New York City Taxpayers Owe $85,400 Each in City Debt Burden

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As NYC struggles with crime, its debt also rises. New York City’s finances are in trouble.

The debt is so high that if broken down by taxpayer, each would owe $85,400 — while the national debt per taxpayer is around $225,000.

OpentheBooks.com

That’s according to Truth in Accounting, a nonprofit think tank that analyzes government finances at the city, state, and federal level. Their recent analysis looked at the 10 most populous cities and how their debt impacts taxpayers in those cities.

That $85,400 number is stark because regular citizens could never pay that kind of government debt. Yet, the NYC gravy train rolls on…

Our auditors at OpenTheBooks.com found that in 2019, the latest year available, the Big Apple had more than 114,000 municipal workers earning $100,000 or more in 2019. That’s up 50% in just four years. (There were 76,166 such employees in 2016.)

In October,  Moody’s Investors Service lowered the credit ratings of both the state and city, and in December, Fitch Ratings downgraded the city’s bond rating and issued a negative outlook.

This is as violent crime has surged — according to NYPD crime stats, there’s 22% more violent crime since May of 2020 and shootings are up 73% in the last 12 months.

New York City is shaping up to be a bankrupt city where tourists can’t go shopping in Times Square without fear of getting shot.

The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.



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