63 Out of 75 Largest Cities Can't Pay Debt

[angelatc]

http://www.hartfordcitynewstimes.com/news/nation/report-out-of-america-s-largest-cities-can-t-pay/article_6087a94d-0db6-5db8-b48c-c83901a02c3f.html

63 out of America’s largest 75 cities can’t pay their bills, acquired $330 billion in unfunded debt


The top five cities in the worst financial shape are New York City, Chicago, Philadelphia, Honolulu, and San Francisco. These cities, in addition to Dallas, Oakland, and Portland, all received “F” grades.

In New York City, for example, only $4.7 billion has been set aside to fund $100.6 billion of promised retiree health care benefits. In Philadelphia, every taxpayer would have to pay $27,900 to cover the city’s debt; in San Francisco, $22,600 per taxpayer.

TIA analyzes state and city data to make it more accessible and easy to understand for taxpayers and citizens, who TIA argues, “deserve easy-to-understand, truthful, and transparent financial information from their governments.”

By the end of Fiscal Year 2017, 63 cities did not have enough money to pay all of their bills, the report states, meaning debts outweigh revenue. In order to appear to balance budgets, TIA notes, elected officials “have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.”

[TheTexan]

The important thing is that police departments remain funded.

Everything else just falls into place.

[timosman]

The important thing is that police departments remain funded.

Everything else just falls into place.

I think the more important thing is the right kind of leadership is in place. Most of these cities are run by dems. :cool:

[Schifference]

These cities need to do expensive studies. They need to attract illegal immigrants. Become sanctuary cities. Oh yes I almost forgot, these cities need to give all government employees a raise and increase their benefits.

[euphemia]

Supporting government workers for life is the worst idea ever. It keeps them in their jobs way too long and they are a drain forever. Everyone should save for retirement on their own.

[PAF]

These cities need to do expensive studies. They need to attract illegal immigrants. Become sanctuary cities. Oh yes I almost forgot, these cities need to give all government employees a raise and increase their benefits.


From the Freedom Files

Sanctuary Cities and the Rule of Law

http://www.judgenap.com/post/sanctuary-cities-and-the-rule-of-law

[oyarde]

Supporting government workers for life is the worst idea ever. It keeps them in their jobs way too long and they are a drain forever. Everyone should save for retirement on their own.

That is right . They should just have a 401K like everyone else.

[Zippyjuan]

In New York City, for example, only $4.7 billion has been set aside to fund $100.6 billion of promised retiree health care benefits.

If they estimate $100 billion in expenses over the next 50 years, should they have $100 billion on hand right now?



Most of the debt is due to unfunded retiree benefits such as pension and health care costs.

[Anti Globalist]

Lemme guess. Most of them are liberal cities.

[EBounding]

If they estimate $100 billion in expenses over the next 50 years, should they have $100 billion on hand right now?

Yes.

Politicians love doling out these retirement benefits since it allows them to get services now and put the taxpayer on the hook for costs when they aren't in office anymore.

[timosman]

Yes.

Politicians love doling out these retirement benefits since it allows them to get services now and put the taxpayer on the hook for costs when they aren't in office anymore.

Crackheads selling common assets to get a hit. What could possibly go wrong?