Wondering how you should vote on bond initiatives in your area on November 5th? This infographic from the Texas Public Policy Foundation’s Center for Local Governance should help make your decision.
The numbers are shocking and speak for themselves. As of 2011, combined state and local debt in Texas was pushing a quarter trillion dollars! This, by the way, is only the face value of the debt. The actual amount increases by more than one hundred billion dollars when you consider the cost of debt service. So before voting to approve bond initiatives for parks, road projects, so-called “affordable housing”, schools, or a slew of other things that may be on the ballot in your city or county, think about the cost of the debt and who will be paying it back.
Are you prepared to obligate your children, grandchildren, and great grandchildren to a crushing burden of debt for luxury items that may be nice but aren’t necessary? It’s ok to say “No!” to local debt!