Texas' debt growing at faster rate than federal government's

[maxrandb]

Source: Dallas Star Telegram

For all the controversy over the national debt ceiling, here's a surprise: Since 2001, the debt load in conservative Texas has grown faster than the federal debt.

Texas has been borrowing more than most other states, too. And local entities, from cities to school districts to transit authorities, have been piling up even more debt.

From 2001 to 2010, state debt alone grew from $13.4 billion to $37.8 billion, according to the Texas Bond Review Board. That's an increase of 281 percent. Over the same time, the national debt rose almost 234 percent, with two wars, two tax cuts and stimulus spending.

The sets of numbers are not easily comparable, and not just because one is counted in billions and the other in trillions. National figures exclude some obligations, and the Texas total includes so-called conduit bonds, for which the state is not necessarily liable if the borrowers default.

Still, the trend is undeniable. While Texas lawmakers have refused to raise taxes -- and often criticize Washington for borrowing and spending -- the state has been paying for much of its expansion with borrowed money.



Read more: http://www.star-telegram.com/2011/07/12/v-print/3217429/texas-debt-growing-at-faster-rate.html

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Let me repeat and emphasize this: "While Texas lawmakers have refused to raise taxes -- and often criticize Washington for borrowing and spending -- the state has been paying for much of its expansion with borrowed money.

But....I thought Texas was the "example" of how "wonderful" "drown-it-in-the-bathtub" Wingnuticism was performing.

Guess things really are bigger in Texas.

Do you think the MSM will report on this in between "felating" Rick Perry?

[Oceansaway]

1. k & r...nt

[existentialist]

2. If this story gets much play in the national media

it will end Rick Perry's flirtation with national politics.

At least I would think so.

[somone]

3. Recommended

[Fuddnik]

4. They'll just pray it all away at Perry Hate-Fest.

Gold will fall from the heavens. Hope it doesn't mess up his hair.

[bhikkhu]

5. Texas owes its success to its high proportion of hispanic immigrants

...which is the one state leading the nation.

Or so I tell my wingnut co-workers when they go on about how we should all be like texas. Now when they counter with something or other, I can add that they also owe it to spending themselves into massive debt!

[WatsonT]

8. California has more

and is in worse shape.

Also seems like that argument would mean that Mexico is surpassing all of us. Surely they have more hispanics than we do.

[bhikkhu]

12. Mexico has actually done very well lately

a part of the reason for immigration being down is how good the economy is in Mexico, and the "rise of the middle class" there.

Texas is supposed to be the first US state with a majority Hispanic population, by 2025 or so.

...and I use the word "immigrant" loosely - some Spanish-Americans immigrated here in the 1500's; others are Native American in all but name.

[Kingofalldems]

23. How is California in worse shape?

Is their debt growing faster than the federal government's?

[WatsonT]

33. They have by far the largest state debt

growth rate isn't the only factor.

Would you rather be one dollar in debt with a 25% interest rate or 100,000 dollars in debt with a 20% interest rate?

One is going to grow faster than the other, but that doesn't mean it's less painful.

[izquierdista]

6. What's the surprise?

Can't you count on Repubs to bust the budget giving borrowed money to their cronies?

[nyy1998]

7. Ugh, and yet our idiot Governor thinks he's a "prophet" and should run for President nt

[sulphurdunn]

13. How many Republican

presidential wannabes haven't been anointed by the Lord to run?

[No Elephants]

28. Are you sure he said "I'm a prophet," not "I want to profit?"

[Downwinder]

9. And property values are going down even faster.

[jwirr]

10. Like GWB before him he does not care what shape he leaves Texas

in as long as it "looks" good while he uses it as a stepping stone to the presidency. Feel sorry for Texans.

[No Elephants]

11. There's probably some fuzzy accounting going on, too.

No tax increases + rising costs.

Something has to give, morans. Word to Californians as well.

[BumRushDaShow]

14. K&R!

:kick:

[avebury]

15. K&R

[Lone_Star_Dem]

16. Goodhair is not going to like this one bit.

How dare a light be shined on his state! He'll no doubt have to announce a state wide day of prayer for all the terrified cockroaches the evil Star Telegram sent scurrying.

[Kingofalldems]

17. Yeah, but Newty said Texas is great!

And we should all do what Texas does.

[fascisthunter]

18. how's that republicanism working for ya, Texas?

duh! You got what too many of you voted for.

[maxrandb]

19. The problem is

that as long as they keep writing laws discriminating against dark-skinned people, executing people in private prisons at an alarming rate, and making sure Middle-Class Americans continue to subsidize the wealthy of the state, all the "knuckle-dragging Tea-baggers" will happily work at their $12.75 an hour job with no benefits, while they wait for their one big break to become a millionaire and therefore benefit from low taxes...only taking enough time off work to scurry to the polls and send the same "ass-hats" back to office.

Texas voters are the perfect example of the "Battered Spouse Syndrome".

"Lather-rinse-repeat".

[Ishoutandscream2]

21. This Texan totally agrees with you

[TxVietVet]

32. I agree. Texas is a one-party state. The repugs do what they want and still try to blame Democrats.

AT least what's left of the Democrats do put up a fight. That's more than I can say for the federal government. The pulpit pimps on the radio are even pushing the conservanazi propaganda. In my county, we have approxiamately 10000 to 14000 absentee conservanazi supporters WHO DO NOT LIVE HERE. The belong to the Escapees RV club. I believe the poor folks don't even bother to vote because it's so one-sided. We've got lots of poor folks. The only growth industries here are pine trees and prisons. The Texas repugs are defunding education and whatever medical care there is for poor folks. It's going to be bad when it hits the fan.

[WatsonT]

35. Not exactly

Republicans tend to dominate at the state level but the cities tend to be run by democrats.

http://en.wikipedia.org/wiki/Politics_of_Texas

[Name removed]

20. Deleted message

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[Vogon_Glory]

22. The Corporate Lame Stream Media Probably Won't Bother Covering This Inconvenient Fact

The corporate lamestream media probably won't bother covering what Rick Perry and his fellow Texas Republicans are doing to the Lone Star State's finances. Despite the more direct and potentially painful influence state spending cuts are having not only on the poor and the desperate, but also on the increasingly-beleaguered middle class, the corporate suits are too busy admiring Perry's image, covering celebrity gossip, jumping through right-wing hoops to counter right-wing charges of "liberal bias" to pay attention to how the Republicans REALLY (mis-)govern Texas. :argh:

[christx30]

24. But once they

build the F1 race track out in the Austin area, everything will be ok! :puke:

I mean what's $250 million to build a race track when you are firing teachers left and right?

[Name removed]

25. Deleted message

Message removed by moderator. Click here to review the message board rules.

[No Elephants]

29. The news coverage of the debt in Washington shows everyone believes more debt

is a good thing?

Does your TV include a "way back" machine? Are you watching Dick Cheney saying "Deficits don't matter" as Dim Son racks up trillions in debt?

Sure, Obama spent a bit more when he first took office, trying to avoid total economic collapse due the shambles Dim Son made of the economy. However, I am not hearing anyone from either party in the present era saying more debt would be a good thing.

Which "everyone" are you hearing say that?

[Hassin Bin Sober]

26. Quick! Better elect a Dem Governor to blame it on! Preferably a black guy.

[alarimer]

27. Because we have no state income tax.

They raise money for infrastructure projects through bond issues. So more debt that needs to be paid back, usually by municipalities that rely on sales taxes and property taxes. The stupid fucking lege LOWERED property tax rates a few years ago, right around the same time property values crashed, so reduced the amount of money coming in. Stupid Republican assholes. They are pretty limited in the types of taxes they can raise: sales taxes and property taxes primarily. An income tax would be more fair.

[No Elephants]

31. Property tax is so regressive. You get seniors who have paid off their

mortgages after a lifetime of work having to move from their homes because they can no long afford the damn property taxes.

Yes, an income tax would be much more reasonable.

[Downwinder]

34. In Texas, Seniors can freeze their taxes or defer them.

[jpak]

30. The Texas GOP - dumbest morans evah

yup