy Advisor-Americans for Prosperity Texas

Estate of Denial® believes economic trends have a direct impact on growing threats to individual liberties and property rights which increasingly manifest as Involuntary Redistribution of Assets (IRA) actions.

  • guest

    Thanks, Lou Ann!