Why Texans Should Vote NO on Every Bond

Every election cycle, voters across Texas are asked to approve billions in new bond debt. The pitch is always the same: better schools, improved roads, upgraded infrastructure. It sounds reasonable on the surface.

The reality: bonds aren’t free. They’re long-term debt obligations backed by your property taxes.

And Texas already has a debt problem.

Debt Isn’t Investment. It’s Delayed Taxation.

When a bond is approved, the government borrows money today and commits taxpayers to decades of repayment.

That means:

• You don’t just pay for the project (your children and grandchildren do)
• You pay for the interest
• You pay for it over 20–30 years

As economist Thomas Sowell famously put it: “There are no solutions, only trade-offs.”

Bond elections are sold as solutions. But the trade-off is long-term debt, and taxpayers are the ones who carry it.

Bonds Are Just Future Taxes in Disguise

Governments rarely frame bonds this way, but they should. Every dollar borrowed must be repaid, with interest, through property taxes.

As Adam Smith warned centuries ago: “The practice of funding has gradually enfeebled every state which has adopted it.”

That warning still applies. Debt shifts the burden forward, often beyond the voters who approved it.

Bonds Drive Property Taxes Higher

Even when officials claim “no new taxes,” that’s often misleading. Bond debt is repaid through Interest & Sinking property taxes. Every new bond adds pressure to maintain or increase those taxes. And even if rates don’t rise, your bill still can.

As economist Milton Friedman put it: “There is no such thing as a free lunch.”

There’s no such thing as a “free bond,” either.

Debt Expands Government Beyond Its Means

Debt doesn’t just fund projects. It enables governments to spend beyond what taxpayers would support if forced to pay up front. That’s the REAL issue.

As Friedrich Hayek observed: “The more the state ‘plans,’ the more difficult planning becomes for the individual.”

When the government grows through debt, individuals lose control over their own financial future.

Today’s Bonds Become Tomorrow’s Burden

What makes bond debt especially problematic is how long it lasts. Most bonds stretch 20 to 30 years. That means future taxpayers, many of whom had no say, are stuck paying for today’s decisions.

As Thomas Jefferson cautioned: “The principle of spending money to be paid by posterity… is but swindling futurity on a large scale.”

That’s exactly what bond debt does.

There’s a Better Way

Infrastructure matters. Public investment matters. But debt shouldn’t be the default. Governments can prioritize, budget responsibly, and fund projects without committing taxpayers to decades of repayment and interest.

It requires discipline. But it protects taxpayers.

The Bottom Line

Voting “yes” on bonds feels easy. The benefits are immediate and visible. The costs are NOT.

They show up later:

• In higher property tax bills
• In reduced flexibility for future budgets
• In long-term obligations passed to the next generation

As James Madison put it: “A public debt is a public curse.”

If we want lower taxes, stronger communities, and a government that lives within its means, the answer is simple:

Vote NO on every bond.