Spoiler alert: almost none of the 75 most populous cities in America have enough money to pay their bills. Overall, those cities have racked up an astounding $335.4 billion in unfunded liabilities. Of that, over $210 billion consists of unfunded pension commitments.
That's the conclusion reached by Truth in Accounting, a non-partisan think tank that advocates for transparent and honest accounting in public finances. They examined the finances of the top 75 most populous cities in the U.S. and found that 64 of them balanced their budgets only because "elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers." In addition, one of the top five cities with the best health, Stockton, Calf., garnered an overall grade of B for its fiscal health, but only because they declared Chapter 9 bankruptcy three years before and were able to renegotiate contracts to gain significant debt relief.
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