Debt is the Monster in the Closet

Debt for the average consumer is fueled by broad and steady increases in credit card debt, auto and student loans, and a fourth-quarter surge in mortgage originations. Wall Street Journal

"Total household debt climbed by $226 billion in the final three months of 2016, according to a report Thursday from the Federal Reserve Bank of New York. Total household debts are now just $99 billion shy of the all-time peak of $12.7 trillion set in the third quarter of 2008 just as the banking system began crashing down. The New York Fed estimates that debt is highly likely to set a new record in 2017." 

This accounting of debt does not include the debt imposed on citizens by their government. According to the Texas Bond Review Board report for FY-16, the city of Georgetown owes $317,868,554; Williamson County owes $1,320,901,660; and Georgetown ISD owes $524,374,833. That is a grand total of $2,163,145,047. That is $2.16 Billion dollars that we collectively owe, and that does not include the many smaller taxing districts like ESDs, MUDs, PIDs, etc. This is only the local debt. Debt owed by the state and federal governments add massively to these totals.

It will be instructive to see if the voters of Roundrock ISD pass the massive school bond($572 Million) proposed by the Roundrock ISD school board that is in addition to existing debt of $1,143,910,722.