bad cattitude • 3 HN points • 28 Feb 24
- Many major US cities are facing financial difficulties, with a large portion struggling to pay their bills due to high debt and low assets.
- As cities begin to fail, people, especially the wealthy, are leaving, causing revenue holes and an imbalance in city finances.
- The issue is exacerbated by unsustainable pension and retirement health plans that rely on questionable accounting practices and unrealistic assumptions.