Think the federal government is the only one with a debt problem? Think again.
According to the Texas Bond Review Board (BRB), the state agency charged with overseeing debt issuances, Texas’ total local debt (including principal and interest) exceeded $338 billion in 2015. This means that every man, woman and child in the state owes about $12,250 for his or her share of all the debt incurred by city, county, school and special purpose governments. And the tab for Texas taxpayers is growing fast.
Just five fiscal years ago, in 2010, Texas’ local debt totaled $309 billion. Since then, however, local governments have gone on a borrowing binge, adding $30 billion in new debt, which works out to be almost $13,000 borrowed and spent for each new Texan.