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It Can Happen in TX

By Bill O'Neil

It can happen here--the warning from one expert who said Texas is not immune from seeing Detroit-like bankruptcy filings. 

In fact, James Quntero with the Texas Public Policy Foundation's Center for Loval Governance told 550 KTSA News all of the ingredients are really already in place. 

"Over the long term--we're seeing kind of this move to an unsustainable growth in spending and debt" Qunitero said, adding "Texas' local debt per capita ranks as the swcond highest in the nation. When we look at our local government debt--it's actually worse on a per-person basis than state like California, Illionis, Florida--all of the big states."  

Qunitero pointed to some numbers from the State Comptroller's Offcie in making his case.  

"From 2000 to 2009 based on this report--local debt grew at 145%--local spending grew at 84%--and population and inflation by only 45%" Quintero said--admitting it has been decades of bad policy that has put Detroit where it is today.  

"When you look at the situation here in Texas--I don't thinbk we face an immediate threat--but that's not to say a long-term threat doesn't exist" Quintero said.   

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Topics : Business_Finance
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Locations : CaliforniaDetroitFloridaIllionisTexas
People : James QunteroLoval Governance
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