Public debt: Only in California (I hope) can school districts borrow $3 billion to finance new school construction, maintenance and educational materials. But the actual payback on those loans will exceed $16 billion. [Source: NPR news article December 9, 2012]
This situation reminds me of a few loan sharks I knew while a Navy student in Memphis, TN. Need $5? Those guys would lend the 5 and require $7 or $8 payback. That seemed rediculous
Well, too bad my mom isn’t around to explain the false economy of long-term borrowing for which the payoff is FIVE TIMES the loan amount. These are educated educators doing this stupid stuff?
Think it can’t happen in your neighborhood? Just hide and watch. When your school board gets pressure to build new schools right away, they’ll do some pretty stupid stuff, too. This is why public accountability must come into play.
Do you know how your school district spends money?
Here in Texas, Americans For Prosperity (AFP) maintains a website called “The Red Apple Project” where you can compare “apples to apples” your district to others in the state.
My fellow Texans, I encourage you to frequently visit the website link below to learn how you can participate in maintaining sensible school spending.
Note the tab “FIND YOUR ISD – Where is your money going?”
“Not my problem – my children attend a private school.”, you say. Not your problem? Wanna bet? Whether your children attend public, private, charter or home school, you still pay school district ad valorem (property) taxes.