Report Shows Major Cities In Debt

 The 75 largest cities in America were collectively $288 billion in debt at the end of fiscal year 2022, according to think tank Truth in Accounting.

Key facts: The new "Financial State of the Cities" report found 53 major cities that do not have enough money to pay their bills.

The report ranked cities based on their "Taxpayer burden": the amount each taxpayer would need to spend for the government to pay off all its debt tomorrow.

Washington, D.C. was the healthiest of 22 cities with a taxpayer surplus.

There would still be $10,700 left over for each taxpayer if the city paid all its debt.

Background: The 75 cities owned a total of $307.4 billion of assets to pay $595.3 billion in liabilities.

California, New York and Texas, for example, each have more state debt than the 75 cities combined. 

https://www.realclearinvestigations.com/articles/2024/04/05/waste_of_the_day_report_shows_major_cities_in_debt_1021265.html