Regarding this current crisis, Lt. Col. (Ret.) Allen West stated:
“The attached article and report from Truth in Accounting (TIA) is a very disconcerting reference to the fiscal health of the Lone Star State. It appears that, just as with the federal government, our true fiscal/debt situation in Texas does not account for unfunded liabilities. Texas only has $89 billion in assets available to cover its bills, totaling $185.7 billion. We hear about Texas having a $7 billion surplus, but as Sheila Weinberg, founder, and CEO of TIA illustrates, the issue lies in pension and healthcare benefits that are not fully funded. Texans should be shocked to know that our State is some $97 billion in debt. This results in Texas taxpayers being on the hook for $11,300 per person to rectify this debt. This fiscal analysis of the Texas debt earned the Lone Star State a “D” grade from TIA.
The solution? Not only must we cap spending in Texas, but we must also reduce the size and scope of the Texas State government. We can no longer see the government as a “self-licking ice cream cone”. We must have a government that is effective and efficient.”
Link to report.
Link to article.
New and bold leadership in Austin is required if we are going to overcome this looming fiscal disaster. The status quo cannot handle our border, our healthcare system, and our balance book responsibly. Once Governor, West will take decisive and strategic action on all fronts.