America’s Apocalyptic Debt Crisis: 63 Of America’s Largest 75 Cities Are Completely Broke

America’s Apocalyptic Debt Crisis: 63 Of America’s Largest 75 Cities Are Completely Broke

Authored by Mac Slavo via SHTFplan.com,

The debt crisis in the United States of America has reached apocalyptic proportions.  A new and horrifying report out details the reason why 63 of America’s largest cities are completely broke: debt and overspending.

According to a recent analysis of the 75 most populous cities in the United States, 63 of them can’t pay their bills and the total amount of unfunded debt among them is nearly $330 billion. Most of the debt is due to unfunded retiree benefits such as pension and health care costs.  That means those depending on that money, likely won’t see a dime of it. 

“This year, pension debt accounts for $189.1 billion, and other post-employment benefits (OPEB) – mainly retiree health care liabilities – totaled $139.2 billion,” the third annual “Financial State of the Cities” report produced by the Chicago-based research organization, Truth in Accounting (TIA), states. TIA is a nonprofit, politically unaffiliated organization composed of business, community, and academic leaders interested in improving government financial reporting.

Many state and local governments are not in good shape, despite the economic and financial market recovery since 2009,” Bill Bergman, director of research at TIA, told Watchdog.org.

The top five cities in the worst financial shape are New York City, Chicago, Philadelphia, Honolulu, and San Francisco. These cities, in addition to Dallas, Oakland, and Portland, all received “F” grades. In New York City, for example, only $4.7 billion has been set aside to fund $100.6 billion of promised retiree health care benefits. In Philadelphia, every taxpayer would have to pay $27,900 to cover the city’s debt. In San Francisco, it would cost $22,600 per taxpayer.

By the end of Fiscal Year 2017, 63 cities did not have enough money to pay all of their bills, the report states, meaning debts outweigh revenue. In order to appear to balance budgets, TIA notes, elected officials “have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.”

Hartford City News Times

To say that more simply: your children have been sold into debt slavery and owned by the governments; both local and federal. The government is officially punishing the unborn for their inability to handle money.

What a time to be alive…

One major problem area TIA identifies is that city leaders are lying. (What a shock! A lying politician…) These political masters have acquired massive debts despite the balanced budget requirements imposed on them by scamming the public and enslaving them.

“Unfortunately, some elected officials have used portions of the money that is owed to pension funds to keep taxes low and pay for politically popular programs,” TIA states.

“This is like charging earned benefits to a credit card without having the money to pay off the debt. Instead of funding promised benefits now, they have been charged to future taxpayers. Shifting the payment of employee benefits to future taxpayers allows the budget to appear balanced, while municipal debt is increasing.”

It’s only a matter of time until this system built on debt and theft comes crashing to the ground.

How prepared are you?

via zerohedge

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32 Comments

  • Ken_w
    February 1, 2019, 1:21 pm

    But yet these cities continue to fund free health and food stamps to illegal aliens but can not pay their retired city workers. And you people still vote for the democrats. Just plain stupid.

    REPLY
    • Gary Von Neida@Ken_w
      February 6, 2019, 4:26 am

      It would be a safe bet that the majority of these cities are SANCTUARY CITIES.

      REPLY
  • Scott Garder
    February 1, 2019, 1:25 pm

    Need to make all the so called rulers accountable. Go back to when the pension started and remove all the funds from anyone who voted not to fund it completely. Take the family funds of all generation. It’s time for that family to pay their fair share

    REPLY
  • theolddog
    February 1, 2019, 1:33 pm

    Strange how you do not sat a word about the T Rump deficit.
    He’s frantically trying to peddle $1T of government debt certificates around the world with no takers so far.
    Yes, the debt situation of our cities in and issue, but the T Rump deficit is a forest fire that is growing daily.

    REPLY
    • Oscar Pearson@theolddog
      February 1, 2019, 1:48 pm

      The deficit you want to preach about is on Congress!

      REPLY
    • John@theolddog
      February 1, 2019, 1:56 pm

      Did your parents have any children that lived ? Short bus riders like you are the cause of these problems !Obama increased the National Debt in his 8 years more than all National Debt in the history of the United States ! Come over here and drink some more kool aid !

      REPLY
    • Peter@theolddog
      February 1, 2019, 2:57 pm

      Where was your comments while Obama added $9 trillion plus to the deficit over eight years? You blame Trump when you don’t know jack sh-t.

      REPLY
    • DeLaun@theolddog
      February 1, 2019, 3:10 pm

      Yes, just as we should ignore the 19 TRILLION that Obama put us in debt!!

      Old dog you are a hypocrite!

      REPLY
    • Hank Hodgkins@theolddog
      February 1, 2019, 4:16 pm

      Where was your “sage wisdom” when BHO more than doubled our national debt between 2009 and 2017, with no measurable economic recovery other than that financial boondoggle for the auto workers unions, and big banks (AKA Democrat donors)?

      REPLY
      • Lam Master@Hank Hodgkins
        February 1, 2019, 5:36 pm

        Right on Hank, I get a kick out of the “selective outrage” of these people who just woke up in 2016?

        REPLY
    • Shelba J. Holmes@theolddog
      February 1, 2019, 4:59 pm

      The fastest growing debt of all times in this country took place when Obama was in office so why don’t you write a book about that? President Trump is dealing with the fallout from Obama. Typical left wing liar.

      REPLY
    • Gary Von Neida@theolddog
      February 6, 2019, 4:28 am

      You, sir are naught but (as Stalin used to refer to such as Yourself ) a USEFUL IDIOT.

      REPLY
  • Marlene
    February 1, 2019, 1:36 pm

    Vast majority are democrat mismanaged. And, most of them harbor SANCTUARies FOR ILLEGALS.

    All the people that drain the economy. Makes a lot of sense doesn’t it.

    They beat down the honest, legal Americans.

    REPLY
    • Gary Von Neida@Marlene
      February 6, 2019, 4:30 am

      Not so with nancy Pelosi as she called the police on the illegals that dared enter her compound in California.

      REPLY
  • Oscar Pearson
    February 1, 2019, 1:45 pm

    How many are run be liberals?

    REPLY

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