Chicago, underlying agencies top per-taxpayer debt ranking
When including underlying public agencies such as school districts and transit authorities, Chicago bears the highest per-taxpayer debt burden of any of the 10 most populous cities in the U.S., according to research released today by Truth in Accounting (TIA).
That financial burden equals $119,110 per Chicago taxpayer, according to the nonprofit that promotes transparency in government operations. In contrast, Phoenix’s combined per-taxpayer burden is $13,290.
When TIA examined only municipal debts of the 75 largest U.S. cities earlier this year, Chicago finished with the second highest municipal debt: $36,000 per taxpayer. Only New York City boasted more red ink, at $64,100 per taxpayer.
When the total debt numbers from the 10 cities are examined collectively, the average combined debt burden per taxpayer was nearly $50,000. This calculation includes other government entities’ debt numbers, including those of states and counties.
Per-Taxpayer Debt Loads for Largest U.S. Cities
|Rank (Highest to Lowest)||City||Per-Taxpayer Combined Debt|
|2||New York City||$85,600|