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Why U.S. Cities Are Going Broke
7 months ago
66
News
24x7
UrbanFinance
CityBudgetWoes
FinancialCrisis
MunicipalDebt
EconomicStrain
LocalGovtTroubles
BudgetDeficit
FiscalStress
RevenueShortage
Spending cuts are abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up. At least 53 major cities have debt obligations that outstrip their assets, according to an estimate from Truth in Accounting. The group estimates higher debt burdens than many public officials report, due to allegedly underreported retiree benefits. The rising public debt may potentially leave future generations on the hook for financial decisions made by today's leaders.
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