Now one group is questioning those (COVID) spending programs, saying they don’t attack the cities’ real financial problems: huge and growing debt for pensions and retiree healthcare promises. . . . A new report on “Sinkhole Cities” just issued by Truth in Accounting, shows the true precarious financial situation of the 75 largest cities in America. Each city has a “balanced budget” requirement — and they each met that requirement last year. But what they don’t show is their ‘off-budget’ obligations, which tend to revolve around pensions and retiree healthcare.”
Read the full article on: Chicago Tribune