Texas Libertarian Party Declares Opposition to Bailouts
Sep 22, 2012 | 568 views | 0 0 comments | 6 6 recommendations | email to a friend | print
 
Libertarian Party of Texas Chairman Pat Dixon says that Texas is following Washington into a debt trap that will come back to haunt taxpayers. At every level, from city to county to the State of Texas, debts are spiraling to unsustainable levels.
Dixon pointed out that the SH 130 toll road in Central Texas will require taxpayer subsidies to remain solvent until 2040 and beyond. "Public debt in Texas has exploded to $31 billion since Rick Perry became governor. Perry is following the California road to ruin."

According to Dixon, Libertarian candidates for Texas House and Senate seats will fix this problem with the party's "No Bailouts in Texas Bill". The proposed legislation would require a vote of three fourths of all members of both legislative branches, and the Governor's signature, before any debt of the State of Texas or any of its political subdivisions could be subsidized or "bailed out" with state funds, unless the bond or note in question explicitly guaranteed state backing at the time of issuance.

"This would be among the first pieces of legislation I would propose if elected in November.  It is critical to the welfare of all the citizens of Texas that we get the fiscal mess that both parties have created under control," says Ed Kless, Libertarian candidate for Texas Senate, District 8.

The Libertarian candidate for Texas House District 121, Arthur M. Thomas IV, says, "Texas politicians like to tell citizens that Texas has a balanced budget but they don't talk about the accounting tricks and outstanding debt out there. They keep putting taxpayers at risk to fund their corporatism."

Rex Black, Libertarian candidate for the Texas State House District 73, said, "I fully support this 'No Bailouts' concept.  The whole idea of potentially having to bail out toll roads is particular obnoxious, since toll roads effectively represent a form of state favoritism for connected corporations together with double-taxation as roads are already financed through gas taxes.  Let's protect the citizens of Texas from such boondoggles in the future."

Dixon further explained that Fannie Mae and Freddie Mac debt was issued  without any guarantee by the Federal government. When those institutions  failed, Congress was pressured to give away hundreds of billions of  taxpayer money to bailout their bonds. "We can avoid that in Texas with the No Bailouts in Texas Bill," said Dixon
 

 

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The Libertarian Party is the third-largest political party in Texas, and stands for constitutional government, free markets, civil liberties and peace. You can find more information on the Libertarian Party of Texas at www.lptexas.org.

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