BALANCED BUDGET? – STATE DEBT DOUBLED UNDER PERRY

perry-texas

by Debra Medina, Republican Candidate for Governor of Texas

I’m tired of being lied to. While our state leaders continue to boast about the glowing state of the Texas economy, there are some pretty dark clouds on the horizon, not just coming from Washington D.C. but right here at home. Governor Perry has offered no resistance to the doubling of Texas state debt on his watch. And what’s more, with a little research, we learn that we’ve exhausted 85% of our constitutionally mandated debt limit.1 At a time when our economy is more unstable than most have seen in our lifetimes, has the Governor sounded a single warning? We Texans cannot afford to max out our credit line!

The “Perry Math” claims a balanced budget which equals good times in Austin, but basic math, the kind we teach in Texas schools, proves something quite different when it comes to our state budget. All Gov. Perry can honestly say is the state of Texas is making the minimum payments on our debt.

Another thing he hasn’t warned us about: According to our Texas Constitution, the amount of money spent to pay back debt in Texas cannot exceed 5% of our general revenue2. As of August 31, 2008, our debt payments were at 4.09%3 and the Legislative Budget Board puts that number at 4.27% in May 2009. That means 85% percent of our credit limit is used up. Our debt went from $12 billion in 2000, to $31 billion in 20084. In eight years, under Governor Perry’s leadership, we more than doubled the amount of our state debt! Spending all we take in and doubling our debt is no balanced budget and it’s certainly not limited government.

While many Texans have had to greatly reduce our personal spending; cutting costs at the grocery store, carpooling to work, and picking up part time jobs to make ends meet, the spending continues and the debt increases under Governor Perry’s leadership in Austin. That is unacceptable and We Texans cannot stand for it.

Our Texas economy has the ability to set the precedent for our nation. I want Texas to lead the way! We have been promised less government, a balanced budget, and a genuine concern for our citizenry. We’ve been lied to! All we’ve received is clear disregard from our governor and insults to our intelligence. He has scoffed at our requests and ignored our issues. I want to restore the trust between citizens and elected officials. I want to see Texans thrive.

Misleading the public about our debt is not only immoral and arrogant; it is a slap in the face. We Texans deserve better! The values we hold as Texans should be reflected in our governor, not hidden behind “Perry Math” and closed door meetings. Texans can’t afford this snowballing debt. Texans can’t afford another term with Rick Perry!

For more information on Debra Median please visit the Medina For Texas website athttp://www.medinafortexas.com.

1 http://www.lbb.state.tx.us/Bill_81/5_Conference/Bill-81-5_Conference_Summary_0509.pdf, p. 24

2 The State of Texas Comprehensive Annual Financial Report Fiscal Year Ending August 31, 2008, p. 247

3 http://www.window.state.tx.us/treasops/0908bond.pdf

4 http://www.brb.state.tx.us/pub/bfo/DAS2009.pdf, p. iii