America’s largest cities drowning in debt

FOX NEWS:

America’s 10 largest cities, largely Democrat strongholds, are drowning in municipal debt, according to a new report from government watchdog Truth in Accounting.

The report sought out “to determine what … overlapping financial entities mean for taxpayers’ bottom line.” Truth in Accounting said its purpose was to “calculate the various bills (and surpluses, when available) at the city government level and divide them out to determine a per-Taxpayer Burden.”

The two cities with the highest burden: Chicago and New York City; Chicago’s combined taxpayer burden: $119,110; New York City’s combined taxpayer burden: $85,600.

Chicago has been a hotbed for such burdens.

The Chicago City Council approved $2.4 billion in tax subsidies for two major developments in early April. Protesters gathered at City Hall chanting against the deals. Critics said the projects are in prosperous parts of Chicago and developers should pay for infrastructure improvements, not taxpayers.

Chicago’s combined Taxpayer Burden: $119,110
New York City’s combined Taxpayer Burden: $85,600
Los Angeles’ combined Taxpayer Burden: $56,390
Philadelphia’s combined Taxpayer Burden: $50,120
San Jose’s combined Taxpayer Burden: $43,120
San Diego’s combined Taxpayer Burden: $35,410
Dallas’ combined Taxpayer Burden: $33,490
Houston’s combined Taxpayer Burden: $22,940
San Antonio’s combined Taxpayer Burden: $16,660
Phoenix’s combined Taxpayer Burden: $13,290 ​​​​​​

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