A 'Financial State of the Cities 2023' study examined America’s 75 most populated cities’ fiscal health.
The analysis is based on cities’ tax surpluses and burdens. A tax surplus is the total tax revenues garnered that year, divided by the number of city residents.
A tax burden is the amount needed in tax revenues to pay off state debt, divided by the same metric. The study was done by Truth in Accounting.
It has some difficult truths: 50 of 75 cities could not pay their bills. The combined debt for all 75 cities is $267B.
Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers.
Cities that cannot pay their bills at the end of each fiscal year are known as ‘sinkhole’ cities, while those that can are called ‘sunshine’ cities.
Each city receives grades between A and F - the lowest grade is F, which means the tax burden per citizen exceeds $20,000.
Here are the 10 most fiscally troubled sinkhole cities in serious danger of bankruptcy: #1 New York; #2 Chicago; #3 Honolulu; #4 Portland; #5 New Orleans; #6 Philadelphia; #7 St. Louis; #8 Dallas; #9 Pittsburg; and #10 Miami. (Wealthy Nickle 08/06/23) On the Brink of Financial Collapse: 10 Cities In Serious Danger of Bankruptcy - Wealthy Nickel
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