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Texas' Interest Payments On Government Debt: Third Lowest In America.
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 debt per capita at the state government level:
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.
Previous Trivia Tidbit: Five Amazing Facts About Texas' Economy.
Posted by Will Franklin · 12 August 2011 08:45 AM