See more of this post at WILLisms.com: Texas’ Interest Payments On Government Debt: Third Lowest In America..
While it is true that voters in Texas have approved far more bond debt, mostly for roads, in the past decade (voters, even conservative Texas voters, tend to vote “yes” to almost any shiny objects on the ballot), those bonds are at least paid for with fees and assessments, and they are targeted and temporary, for specific purposes like infrastructure.
Texas has seen its non-self-supporting debt (the kind that gets you in trouble because the money is spent on who-knows-what and there’s no mechanism for paying back the borrowing) fall significantly in recent years, to the tune of roughly 16%.
Forbes ranks Texas number four (meaning, one of the best) on its debt weight scorecard, and gives Texas four stars out of four for avoiding a state debt disaster. All this, and Texas remains a donor state, contributing more in taxes to Washington than it receives back in federal benefits.
Moreover, while America got downgraded under President Obama, Texas got a credit upgrade under Rick Perry.