“Collectively, the roughly 70 most populous cities in America had $335.4 billion in unfunded debt, with $210.7 billion in pension debt alone, according to a report from Truth in Accounting. From unfunded pension benefits to unfunded healthcare benefits, the cost of government employees is strangling cities in Texas and, unfortunately, change has been slow to come. Truth in Accounting released its second annual Financial State of the Cities (FSOC) report, a comprehensive analysis of finances in 70 major cities, and as with the first, it’s pretty grim.”
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