Q. All of the following should be considered before enrolling in a 529 plan except which?
A. (D) There is a limit on how many colleges you can apply to.
Answer:
The large debt of Texas accounts from the <em>building of extravagant sports facilities and the obligations for the government's workers' pensions.</em>
Explanation:
Since 2015, the local debt of the government of Texas has already exceeded $338. This literally means that every person (including children) in the state owes $12,250 dollars of the country's incurred debt. This is also a result of the country's borrowing binge, which even adds more debts year after year.
There are primarily two reasons why the government of Texas has a large debt. First, they borrow money to build extravagant athletic facilities in schools. This is because the country has a consuming passion for sports such as football. Second, they also have trouble funding the pension system. Most of these systems are underfunded, thus resulting into more contributions coming from each municipalities.
<em>This growing debt needs to have a reform and transparency in order to be addressed properly.</em>
