City of Rockwall Bond Election – May 12
Why I Oppose Increasing City Indebtedness
City of Rockwall voters will find five bond propositions on their ballots that, if passed, add $59,420,000.00 debt to our debt-laden city. Except for Proposition No. 3, all are not without merit. Including estimated additional operating costs, a conservative estimate of property tax increase will be 36.14%.
My opposition arises not against the merits of these propositions, but from the negative economic impact they will probably have on our taxpayers.
In bygone years, we Americans have willingly gone into debt for every worthy thing from paying for road construction to funding world wars, and we have generally been successful in paying off all that debt. We’ve been there, done that and got the Tee-Shirts to prove it.
America is now sailing into uncharted waters. In the last three years, we have accrued more national debt than the sum of all previous administrations from the first George (Washington) to the last George (Bush). National debt now exceeds gross domestic productivity (GDP).
Speaking before the Rockwall County Republican Men’s Club about the state of the city, a former mayor said, “But, we are in the crow’s nest”. As I remember, when the Titanic sank, it took with it the crow’s nest all the way to the bottom of the Atlantic Ocean. My chart below relates dollars to time to give you an idea of the enormity of our national debt.
After the first of the year, income and capital gains taxes will dramatically rise. If ObamaCare survives the Supreme Court, it adds nineteen (19) NEW taxes.
Facts are facts: We are not in “recovery”. Unemployment and under-employment remain very high. The U.S. dollar continues its downward slide.
Without adequate energy, America comes to a screeching halt. ABC News reports 2012 as the worst year ever for gasoline prices. Motor fuel prices have doubled in only 3 ½ years.
Middle East war could drive the cost of oil and gasoline could go as high as $10/gallon. What would your life be like with $10/gallon gasoline, as it presently is in Paris? True, French fuel taxes account for much of the price, yet $10/gallon comes nevertheless a shock to Parisians: “Consumers, who have to absorb the majority of the oil price shock, are reeling”, writes Wolf Richter. You’ll be reeling, too.
Popular Support for Bonds?
No. You see a lot of signs around town, large and small. When the Vote Yes For Rockwall PAC (political action committee) put out the first wave of signs, they advocated for all 5 propositions. Their latest gimmick is a billboard advertisement on at the eastbound I-30 exit to Horizon Road – photo below.
Look closely and you’ll notice they now only want you to vote for Proposition 1 – the ball field. Why? About 80% of the PAC’s funding comes from two businesses that will directly benefit from the ball field, one located in Royse City. Royse City? Yes, Royse City. Open this link to review the PAC’s report to the City of Rockwall.
Keeping Current on the Issue
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