Texas Debt Grew at Higher Rate than Federal Debt

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.

6 comments on “Texas Debt Grew at Higher Rate than Federal Debt

  1. I’d be more conerned with the state and local debt numbers if I knew what percent of the debt was represented by general obligation bonds and what percent by revenue bonds.

  2. “whether Democrat, Republican”.

    Let’s see. Balanced budget under Clinton (Democrat). Unfunded tax cuts, unfunded Medicare Part D, unfunded Iraq and Afghanistan wars.

    I’m just wondering, is logic one of the dimensions in your universe?

  3. @ mightcan: Solid score. However, you are missing one president. Want to add the (unfunded) stimulus, the health care bill, and the tripling of the cost of the Afghan war since 2009?

  4. @wick “CBO and the staff of the Joint Committee on Taxation (JCT) estimate that enacting [Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 will produce a net reduction in federal deficits of $143 billion over the 2010-2019 period.”

  5. EVERYTHING’S bigger in Texas, even our debt.

    @Botkin, You don’t really believe that the health care bill will result in a reduction in the deficit, do you?

    I agree with Wick’s initial assessment, no matter the flavor, ALL politicians spend.

  6. @XT I know it’s supposed to be an article of faith that Obamacare is going to wreak havoc on the deficit, but for now I’ll stick with the CBO estimate.