Posted on 08/12/2011 5:17:53 PM PDT by hocndoc
Trivia Tidbit of the Day: Part 938 -- Texas Debt Among Lowest In Nation-
From the Tax Foundation:
"With so much recent discussion of the fiscal outlook of the federal government, it's worth looking at the solvency of state governments as well. Today's map shows how much interest on their debt the states pay as a percentage of their direct spending.
Texas also has the second lowest state debt as a percentage of personal income.
While it is true that voters in Texas have approved far more bond debt, mostly for roads, in the past decade (voters, even conservative Texas voters, tend to vote "yes" to almost any shiny objects on the ballot), those bonds are at least paid for with fees and assessments, and they are targeted and temporary, for specific purposes like infrastructure.
Texas has seen its non-self-supporting debt (the kind that gets you in trouble because the money is spent on who-knows-what and there's no mechanism for paying back the borrowing) fall significantly in recent years, to the tune of roughly 16%.
Forbes ranks Texas number four (meaning, one of the best) on its debt weight scorecard, and gives Texas four stars out of four for avoiding a state debt disaster. All this, and Texas remains a donor state, contributing more in taxes to Washington than it receives back in federal benefits.
Moreover, while America got downgraded under President Obama, Texas got a credit upgrade under Rick Perry.
So, to recap:
Texas has the second lowest debt per capita in America, as well as the third lowest interest payments on the debt of any state, despite it being a donor state, according to the Tax Foundation.
Forbes gives Texas four stars for its debt situation, and ranks Texas fourth in the country for the best handling of debt.
Texas also has the second lowest debt in the country, as a percentage of personal income, has reduced its non-self-supporting debt substantially over the past decade, and had its bond rating recently upgraded.
While Texans ought to keep an eye on all of that voter-approved local debt, and possibly make it harder for bond issues to make it onto the ballot in the first place, Texas' debt situation under Governor Rick Perry is a great story to tell, relative to America's debt explosion under Barack Obama.
via WILLisms.com: Texas' Interest Payments On Government Debt: Third Lowest In America..
Our debt, our interest payments, our State budget outshines that of any State with a candidate or non-candidate for President.
ping!
Wow! Texas is the second lowest in Debt!
Which states are the top three debt per capita?
They would be ones with a history of democrat governors, I would assume.
Being a Tennessean (mom) by way of Texas (dad) and currently residing in Arkansas (wife) I’m feeling pretty good about this post.
If I read the graph correctly, MA is #1, and AK is #2 in terms of debt per capita). #3 is RI. It seems to have something to do with regional patterns than Republican/ Democrat governors. Except for Alaska, the top 10 are New England states.
It’s not the cold States, could it be the Northern-most?
US Debt Clock..... Click and then select the state you maybe interested in.
I'm inclined toward Sarah Palin -- but, I was surprised to learn that her Alaska is #2 on that list (while Texas is #49). If they both run, Perry definitely can hammer her with that statistic...
Get them off the ballot! That'll fix em.
Move them to property tax invoices (or income tax statements if your state has one of them things!)
Make them a bingo card check box.
"Would you like to increase your tax bill next year an estimated $54.33 in order to increase the amount of free government cheese?" [ ] Yes [ ] No
That'll stop that sheet right quick!
We are talking about property taxes, which in Texas are not State taxes. We don’t have an income tax. We have local, city, county and school taxes, along with sales taxes and fees or taxes for certain things people buy or use.
I argued against the “freeze” on property taxes for people over 65, saying it would dilute the power/probability of people controlling their school, city and county taxes. I believe it has done just that.
But it seems as though the lawmakers like to make laws, and they love to make amendments that seem to be good and that are voted on every other November.
On the other hand, the voters in Texas *did* pass our tort reform and added Defense of Marriage to the Constitution.
I was born, raised Texan. I understand that. My post was directed at the broader FReeper.
The egregiously stupid bond votes are at the county and municipal level.
Everyone should vote for Reps and Governor, etc. Fine.
But perhaps only those who pay taxes to fund the interest on bonds issued by a segment of 'the state' should vote for bonds issued by that segment of 'the state'.
It would've been interesting if the "poll taxes" could've been fashioned such that the price of your ballot depended on the initiatives you voted for.
Frankly, if the SCOTUS can decide that the federal government can force you to buy an insurance product with Obamacare, and pay for a license to exercise your 2nd amendment rights, I don't see why they wouldn't eventually revisit the poll tax as a revenue raising opportunity for the act of exercising your voting rights!
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