10 Cities In Serious Danger of Bankruptcy

On the Brink of Financial Collapse:

Cities that cannot pay their bills at the end of each fiscal year are known as ‘sinkhole’ cities, while those that can are called ‘sunshine’ cities.

Each city receives grades between A and F — the lowest grade is F, which means the tax burden per citizen exceeds $20,000.

Here are the ten most fiscally troubled sinkhole cities in serious danger of bankruptcy.

Due to a backlog in unfunded retirement entitlements and a litany of bad legislative decisions, New York has the highest tax burden of any state.

New York City – Grade: F

Chicago stands at being the second-most in-debt city in America. The town faces incredible challenges with crime and now pension-based debt.

Chicago, Illinois – Grade: F

The city would require $26,100 in tax recoupment from every state citizen, surpassing the F-grade threshold of $20,000 per taxpayer.

Honolulu, Hawaii – Grade: F

Despite a short-term boost to its pension assets’ valuation, Portland only put aside 44 cents on the dollar for promised pension benefits.

Portland, Oregon – Grade: F

The Big Easy is 71st out of 75 cities in the study, sitting within the dreaded F-zone for their fiscal report. In the past, city officials have been guilty of underfunding pension entitlements and reneging on retiree health care pledges.

New Orleans, Louisiana – Grade: F

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