A Cautionary Tale From Texas About How Cities Hide Debt And Deflate The Economy

[Geee]

The Federalist

Federal issues tend to suck up the news cycle, thus, readers likely know more about federal debt than state and local debt, even though state and local debt drag the economy down at least as effectively. This is all the more ironic because local debt should be easier to control. In theory, local voters should have more knowledge and could have more say in state and local budgets.
Alas, the ratings draw to national news wins. Local issues should get most of our attention but do not. In the case of public debt, politicians are able to make promises without having to worry about transparency or its consequences, like honesty and effectiveness. Thus, America is drowning in state and local debt.