In its eighth annual Financial State of the Cities report, the right-leaning think tank Truth in Account determined that as of 2022, 53 of the country's 75 largest cities have fewer assets than liabilities.
The report notes: At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.
Together, the 75 cities had $307.4 billion worth of assets available to pay bills; their debt, including unfunded retirement benefit promises, amounted to $595.3 billion.
According to the analysis, the biggest obligation faced by large cities is their pension liabilities, which become more affordable based on the market worth of investments: In 2022, the cities continued to receive and spend federal COVID-19 relief funds, and as the U.S. economy reopened, they took in additional tax revenue.
The most common grade was D, followed by C and B. The cities are also analyzed on their respective taxpayer burden, which means the amount of money every taxpayer would have to pay in order for the budget to be balanced.
Unsurprisingly, nine out of the ten cities with the largest taxpayer burden are run by Democrats.
Some cities were in taxpayer surplus, meaning they could afford to give every taxpayer a certain sum of money and still have a balanced budget.
https://redstate.com/benkew/2024/02/20/most-of-americas-big-cities-are-broke-analysis-finds-n2170396
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