Guest Post by Martin Armstrong
A study by Truth in Accounting (TIA) revealed that 70% of America’s largest cities fell into a deficit in fiscal year 2022. Out of the 75 cities studied, 53 simply did not have the funds to pay their bills. The study found that the total debt among the 75 cities had reached $288 billion, and despite the $307.4 billion of assets shared among them, the cities held $595.3 billion in unfunded pension plans.
US law requires cities to maintain a balanced budget, yet no one is holding the representative accountable. Mind you, this data was collected BEFORE the migrant crisis toppled city budgets. Cities have been overreporting their revenue and incorporating borrowed funds into their total revenue calculations. These cities push off bills until the beginning of the next fiscal year to alter calculations.
Continue reading “70% of American Cities in Debt – Pension Crisis will Cause Taxes to RISE”