Under Perry, the state borrowed money for roads

[white cloud]

Wow this is a killer!!!




We can't ignore the debt crisis right here in Texas
Under Perry, the state borrowed money for roads


Read more: http://www.chron.com/disp/story.mpl/editorial/outlook/7680903.html#ixzz1TymMaLzm


With all our attention focused on the federal debt-ceiling debacle in Washington, it is easy to ignore our own state debt crisis here in Texas. Texas' debt is increasing at a rate that rivals the federal government's, yet no one seems to know it.

We have heard how our new Texas budget cuts more than $4 billion from our schools and students, but not about our ballooning state debt.

Before Rick Perry became governor, Texas was a pay-as-you-go state for roads, meaning we used current gas tax receipts to pay for new road construction. Our forefathers set up a system where transportation needs were paid for then and now, not by passing the buck to future generations. Under Gov. Perry, all that changed.

Starting in 2001, Texas started borrowing money for new road construction, pushing that cost onto future taxpayers. In just a decade, this debt has grown from zero to $11.9 billion. With interest payments, future taxpayers and our children will need 20 years and $21.1 billion to pay off that debt. There is even more about to be borrowed. In all, the Texas Department of Transportation (TxDOT) has authority to borrow $17.3 billion, with a 30-year payoff of $31.1 billion, further shifting the burden to our children.

To make matters worse, new transportation debt is being secured by general state revenue, not just the gas tax. The exact same taxes we use to pay for public education, state universities and health care are now being diverted to make bond and interest payments on this debt. Imagine what future Texans could do without being saddled with $14 billion in interest payments over the next generation. They might not have to take money out of their public schools or health care. They might even have a real tax cut some day.



Read more: http://www.chron.com/disp/story.mpl/editorial/outlook/7680903.html#ixzz1TymIumGF

[tammywammy]

1. I really detest that man.

Our tax system in this state is all kinds of f-ed up.

[sonias]

2. So much for living with our means right?

They are such hypocrites. :mad:

[TxVietVet]

3. Conservanazis are supposed to be "fiscal" conservatives.

Oh, wait, only when a Democratic is the major office holder. Geez, slipped my mind.
I guess no one really sees just how hypocritical the conservanazis are.