By Adam Andrzejewski for RealClearPolicy
New York Metropolis is in hassle. A brand new report by Reality In Accounting, a nonpartisan nonprofit that makes a speciality of authorities transparency, exhibits that New York Metropolis has $204.4 billion in debt—$71,400 per taxpayer.
Because of this every taxpayer must pay $71,400 in future taxes with out receiving any associated providers or advantages.
In keeping with the report, New York Metropolis ranks lifeless final in an evaluation of the monetary well being of 75 main U.S. cities, incomes it the label of “sinkhole metropolis” primarily based on its abysmal monetary state. Their per resident debt is about $30,000 greater than the subsequent worst metropolis, Chicago.
In fact, that is after the state of New York obtained $112 billion in federal aid funds, most of which went to New York Metropolis.
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What went so fallacious? Reality In Accounting blames bloated retiree healthcare advantages and pension obligations. The report states, “The town’s pension plans are 78 % funded, however the metropolis has funded solely three % of the $117.4 billion in different post-employment advantages that workers have earned and been promised.”
Promising extravagant advantages with out having a strategy to pay for them hardly ever ends effectively.
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Sadly, it doesn’t seem to be this debt goes anyplace. Relatively than doing the powerful work to really stability the finances, New York Metropolis Mayor Eric Adams is looking for laws to extend the amount of cash New York Metropolis can borrow by $19 billion, a transfer his personal comptroller calls “fiscally imprudent.”
Extravagant spending isn’t solely a federal downside. Your native cities, cities, and states all have an obligation to spend responsibly.
You should use Reality In Accounting’s software right here to see the quantity your metropolis is in debt.
Syndicated with permission from Actual Clear Wire.
The #WasteOfTheDay is offered by the forensic auditors at OpenTheBooks.com.
The opinions expressed by contributors and/or content material companions are their very own and don’t essentially replicate the views of The Political Insider.
