America’s 10 largest cities drowning in debt
The coming dark age: According to a new report [pdf] from an independent government watchdog, the United States’ ten largest cities are all deep in debt, with taxpayer burdens for that debt ranging from $119K to $13K per taxpayer.
Almost all the cities on this list are and have been run by Democrats for decades, with Democratic strongholds Chicago, New York, Los Angeles, and Philadelphia holding the four top spots. Nor have the Republicans been innocent or responsible. In cities where they had some control, such as New York when Rudy Giuliani was mayor, little was done to rein in spending. Still, Democrats have held the bulk of political control in big American cities for the last century, so much of this debt comes from their policies.
The watchdog group that issued the report, Truth in Accounting, also focused on the dishonest accounting practices used by all these cities to hide their debt.
“The largest cities in the U.S. issue so-called ‘Comprehensive Annual Financial Reports,’ but most of them aren’t so comprehensive,” Bill Bergman, Truth in Accounting’s director of research, told Fox News via email.
The report questioned if cities’ annual financial reports “comprehensively track municipal accounts such as school districts, transit agencies, utility systems, etc.” Annual financial reports “for a city doesn’t present the full picture of their fiscal position, and is deceptive to the public,” the report said.
None of this is news. Politicians of all strips at every level of government have been faking their accounting for decades to allow them to spend more money than they have. The result is debt across the board, at every level of American government, with the worst debt held by our out-of-control federal government.
Are the politicians to blame? Yes, but the source of their corruption really falls on the voters, who have favored such politicians because they have been giving money away to those taxpayers. Rather than be responsible citizens, Americans for the past half century have been greedy and selfish, using their governments to get as many free handouts as possible. Or they have been willing to countenance big payouts to unions and others, sometimes for naive idealism, and sometimes because of pure laziness to pay attention to such matters.
Can the U.S. clean up this mess before the whole house of cards collapses? That remains unknown. Trump’s election hints that the voters might be willing to try, but then, Trump is no budget-cutting hawk. He believes in lots of government spending as well, from NASA to infrastructure. It remains to be seen whether the American public has begun to recognize this unsustainable situation. My sense is that they have become aware, but are still unwilling to make the hard sacrifices necessary to fix the problem. For example, the worst political offenders here remain the Democrats, and there is absolutely no indication of them losing power in the big urban cities named in this report. The debt grows, but the voters continue to support them.
Until we see a full house-cleaning in the Democratic Party, the situation is simply not going to improve.
The coming dark age: According to a new report [pdf] from an independent government watchdog, the United States’ ten largest cities are all deep in debt, with taxpayer burdens for that debt ranging from $119K to $13K per taxpayer.
Almost all the cities on this list are and have been run by Democrats for decades, with Democratic strongholds Chicago, New York, Los Angeles, and Philadelphia holding the four top spots. Nor have the Republicans been innocent or responsible. In cities where they had some control, such as New York when Rudy Giuliani was mayor, little was done to rein in spending. Still, Democrats have held the bulk of political control in big American cities for the last century, so much of this debt comes from their policies.
The watchdog group that issued the report, Truth in Accounting, also focused on the dishonest accounting practices used by all these cities to hide their debt.
“The largest cities in the U.S. issue so-called ‘Comprehensive Annual Financial Reports,’ but most of them aren’t so comprehensive,” Bill Bergman, Truth in Accounting’s director of research, told Fox News via email.
The report questioned if cities’ annual financial reports “comprehensively track municipal accounts such as school districts, transit agencies, utility systems, etc.” Annual financial reports “for a city doesn’t present the full picture of their fiscal position, and is deceptive to the public,” the report said.
None of this is news. Politicians of all strips at every level of government have been faking their accounting for decades to allow them to spend more money than they have. The result is debt across the board, at every level of American government, with the worst debt held by our out-of-control federal government.
Are the politicians to blame? Yes, but the source of their corruption really falls on the voters, who have favored such politicians because they have been giving money away to those taxpayers. Rather than be responsible citizens, Americans for the past half century have been greedy and selfish, using their governments to get as many free handouts as possible. Or they have been willing to countenance big payouts to unions and others, sometimes for naive idealism, and sometimes because of pure laziness to pay attention to such matters.
Can the U.S. clean up this mess before the whole house of cards collapses? That remains unknown. Trump’s election hints that the voters might be willing to try, but then, Trump is no budget-cutting hawk. He believes in lots of government spending as well, from NASA to infrastructure. It remains to be seen whether the American public has begun to recognize this unsustainable situation. My sense is that they have become aware, but are still unwilling to make the hard sacrifices necessary to fix the problem. For example, the worst political offenders here remain the Democrats, and there is absolutely no indication of them losing power in the big urban cities named in this report. The debt grows, but the voters continue to support them.
Until we see a full house-cleaning in the Democratic Party, the situation is simply not going to improve.
