Financial experts reveal disturbing results about the financial debt of Democrat-led cities.
Chicago and New York Heavily in Debt
The results of the latest financial study, conducted by Truth in Accounting, raise concerns among both experts and the general public. The ten biggest cities in the USA have massive debts and are emptying the taxpayers’ pockets, the study reveals.
Some of the cities with the highest debt are Chicago, New York, Los Angeles, and Philadelphia. As noted by the financial experts, most of the ten financially troubled cities are led by Democrats.
The study in question was led by the organization Truth in Accounting, whose purpose is to reveal the truth about financial developments and the overall economic state of city governments thus warning the citizens about the hazardous or shady deals made by the government officials. The organization wants to keep track of financial developments on the state government and city government levels and inform people about where their taxpayer money is going.
The Taxpayer Burden
In this particular study, Truth in Accounting revealed data about the taxpayer burden on the level of city government. The results paint a disturbing picture as Chicago scored $119,110 in taxpayer burden, New York $85,600, Los Angeles $56,390, Philadelphia $50,120, and San Jose $43,120. The cities that showed to have smaller taxpayer burdens are San Diego, Dallas, Houston, San Antonio, and Phoenix. Nevertheless, the burdens of these five big cities also raise concerns as they are experiencing significant financial issues as well
The latest developments in the city of Chicago demonstrated one of the core issues that result in such a significant taxpayer burden. Namely, the previous month’s protests in Chicago showed that the citizens of the Windy City are outraged with the way their city government manages the taxpayers’ money. The discontent among the Chicago residents rose as their city government made two deals for funding the projects in downtown Chicago. Taxpayers believe that these types of projects and improvements should be financed exclusively by developers themselves, not from taxpayers’ pockets.
Billions of Dollars’ Worth of Cover-Ups
The study indicates that there is one more crucial issue with the city government’s management of taxpayers’ funds. It is about unfunded retirement obligations. There was a promise of $39 billion in benefits which haven’t been funded. The amounts of unfunded pension and health care benefits are also sky-high.
Truth in Accounting points out the city government is covering up the details of their fiscal position, thus deceiving the general public. This organization strives to put an end to this deceitful and arrogant behavior of the government officials. The transparency of the city governments’ fund management is something that taxpayers have a right to.