City Controller Rachael Heisler urged the mayor not to count on that money in coming years. But Mr. Gainey’s revised revenue projections actually increased the amount of money the city expects to collect.

A report by Truth in Accounting found that 53 of the 75 largest U.S. cities don’t have enough funds to cover their pension obligations, and that doesn’t consider what would happen if pension funds lost their value in a market downturn. These obligations could kneecap cities in the event of true emergencies, making it more challenging to devote financial resources where they’re needed.

Of course, progressives in The City by the Bay will blame the post-pandemic downturn for the abysmal state of its finances. However, Truth in Accounting already sounded alarm bells in January 2018 when it warned that the jurisdiction was drowning in debt, requiring $7.5 billion to pay its bills. In the short term, officials are trying to keep essential services running. In the long-term, according to the think tank promoting fiscal transparency, San Francisco is grappling with approximately $6 billion in unfunded pension promises and about $4 billion in unfunded retiree health care benefits.

According to Ives, she cited a report from Truth In Accounting to note that every taxpayer in Chicago would have to pay $42,900 to pay off the city’s debt. She also urged Democrats to "spend big in Chicago, where the sales tax rate is 10.25%, and don’t forget to visit the pot shops where sales taxes can exceed 30% on some products!"

Ben Shapiro cites our national debt clock in his latest podcast episode. 

So far in the fiscal year 2024, the federal government has had to borrow about $5 billion every day.

The Congressional Budget Office said Thursday the federal budget deficit was $1.5 trillion for the first 10 months of fiscal year 2024, which covers October through July.

While New Jersey has amazing beaches, farm fresh fruits and vegetables, along with great craft breweries and wineries, this is an expensive state to live in. New Jersey is home to the third-most Household Expenses in the United States.

According to research by the non-profit organization Truth In Accounting, New Jersey has been one of the worst fiscal states in America over the last 10 years.

As a side note, the Cato report relied on data from Truth In Accounting (https://www.truthinaccounting.org/), a respected financial think tank whose mission statement is “to educate and empower citizens with understandable, reliable, and transparent government financial information.” For citizens brave enough to check out this website, be forewarned. It presents the most troubling forecast imaginable. For example, its running total of the national debt increases more than $10 million every second. If that doesn’t scare you, it will assuredly scare your children and grandchildren. 

Chicago Public Schools reported a budget gap of $500 million this year, and Mayor Brandon Johnson did not rule out a high-interest loan to cover it.

Truth in Accounting Founder and CEO Sheila Weinberg told The Center Square that the city needs to make cuts or add revenue, and she does not consider a loan as revenue.

According to Truth In Accounting’s annual Financial State of the Cities report, Denver is already a sinkhole city, with not enough money to cover its obligations, to the tune of about $6400 per taxpayer.   And according to the latest PODS report, Denver is now the #12 city in the country for people to leave.

Adding the burden of a unionized city workforce will only make things more expensive.  Those taxpayers who are able to leave will do so, and those who are worse off will be left behind with the bill.