Got Debt?

By: Curtis Roe, Board Member Brisbane Chamber of Commerce, CPA, Director - Finance, Purcell Murray, croe@purcellmurray.com

Got Debt?

By: Curtis Roe, Board Member Brisbane Chamber of Commerce, CPA, Director – Finance, Purcell Murray, croe@purcellmurray.com
The midterm elections are over. Did you vote no on yes or yes on no? We had several issues come up regarding the issuance of new debt. I have to admit, when I read some propositions, it was hard to not jump on a bandwagon and support the issue wholeheartedly. Who doesn’t want to help house people in need? Who doesn’t want clean water? Who can say we don’t need hospitals for children? Not I. Who likes to pay more taxes for debt service? Not I again.
I just checked the national debt and it is coming in at $21.7 trillion or $21,725,713,263,679. This equates to about $66,000 per citizen. According to treasurydirect.com, our interest expense this year will be $523 billion. It was about half that back in only 1990.
According to usdebtclock.org, the debt for the state of California is $426.6 billion. This equates to $10,711 per citizen.
How did you vote on Proposition 6? Did you catch that a yes vote meant you were in favor of repealing the 2017 additional gas tax? I wrote about this last year. I was not in favor of it at all. It seems to me that the taxes we pay should be sufficient to cover the costs of maintaining the roads. They might be if they are used for that purpose. Frankly, I can’t say whether they are or aren’t. I have seen a lot of effort put forth to improve the conditions in many places in recent months. I appreciate that and took that action as a sign that the promise previously given to “earmark” the money for the roads has been followed. I voted to not repeal the tax. Let’s not talk about the bullet train. But please do consider these facts when voting in the future. I will. We can’t vote with just our emotions.
By the time you read this, I sincerely hope we are done with this year’s fire season. I had 2 family members move in with me for a while. As of right now, we don’t know if their homes are standing or not. It has been too much to describe with words. I am trying to be more patient with every situation I am in. I have no idea what the other people are going through and it might just be related to the Camp Fire or some other great disaster.

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