Most of America’s Largest Cities Can’t Pay Their Bills, Says Truth in Accounting
The latest report from Truth in Accounting (TIA), a non-profit that peers behind the financial reports issued by the states and 75 of the largest cities in America, reveals that 63 of those cities don’t have enough money to pay their bills. Even if they liquidated every asset on their balance sheets, taxpayers in those cities would still have to ante up the difference. In some cases, those differences are into six and seven figures.
TIA then rates those cities on the basis of just how much taxpayers would owe if they tried to pay all of their bills. Out of the 75 cities reviewed, only 12 have enough on hand to pay all their bills.
There’s an interactive graph here to show the details, if one dares to know, behind TIA’s conclusions....
