Recently, non-government organization Truth in Accounting published a reportabout the financial condition of the 75 largest cities of America. As it turns out, 63 out of 75 cities in America were not able to pay bills at the end of the fiscal year of 2017.
The final result of this study was the calculation of the burden borne by taxpayers in these American cities. The formula is simple: the financial balance of the city (positive or negative) is divided by the number of inhabitants. The result is a good assessment of how effectively the city authorities work, depending on the positive or negative financial balance of the city per capita.
Let us start with the most financially strong cities.
Historically, in the city of Irvine (California), both Democrats and Republicans came to power in City Hall. The last time a Democrat was elected mayor of Irvine was in 2012. In Charlotte, North Carolina, Democratic mayors have been elected since 2009, and before that, Republicans dominated the mayor’s office. In the U.S. capital, Washington, D.C., all the mayors of the post-WW2 years have been Democrats. In the city of Lincoln (Nebraska), Democrats and Republicans alternated in power. Fresno (California) closes the top five of the most financially sound cities in America, in which only Republican mayors have been elected since the beginning of the 21st century.
In other words, for many years, at the helm of these cities with a brilliant financial future were fiscal conservatives, who (occasionally) could be found among representatives of the Democratic Party and representatives of the Republican Party. Moreover, those who earned a pension by working for the city have nothing to worry about, either — the pension funds of these cities are in good shape.
If we turn to the cities at the bottom of the list, the picture is quite different.
First, it is easy to see that the negative balance of cities at the bottom of a financial abyss exceeds the positive balance of those cities at the top of financial well-being by an order of magnitude. Secondly, the political preferences of the inhabitants of these cities are quite unambiguous: they prefer almost exclusively Democrats.
For example, in San Francisco (California), the last Republican mayor was elected in 1964, in Honolulu (Hawaii) in 1994, in Philadelphia (Pennsylvania) in 1954, and in Chicago (Illinois) in 1931. In New York, America’s city in the most dramatic financial hole, the last real Republican mayor left the office in 2001. Republican Rudy Giuliani was replaced by pseudo-Republican Michael Bloomberg, who eventually left the Republican Party. Since 2014, the mayor of New York has been the communist Bill de Blasio, who methodically injects socialism into the city.
The financial results of the Democrats’ reign are such that the financial debt of Chicago and Philadelphia is about 30,000 dollars per resident. New York has fallen into a financial abyss, with more than 60,000 dollars for each resident of the city.
The financial capital of the world is naturally moving toward bankruptcy. By some estimates, this bankruptcy is inevitable. Pensioners of American cities, where Democratic mayors are traditionally elected, should be prepared for the fact that pension funds of such cities will stop paying out at the most unexpected moment. Nobody expects cardinal replenishment of budgets in these cities.
Millionaires, billionaires, and ordinary citizens are leaving such financially disadvantaged cities in droves. With the departure of the rich, jobs leave, too, and with the departure of ordinary citizens, so too departs the skilled workforce. Recently, under pressure from leftists, one of the largest companies in the world, Amazon, had to abandon its plans to relocate to New York City.
It should be noted that in addition to financial collapse, socialists, communists, social democrats, and democratic socialists of New York City chose an additional (and unusual) method of self-extinction and losing political control over the city. As it is known, abortion is allowed in New York City until the very moment of birth. Also, many young people who have gone through schools of political indoctrination (formerly known as “colleges” and “universities”) refuse to have children because of “fear of the consequences of global warming.” They are not aware of the wise statement of Margaret Thatcher: “The problem with socialism is that you eventually run out of other people’s money.”
What soon will remain in New York City? There will be a dump of a politically correct and ideologically progressive electorate voting strictly for Democrats — without any money.
[Originally published at American Thinker]