Personal debt and government debt is a world wide problem. Here is an interesting interactive from The Economist:
Take a look at the Britain's overall debt as a percent of GDP or Japan's government debt or Switzerland's personal debt levels. Wow, we aren't the only ones who have gone crazy!
I have been reading recently about Britain's recently presented budget which essentially cuts 25% and greatly increases taxes (including a VAT of 20%). Hmm, paying more and getting less; wonder how that's going to play at the local pub?
So far Texas has been able to get by with no personal income tax and only 8.25% sales tax. Of course, there are property taxes which for us have been stable for the past few years.