While attention is riveted on the debt-ceiling drama in Washington and Rick Perry prepares his presidential announcement, D CEO contributor Mitchell Schnurman reports a startling fact over at the Star-Telegram:
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.
Local debt in Texas has also exploded. Only New York and the District of Columbia have a higher per-capita municipal debt load.
Spend now, pay later. It’s the American way — whether Democrat, Republican, or, as with many Texas cities, non-partisan.
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