Holly Hansen over at Williamson County Conservative is keeping herself busy blowing the lid off the local debt bomb which in many respects is a hidden debt source. The numbers are there for folks who want to dig around but the eye-popping federal debt of nearly $17 Trillion gets all the attention and the growing local debt problem continues to grow largely unnoticed. Of course local governments do their level best to keep taxpayers from knowing exactly what they’re signing on for when they approve new debt. Here’s the money quote:
“While many Texans are self-righteously clucking their respective tongues over the financial demise of cities like San Bernardino and Detroit, the truth is we have growing debt problem right here in the Lone Star State. According to the Texas Bond Review Board, state taxpayers are now on the hook for $324 billion in local debt, and local taxes are on the rise.”
Be sure to read the whole thing here.
On a related note, Thursday is the last day Austin will have public hearings on the city’s budget. Civic minded parties may wish to attend and let the city of Austin know that excessive spending and running up massive debt are not acceptable options.