Texas, soon be called Taxes!

I live here in the land of the fruit and nut, so I am telling you what is going to happen to you in years to come (kind of like the ghost of Christmas future).

Economically speaking, your state is not as bad as Califunny, because here we have both State AND local AND county debt.

All you Texans know about our State debt, but only rarely, and only on shows like “Cavuto” is it ever pointed out that all the cities and counties in Cali are also in huge financial trouble.

Texas, on the other hand, doesn’t seem to have the same amount of State debt, but it does have a huge amount of local and county government debt that apparently no one in Texas pays any mind ( all despite having THE best private sector economy in the nation, and THE highest property tax rate in the nation).

If the cost of government services are paid for by the counties, then this is nothing more than cost shifting (like occurs in ER’s were the hospitals are forced to eat the cost of the non-paying, mostly illegal, patients without any government reimbursement). The result is huge increase in prices for the paying customers. Well, unless you want to change the name of your state to Taxes, you guys had better get real Conservatives and NOT Dream Actors.

For comparison look at the debt of the two states as of 2009 (8 years of Perry and 8 years of the Govenator).

California ranks 25th in the nation

Debt 2009: $134.6 billion
Projected 2012 Budget Shortfall*: $25.4 billion
GDP 2009: $1.9 trillion
Debt/GDP Ratio: 7.12%
Unfunded Pension Liabilities: $59.5 billion (13%)
Unfunded Health Care & Other Liabilities: $62.4 billion (100%)

 

Texas ranks 48th

Debt 2009: $30.4 billion
Projected 2012 Budget Shortfall: $13.4 billion
GDP 2009: $1.1 trillion
Debt/GDP Ratio: 2.66%
Unfunded Pension Liabilities: $13.8 billion (9%)
Unfunded Health Care & Other Liabilities: $28.6 billion (98%)

So, despite having THE best economy in the nation and the highest property taxes in the nation, the Texas State government has you guys in debt?

And you want the titular head of this anathema to run our nation?

Well, if we can’t do better than this, we are going to implode, and I am not ready for that!

BloggingForLiberty

Filed under: EconomyStates

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