Sixty-three, out of America’s most populous seventy-five, cities do not have enough money to pay all of their bills. Chicago-based municipal finance watchdog, Truth in Accounting (TIA) revealed these stark news in its third annual, Financial State of the Cities. According to TIA, “This means that to balance the budget, elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.”
And that’s just cities. A bunch of states are in really deep trouble; Illinois is effectively insolvent. Federal debt is closing in on $22 trillion, with a debt to GDP ratio at a banana republic level of 105%, not even counting unfunded liabilities.
This will not end well.
