Cash-Strapped San Francisco Waves Goodbye to Elon Musk’s X
Of course, progressives in The City by the Bay will blame the post-pandemic downturn for the abysmal state of its finances. However, Truth in Accounting already sounded alarm bells in January 2018 when it warned that the jurisdiction was drowning in debt, requiring $7.5 billion to pay its bills. In the short term, officials are trying to keep essential services running. In the long-term, according to the think tank promoting fiscal transparency, San Francisco is grappling with approximately $6 billion in unfunded pension promises and about $4 billion in unfunded retiree health care benefits.
READ MOREJeanne Ives: 'There's no place like Chicago!'
According to Ives, she cited a report from Truth In Accounting to note that every taxpayer in Chicago would have to pay $42,900 to pay off the city’s debt. She also urged Democrats to "spend big in Chicago, where the sales tax rate is 10.25%, and don’t forget to visit the pot shops where sales taxes can exceed 30% on some products!"
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