Big cities debt up despite COVID-relief

Anew report on the fiscal health of the 75 most populated U.S. cities during fiscal year 2020 paints a bleak picture.

Truth in Accounting’s sixth annual Financial State of the Cities report found that 61 cities did not have enough money to pay all of their bills. Total debt among the 75 largest U.S. cities amounted to $357 billion at the end of the fiscal year 2020, which was $23.5 billion worse than the last fiscal year.

Chicago has the second highest debt of large U.S. cities, saddling each city resident with over $43,000 dollars in unpaid bills. Only New York City residents owe more.

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The report viewed the Second City as a “sinkhole city” because it owed nearly $39 billion in debt largely stemming from underfunded pension obligations.

The average taxpayer burden across all 75 cities in the report comes out to $7,731.

justthenews.com/nation/states/center-square/report-shows-largest-cities-debt-grows-despite-covid-relief-funds

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