Across America, several big cities are struggling to make ends meet. They’re facing a serious squeeze, and it’s making the taxpayers feel the pinch. Let’s take a look at 18 cities that are tightening their belts, how much they’re in the hole, and why.
New York City, NY
This data comes from a report by the University of Denver. At the top of the list is New York City, where each resident has a taxpayer burden of around $56,900. Sadly, the Big Apple has been spending more than it’s been bringing in, especially on pensions and public services. It’s hard managing such a big city, but officials need to cut down on spending if they want it to survive.
Chicago, IL
Chicago has a taxpayer burden of around $41,900 per taxpayer. The Windy City has struggled with pension funds that don’t have enough money and a declining number of people paying into them. Maintaining all those city services doesn’t come cheap, and as fewer people stay in the city, less money comes in.
Honolulu, HI
Out in paradise, Honolulu’s residents are experiencing issues that aren’t so peaceful, with a taxpayer burden of $26,100. It’s expensive to live on an island that’s far from the mainland, as the cost of living is already pretty high. Their budget relies quite a bit on tourist dollars, which isn’t always steady and has caused issues for the city’s finances.
Portland, OR
Portland’s taxpayer burden is around $23,400 per person. Over the years, the city has been forced to deal with several challenges, including protests and property damage, which doesn’t exactly attract business. Once you factor in those municipal costs, you have a recipe for a budget disaster.
New Orleans, LA
There’s plenty of jazz and fun to be had in New Orleans, but apparently not enough money. The city’s taxpayer burden is $22,700, which is mostly due to damage from natural disasters. Ever since Hurricane Katrina, the costs of rebuilding and keeping the city afloat have piled up, especially since infrastructure doesn’t come cheap.
Philadelphia, PA
Philadelphia has around $21,800 in debt for each taxpayer. The city has some comprehensive welfare programs and a large public workforce, which, while great, costs quite a bit. Unfortunately, the city’s revenue hasn’t quite kept up with the outflow, which has forced the city’s government to make some tough financial decisions just to keep things running.
St. Louis, MO
St. Louis has certainly seen better days, as it has a taxpayer of burden of approximately $18,000. The city has lost several industrial jobs, which has reduced its income and forced residents to move elsewhere. Plus, the cost of fighting crime has also stretched the budget beyond what it can manage.
Dallas, TX
Dallas is a city of big dreams and big projects, but big money? Not so much. The city has around $14,700 in debt per taxpayer, thanks to those ambitious growth plans. After all, they don’t come cheap, and the expected returns haven’t quite happened, which has put pressure on the city to cover these costs.
Pittsburgh, PA
The days of making steel in Pittsburgh are practically dead as the city’s industries have moved towards tech and services. Unfortunately, its financial transition hasn’t been as smooth, as it has a taxpayer burden of around $14,600. Trying to adapt to this new approach to industry means making some huge investments, and the payoff hasn’t caught up yet.
Miami, FL
In Miami, the financial forecast is far gloomier than the weather, as there are around $14,000 in debts per taxpayer. The city has to spend a lot of money managing its coast and infrastructure, which is expensive in a city that has so many natural disasters. Of course, the sheer number of tourists here does bring in some money, but it’s just not enough.
Baltimore, MD
Social challenges in Baltimore have caused a debt of $13,200 per taxpayer. The city is struggling to manage its high public safety and health expenses, especially given that so many people are moving out, which has put more pressure on the people left behind. There’s also a huge educational divide, which has made things worse.
Milwaukee, WI
In Milwaukee, each taxpayer has around $12,900 in debt because so many manufacturing jobs have disappeared from the state. This has reduced people’s incomes and also increased their demand for city services, which has stretched the budget even further. And when you include the city’s pension liabilities, it’s no wonder it’s on the edge of bankruptcy.
Nashville, TN
Nashville’s trying to spread its wings beyond the country music that it’s famous for, but it’s having some difficulties doing so. It has a taxpayer debt of $11,300 per person, which is mostly because so many people are moving into the state. This has pushed up housing prices and stretched the budgets as officials try to make more affordable living options.
Boston, MA
Boston’s a historic city, but it’s also one that’s suffering financially. It has a $9,500 debt per taxpayer, thanks to all the money the government is pouring into schools and hospitals. Keeping those cobblestone streets in good condition isn’t cheap, but it’s all part of the charm of making Boston, Boston.
Cincinnati, OH
Cincinnati’s taxpayers have a debt burden of around $9,500. The city is moving away from its industrial roots to something a little more modern and trying to attract new tech companies and startups. While it’s definitely an exciting change, it’s also expensive, and the city’s cash flow hasn’t caught up yet.
Austin, TX
Austin is struggling to keep up with its own popularity and has a taxpayer burden of $9,400. The city’s growing too quickly for city officials to manage, as practically everything needs a financial boost to keep up. Keeping the lights on and water running comes at a cost that the city just can’t deal with right now.
Lexington, KY
Lexington has plenty of pensions and roads that need paying, which is why it has a taxpayer burden of roughly $9,400. Some of the city’s money also goes into keeping its iconic historic charm alive, which is sadly taking funding away from the necessities. Lexington’s special, but maybe in the wrong way.
Oakland, CA
Thanks to the high cost of living and San Francisco being so close, Oakland is struggling with a taxpayer burden of $9,100. The city’s spending a huge portion of its funding to make life in Oakland better, including on community services and fixing the homelessness problem. Unfortunately, this costs quite a bit.
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