Why U.S. Cities Are Going Broke
Рет қаралды 821,541
Spending cuts are abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up. At least 53 major cities have debt obligations that outstrip their assets, according to an estimate from Truth in Accounting. The group estimates higher debt burdens than many public officials report, due to allegedly underreported retiree benefits. The rising public debt may potentially leave future generations on the hook for financial decisions made by today's leaders.
Correction (4/25/24): At 7:45 a previous version of this video incorrectly named the Mayor of Chicago. His name is Brandon Johnson.
Chapters:
0:00-01:01 Cold Open
01:10-04:45 Chapter 1: Spending
04:45-06:53 Chapter 2: Management
06:53-08:39 Chapter 3: Credit ratings
08:39-10:46 Chapter 4: Federal help
Produced and Edited by: Carlos Waters
Animation: Christina Locopo, Jason Reginato
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images
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Why U.S. Cities Are Going Broke
@franknuzzo2576 14 күн бұрын
They don’t have a cash flow problem. They have a spending problem.
@nuevision8 12 күн бұрын
They have a government salaries & benefits problem. They have a federal income taxes problem.
@elonever.2.071 11 күн бұрын
They also have a hyper inflation problem.
@franknuzzo2576 11 күн бұрын
@@elonever.2.071 Inflation is built into the system, unfortunately. It’s what people want, also unfortunately.
@KASLtja 11 күн бұрын
Corporations control politics
@aab-el9bd 11 күн бұрын
@@franknuzzo2576 Inflation only benefits the wealthy, whose assets increase faster than the rate of inflation. The middle class doesn't want inflation and the poor get crushed by inflation.
@braggfamily1123 15 күн бұрын
Politicians definitely are not broke
@richardmead5969 7 күн бұрын
total corruption politicians are not for us on either side, it`s about show me the money
@willieduffie4967 6 күн бұрын
They are breaking us!
@rannyorton 7 күн бұрын
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
@belljoe 7 күн бұрын
Biden is worst thing that happened to us
@smithlenn 7 күн бұрын
TRUMP 2024
@dawsondanny990 7 күн бұрын
Having an FA is the best way to go. Based on a direct encounter with a CFP named Julia Hope Marble I can say with certainty that their skills are excellent. She helped raise over 580,000 in 18 months from an initially stagnant portfolio of 150,000
@dawsondanny990 7 күн бұрын
Having an FA is the best way to go. Based on a direct encounter with a CFP named Julia Hope Marble I can say with certainty that their skills are excellent. She helped raise over 580,000 in 18 months from an initially stagnant portfolio of 150,000
@dawsondanny990 7 күн бұрын
It’s a delicate economical season, so you can do nothing or little on your own. Hence, I will suggest you get yourself a financial advisor that can provide you with valuable financial information and assistance.
@kortyEdna825 8 күн бұрын
The 1% of rich Americans think of how to invest their money to increase their wealth during the recession. While the 99% of struggling hard-luck Americans think of how to survive without food and daily necessities in the recession and the coming hyperinflation. I am just about to make my first index fund purchase via vanguard. I intend to invest long term. just getting slightly stuck on how I balance my percentage portfolio between equity vs bonds. Low risk is good for me. Any tips
@PatrickFitzgerald-cx6io 8 күн бұрын
You are absolutely right ,firstly I believe money in the bank is not money because it is bond to inflation and losses values overtime, You have to be well disciplined to achieve success and save before you spend Lastly success does not happen overnight it takes time, dedication and self discipline
@Pamela.jess.245 8 күн бұрын
money is a liability, not an asset. You have to exchange it for assets that represent real VALUE. Real estate - properties for rent. Stocks (dividends). Bonds (interest), funds, REITs (interest), intellectual property, The aid of an institutional or basic financial advisor's cannot be over expressed. I started saving and investing in 1989 at the age of 20... I am 54 today and have 2.2 million in my retirement account, 135k liquid and I trade securities with 50-55k
@foden700 8 күн бұрын
I'm bombarded with the don't sit on it during the inflation, I wanted to jump in 8/22 and did nothing. So far this year I think I need to get my feet wet but I stopped listening and taking financial advise from KZfaqrs, because at the end of the day, I end up with a bunch of confusing stories. Have you always had guidance?
@Pamela.jess.245 8 күн бұрын
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@foden700 8 күн бұрын
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
@ryv2484 11 күн бұрын
The city may be broke but the ones who are in charge of it sure aren’t. Wonder why that is? 🤔
@joannlarson6386 8 күн бұрын
Bingo
@Botoburst 7 күн бұрын
They should be fined for every year they run a deficit. They can work for nothing until they prove themselves.
@nokateno 7 күн бұрын
Yes, yes. Quite curious indeed.
@user-mn5sn7iy2x 7 күн бұрын
Because theyre greedy democrats?
@BloodSweatandFears 7 күн бұрын
Exactly why they released this nonsense “explanation”
@meowismeify 12 күн бұрын
Yet we had 95 billion to give Taiwan, Israel, and Ukraine...
@georgewolfiii1170 9 күн бұрын
Yes, and about 85% of all foreign aid is embezzled by the recipient countries, who are required to kick back part of the money to US officials. Foreign aid has always been a real gravy train for top US government officials.
@geraldarnoult 9 күн бұрын
That money goes to U.S. contractors and the U.S. Military industrials complex not what that sounds like
@HiDefHDMusic 9 күн бұрын
@@geraldarnoultso it’s even worse than just giving them money, like significantly worse
@StankHunt42 9 күн бұрын
And thats just one pay package. Theres been many before it and many will come after
@meowismeify 9 күн бұрын
@@HiDefHDMusic lol exactly
@alicegomez7232 7 күн бұрын
Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35,000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.
@teresita2- 7 күн бұрын
Save at least 20% in your 401(k). Use online calculators to determine your ideal contribution based on age and income. This strategy ensures a comfortable retirement and capitalise on compound interest for growth.
@albacus2400BC 7 күн бұрын
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
@Sampson-jh7yq 7 күн бұрын
What steps can I take to engage in this opportunity? I genuinely aim to secure my financial future and am enthusiastic about taking part.
@albacus2400BC 7 күн бұрын
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@RuthEvelyn-rc3bg 7 күн бұрын
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
@sethalexander3164 11 күн бұрын
“America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.” - Abraham Lincoln, First Republican President
@user-ko5ng3lm1z 10 күн бұрын
thats exactly what that Russian defector said back in the 70's or 80's theres a vid of him giving you step by step instructions... and well it's happened.
@thetruthalwaysscary 9 күн бұрын
Theye try to provoke a nuclear war with Russia and pushing an economic war with China, while the USA depend on China that is irreversible. Instead of cooperating and use the 1.4 billion people market to make the USA even richer..the USA politicians want to dominate.
@sethalexander3164 9 күн бұрын
Thats why CAPITOLIST SOLD OUT TO CCP
@Kado1609 9 күн бұрын
@@user-ko5ng3lm1z yuri bezmenov i think you are talking about? not sure just a guess
@Number6_ 9 күн бұрын
Wrong about 1st republican president. UpTo 1860 the 2 parties were wigs and republicans. But since no one would vote wig, they changed there name to republican to get votes. So the real republican party changed there name to democratic party. Look it up! Not that Abe was democratic at all.
@J.Shabazz 11 күн бұрын
ONE WORD: CORRUPTION
@buravan1512 10 күн бұрын
The writing is on the wall 🧱
@__cdb 8 күн бұрын
Single-party Democrat cities have a revolving door of dirty politicians who select companies owned by friends and family to manage all of their city services for like the homeless, streets, garbage etc. San Francisco sidewalk cleaners (who just pressure wash the sidewalks) earn over $100,000 per year! Just to spray sidewalks! This is why they will never fix homelessness - because they make too much money from it.
@Paetaor 7 күн бұрын
Sending money to other countries doesn’t help.
@richardmead5969 7 күн бұрын
true or soros deep state agenda
@ludwigdrummer7802 7 күн бұрын
I think New York City treats corruption the way drug dealers treat seizure of shipments retailers treat theft and suppliers treat damage. It's built into their "business" model. Drug dealers assume 10% of what they ship will get seized. Retailers assume 10% of what they have in stock will be stolen. Companies assume 10% of product gets lost due to damage or other means. It's built into the price of everything. I don't know what New York City takes corruption to account as a percentage, but let's say it's 10%. That is a huge amount of money and probably acceptable. I'm not saying it's acceptable to the average citizen or me or you but in the grand scheme of things it's acceptable. You also have to assume that at least 10% of police officers are on the take. Don't get me wrong I like the police but you just have to accept reality.
@misterfunnybones 15 күн бұрын
It's all debt. Anyone saying taxes are too high doesn't realize debt is already supporting their lifestyle more than they can imagine. Roads, water, sewer, basic infrastructure, is built, then needs maintenance, then needs replacing. It's funded by debt.
@N0Xa880iUL 15 күн бұрын
This can go on indefinitely as long as the US manages to remain the global reserve currency.
@communismisthefuture6503 15 күн бұрын
@@N0Xa880iULI had a stroke trying to read that
@N0Xa880iUL 15 күн бұрын
@@communismisthefuture6503 why
@communismisthefuture6503 15 күн бұрын
@@N0Xa880iUL it doesn’t make sense in English
@N0Xa880iUL 15 күн бұрын
@@communismisthefuture6503 Okay. What would be the correct sentence?
@bruhzooka 9 күн бұрын
nobody can afford stuff anymore. Everything 30% more expensive, but nobody got a 30% raise.
@cool2180 10 күн бұрын
95 billion to another country vs being spent in America
@rector0455 9 күн бұрын
For 5 bln we could've had a southern wall that would've at least been a start to controlling immigration but remember that cost too much. 🙄
@HiDefHDMusic 9 күн бұрын
@@rector0455I’d rather have immigrants than you, why would I fund a wall?
@AnkitBhatiaat 9 күн бұрын
@@HiDefHDMusic because now you're paying to house and feed strangers indefinitely
@HiDefHDMusic 9 күн бұрын
@@AnkitBhatiaat yeah I do that anyway for rich people and that hasn’t done anyone any good ever
@rector0455 9 күн бұрын
@@HiDefHDMusic I'd rather you have received a functional command of the English language in school, unfortunately, that's not what happened. To answer your question though, you should support the wall because curbing illegal immigration will increase demand for American labor, which means an organic rise in wages for American workers rather than these idiotic, inflation-exacerbating minimum wage hikes every few years, it would further inhibit the flow of illegal drugs and human trafficking, as well as have a positive effect reducing the levels of crime on our streets, mitigate the housing shortage and benefit national security. The better question is, why the hell wouldn't you support it unless you want more inflation, more crime, more illegal drugs, further depressed wages etc.? I can only think of two explanations... Either you hate this country and want to see it destroyed, or you've been programmed via the idiot box by people with those goals and lack the capacity to dispel these insidious notions on your own.
@msoldate 15 күн бұрын
New York acts like a kid with a 450 credit score trying to get approved for a Dodge Hellcat 😂
@doomkid1331 15 күн бұрын
Precisely 💯💯💯
@stephenc2481 15 күн бұрын
....act like a college kids who want the "college experience" at expensive universities and go into debt for it. Maybe Biden will do the loan forgiveness with NY.
@thezenarcher 15 күн бұрын
lol what are you talking about NYC has an AA credit rating
@za3739 15 күн бұрын
@@thezenarcher😂
@stachowi 15 күн бұрын
plus they know as long as the cities keep voting democrat they'll get bailed out by the federal government.
@mr_0n10n5 15 күн бұрын
Most cities take on debt with the assumption that growth will continue as it did in previous years. Boy were they wrong
@jryde421 15 күн бұрын
Yeah especially when they putting the money in their pockets and not actually into the city
@raw7504 15 күн бұрын
Also doesn’t help when the police make up 40% of the budget in some cities Im sorry but police don’t need armored vehicle and grenade launchers
@Dendarang 15 күн бұрын
To me the problem seems to be treating cities like they're states or countries when they aren't. That matters because for the past 80 years and for the foreseeable future the US has grown and will continue to grow and growth is the default - there have only been a couple of years of recessions since WW2 where GDP fell year over year. But cities are significantly smaller units with significantly different outlook and growth is not necessarily the default assumption for them. During the Cold War when the US was booming and experiencing unprecedented growth a lot of cities were struggling or going broke because people were leaving them and going to suburbs or to some other city in the Sun Belt.
@rudysal1429 15 күн бұрын
@Dendarang the fact that you said "growth is the default" is the exact problem that is happening now. The people in charge had this mindset that growth was always going to happen and never considered that population growth would start stagnating or even declining. We are starting to drop in population and with it go demand for goods and services, less jobs from less demand, less revenue, etc.
@spicychad55 15 күн бұрын
Cities have to pay road maintenance themselves without federal help, big expense.
@tml2212 10 күн бұрын
NY is full of billionaires and property prices skyrocketing, but politicians don't know how to fix the debt 😂
@racingbeats1493 8 күн бұрын
The billionaires will simply just leave if you tax them into oblivion. Slowly raising them for higher income is the way. They SHOULD be rising though
@holmbergaudio 7 күн бұрын
Why should they fix the debt? People vote for it.
@philipdillon83 7 күн бұрын
@@racingbeats1493 No they wont. New york is where all the money is, and New York already had high taxes and it still has the most Billionaires.
@aSASa45454 7 күн бұрын
@@holmbergaudio As if we have too many public services.. clown
@smallestcat 7 күн бұрын
@@philipdillon83when the city is malfunctioning, crime ridden, dirty, dangerous and expensive will their employees still want to live and work in NY? How's that working out for San Francisco?
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Thanks to Mrs Deborah Davis.
@joscarface_0126 15 күн бұрын
Look who’s running those cities.
@mr.castle 11 күн бұрын
That's a decades problem for all of those places..
@greglane3978 11 күн бұрын
Let me guess. The political party that supported slavery?
@teebone2157 11 күн бұрын
it doesnt matter who runs it with to many citizens are poor so tax revenues are low. THINK
@mr.g.culinary 11 күн бұрын
Yup, and all with D’s in front of their names.. it’s so sad to see
@markd.5471 11 күн бұрын
"Cities."
@skipmatsey8352 15 күн бұрын
Irresponsible governance, excessive pensions, waste, fraud, poor planning, the list goes on.
@lindamorado9828 12 күн бұрын
And illegals, nobody wants to tell the truth.
@toddlavigne6441 10 күн бұрын
I jus posted the exact same thing
@Maadhawk 8 күн бұрын
One thing you will never hear from something like this is how those cities are also destroying their revenue by driving small businesses away.
@firminhofrasco3906 10 күн бұрын
The problem is the system: A mayor with 4 year mayoralty can spend financed with debt to be payed in 10 years. They spent to buy votes and leave before they have to pay the bill. Leaving the problem to the next. The problem accumulates until it is unsustainable.
@__cdb 8 күн бұрын
That's what Biden's been doing.
@ManiaMusicChannel 15 күн бұрын
I feel like we are going into a Great Depression not even a Great Recession anymore
@MichelleLyn84 12 күн бұрын
You are definitely not far off. People keep underestimating how bad off we are doing. The Fed isn’t even going to cut interest rates until March of next year now, Russia just pulled out Billions out of JPMorgan. Banks are falling, and will continue to fall. This government has had the wrong idea. Thinking they can tax us to death, print money endlessly, and they’ll be fine. It’s like living beyond your means without planning for maintenance needs, insurance needs, it’s all tumbling down. A lot of people will suffer, but honestly, it needs to happen, especially to the elite and big banks. They need a reality check.
@elonever.2.071 11 күн бұрын
That is what a lot of experts are saying. I hope they are wrong.
@EM-oo1sk 11 күн бұрын
Tell that to illegal immigrants who are eating 3x a day with free medicare.
@darkmagician2521 11 күн бұрын
@@elonever.2.071 We're 5 years away from the Great Depression's 100th anniversary so they just might. Yes. There are countermeasures and safeguards that were created from the Great Depression's aftermath, but it doesn't mean they'll fully stop the next economic crisis on a depression level.
@Zeakthecat 11 күн бұрын
@@darkmagician2521 some of those safeguards were removed during the clinton and reagan administrations, which has caused a lot of the economic hardships we have had today. reaganomics has had a detrimental impact on the middle classes ability to survive a great depression, the middle class themselves has been shrinking drastically since the 1980s, the way we build homes also has a impact. on top of this, Clinton removed safeguards prohibiting banks from issuing mortgages to subprime borrowers, which is what basically caused the 08 housing market crash that almost lead to a even worse outcome than the great depression: a total economic shutdown.
@garrusch7063 15 күн бұрын
The suburb I live in demolished a 75 year old high school (nothing wrong with it) and wants to build a new one with higher taxes. They are also building a 12,000 square foot golf course glub house at a cost of $12 million dollars (a cost that is 4X normal construction costs). I can't believe what's going on in my city. It's criminal.
@JeffCaplan313 14 күн бұрын
Because the cities are run by criminals.
@peanutarbuckle2980 13 күн бұрын
no one asked
@christianpimentel1426 12 күн бұрын
@peanutarbuckle2980 I found his response interesting, at least.
@spectre3492 12 күн бұрын
When people spend other’s money, they don’t care
@jeffrobodine8579 12 күн бұрын
The Teachers Unions get what they want regardless of cost to the taxpayers so you get what you vote for.
@Sirius39170 10 күн бұрын
This migrant situation is out of control.
@poempadgett4664 10 күн бұрын
_Finally,_ a comment mentioning their totally ignoring that undeniable aspect of our economy. Thank you.
@geraldarnoult 9 күн бұрын
Nothing to do with migrant, so-called illegal aliens get all forms of taxes stolen becouse there made up S.S. number don't match there name, so the money gets stolen, its called the set-Assid or suspension fund, tens of billions held for mismatch, also the migrants claiming asylume are not allowed to work, asking for work, the response, you are not allowed to work, there tracked, so its not like illegal alien, most of them have been in the U.S. for years, most people today are claiming asylum its legal, but you do not get asylume for work, you must say you are in danger, get the money form the illegal alien slush fund in Washington and by the way few Mexicans are crossing the border illegally, not even legally migrating to the U.S.
@HiDefHDMusic 9 күн бұрын
@@poempadgett4664why would I care? I don’t want *you* here
@StankHunt42 9 күн бұрын
Actually the democratic party is outta control. Hence why all those cities are democrat run
@AnkitBhatiaat 9 күн бұрын
@@HiDefHDMusic go back, pedro
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@orlyt274 11 күн бұрын
That's why taxes need to be spent more wisely. Unfortunately policy makers don't understand that.
@tonyburzio4107 10 күн бұрын
It's not policy makers, we reward spending with votes.
@neon75105 9 күн бұрын
Neither are true. Taxes are not what is running this country anymore. It's debt. Votes aren't rewards. Your vote is meaningless when someone can buy the politician. Edit: Read, "Inequality and Democratic Responsiveness: Who Gets What They Want from Government?" by Martin Gilens.
@AL-lh2ht 9 күн бұрын
@@neon75105 oh yea you big smart declaring "votes don't matter".
@neon75105 9 күн бұрын
@@AL-lh2ht Here, read the following: www.princeton.edu/~mgilens/idr.pdf
@margyrowland 9 күн бұрын
It’s not their money 🤷♀️
@edo6159 15 күн бұрын
Because we keep fighting wars and funding other countries while neglecting ours….
@beingsshepherd 13 күн бұрын
Politicians are even wearing Ukraine flag pins. Brazen.
@UmmYeahOk 12 күн бұрын
Your city taxes aren’t funding the military. What’s happening is these cities have become unaffordable to the working class, so they either leave, or become what is known as “homeless.” That’s why some states have decided that cars should be included as part of your annual property tax. You’re working full time, but can only afford to live in your car, so tax the car.
@alexisf22 12 күн бұрын
Preach exactly 👍
@gideondejongh838 12 күн бұрын
Bingo.
@Andromeda2976 12 күн бұрын
Exactly and not even checking your own backyard: China owns 80% of the farmland in USA
@investwithjeff 9 күн бұрын
We have never had so many Politicians who don't work for the people but work for the sponsors who put them in office
@the_derpler 11 күн бұрын
It's become so expensive to live in these places that tax payers are leaving I bet. Seems the uber poor can live there due to the benefits big cities provide, the uber rich can live there because they are rich, yet the middle, they always need to leave by the time they his child having age. So you lose that tax income.
@jeffreystanley4991 15 күн бұрын
Completely separating where people live And where people work was a completely stupid decision.
@jrho8033 15 күн бұрын
And guess which industry benefits form that. Ford and the car industry corrupted our city building infrastructure that only caters to cars. Now the suburbia everywhere cost more to maintain then they pay in taxes.
@crusherven 15 күн бұрын
Maybe. When 97% of the population worked on a farm, it made sense to live right there. But if a lot of people in cities are working in a smelly, noisy factory, it kinda makes sense for health and comfort reasons to separate work and home. These days most cities don't have a ton of heavy industry anymore, so the separation doesn't make the same sense.
@jeffreystanley4991 15 күн бұрын
@@crusherven your right it doesn’t make sense to have some industries next to where people live. But there is no reason we can’t have office space, restaurants, groceries all intermingled with each other. There is no reason why we need separate areas for all these things. There is no reason why people should have to drive to all these places.
@mchoppityhooper 15 күн бұрын
@@jeffreystanley4991they have that in China and as a result their mental health is garbage. Imagine living where you work. That’d be terrible.
@CadetPolovitz 15 күн бұрын
@@crusherven In Europe they have restaurants, offices and stores next to housing.
@MusicGameFinatic999 15 күн бұрын
Our pensions are "fiscally sound"... Next sentence: 80% funded ... 😂
@serafinacosta7118 15 күн бұрын
Funding levels by the US Postal Service is about four times that , by design.
@serafinacosta7118 15 күн бұрын
And Municipal Pension Funds have been targeted by Wall Street speculators , to bankroll their acquisitions , for decades.
@ferriswheeler08 14 күн бұрын
NO doubt lol.. we have actuarial laws up here that pensions must be at least 95% funded
@NazriB 14 күн бұрын
Lies again? Stop Lying Men Grab Food
@sten260 12 күн бұрын
who would have known.. government lies?!
@Blackfilmguild 10 күн бұрын
I never understood how there were 0 layoffs on transit when there was a 90% reduction in ridership. Who is paying for that if there is a 90% loss in revenue. 4 years later, it is still 50% reduction in ridership.
@KevinSterns 7 күн бұрын
If you lay off government workers, you automatically lose the next election. Cities are union piggy banks.
@Bjorngrim74 9 күн бұрын
Funny how they saw the Detroit Bankruptcy and thought, "Yeah, let's do that".
@ShidaiTaino 15 күн бұрын
No is talking about the shear cost of infrastructure spending to repair and maintain roads for a car dependent city
@N0Xa880iUL 15 күн бұрын
Strong towns is
@Sacto1654 15 күн бұрын
Well, New York City's public transportation infrastructure is just as bad, too. They're going to need a *LOT* of money to upgrade their subway and commuter rail networks, and likely will need a major public transit bus investment, too.
@mohammedsarker5756 15 күн бұрын
@@Sacto1654 NYC should upzone the land around their transit, they have an 800k housing unit shortfall so they need the extra housing units and taxpayers anyway. Additionally, replace the property tax (which is forbidden from assessing homes at market value) with a land value tax
@Demopans5990 15 күн бұрын
@@Sacto1654 At the same time, the baseline for public transit in the US is so low that NYC's system is considered the best in the US in terms of coverage
@Sacto1654 15 күн бұрын
@@mohammedsarker5756 Whatever it is, the current situation in NYC is a major mess. Just cleaning up the housing rental market is going to take a massive amount of work, especially when studio apartments in and near Manhattan have monthly rentals of US$3,500 per month to start.
@matthewlam9416 13 күн бұрын
This is what happens when it overspends. No accountability for irresponsible budgeting is what lead us here
@gideondejongh838 12 күн бұрын
Both parties have done this for decades, but they like to play the blame game.
@matthewlam9416 12 күн бұрын
@@gideondejongh838Isn’t it time to have at least have a third party to balance the power like our government?
@gideondejongh838 12 күн бұрын
@@matthewlam9416 A three-way battle to see who can brainwash the people the most? As a monarchist, I say it would not change anything since there is no accountability and the plebs worship ideology. Now if people would stop denying reality now that would be a step in the right direction.
@KASLtja 11 күн бұрын
COMPANIES ARE’T RAISES WAGES!!! This is CAPITALISM! If the PEOPLE have less money, how can businesses thrive?
@matthewlam9416 11 күн бұрын
@@KASLtjawhat is that has to do with irresponsible spending?
@thiwo2 10 күн бұрын
This is happening by design. Corrupt politicians end up rich without any liability and guess who will pay the price for the goverment debt and bankruptcy ?
@Murrays2Smart 10 күн бұрын
Poor local government, poor municipal government and poor state government. Blame politicians and their poor policies..
@ayushtiwari8870 15 күн бұрын
"Strong Towns" episodes on youtube have been flagging this for a very long time.
@TortugaDividendInvesting 15 күн бұрын
Dense housing = Good for pretty much everything
@teddymoon3744 15 күн бұрын
cities want to burrow more and more then bankruptcy....its smart...once in your in over your head go all the way and milk it
@floridaman7 15 күн бұрын
Where can i watch this show
@Vode1234 15 күн бұрын
@@floridaman7 the channel is called strong towns on youtube. Not just bikes also made a playlist based on their research. /watch?v=fzETR5rkdd0&list=PLJp5q-R0lZ0_FCUbeVWK6OGLN69ehUTVa
@-un6kg 15 күн бұрын
Just search "Strong Towns playlist" You will get a playlist created by another youtuber called "not just bikes".
@williambonadurer9750 14 күн бұрын
My city had a council race two years ago that I reached out to a candidate about. I asked him about some questions about how city taxes were collected and how different policies would affect this, his response was that he was interested in learning more about this. What I'm trying to say is that he was completely uneducated on how cities work. The problem is that too many people don't know how cities operate.
@toddlavigne6441 10 күн бұрын
Salaries for these idiots is way too high. They also spend money like drunken sailors. IMO I see work crews all the time. 5 workers with 2 actually working.
@avantgarden2438 6 күн бұрын
Never forget what they did to 36-year-old Derek Floyd, a hard working family man was terminated as part of New York City's effort to free up funds for the migrant crisis, and because of the stress of this he died of a heart attack. The city has ramped up its efforts to pay for housing services for thousands of migrants, therefore fired him. So sad
@killman369547 10 күн бұрын
On tonight's episode of "How can we blame the people for our f**k up?"
@johnsmith1953x 14 күн бұрын
*So 60 years ago, there were NO INCOME TAXES* No property taxes and almost no SALES TAX. How did these cities surive back then?!
@user-fk5lp7if3o 14 күн бұрын
Over expenditure to the entitled people- simple. Plus masses of wastage and inefficiency.
@justicedemocrat9357 14 күн бұрын
By not providing any basic services. You had horse faeces piling 3 feet high on every street and rotten cow carcases clogging the rivers.
@johnsmith1953x 14 күн бұрын
@@justicedemocrat9357 You make my point. Cities had to contend with dead cow carcases and horse faeces back then and back then there was no 3% city tax nor property taxes nor sales taxes. Again, get rids of all those taxes and let the feds fix state and local issues.
@daroofa 13 күн бұрын
That was before the public sector unions took hold.
@johnsmith1953x 13 күн бұрын
@@daroofa You mean Police Unions and their crazy, expensive pensions and lawsuits??
@misterguy2929 15 күн бұрын
The amazing thing, maybe terrifying, is this is just the large cities. Mid and small towns around the country are crumbling at an alarming rate, burdening with large debts and less income coming in. The amount of states/cities being propped up by the federal government is staggering. My hometown in Arkansas looks worse and worse every year with infrastructure deteriorating to a scary level. It was revealed a few years ago nearly 40% of the cities budget was supplimented by the federal government. If that ever stopped I cant imagine what would happen.
@snorkelwackjr 15 күн бұрын
As someone who also grew up in a small town in the South, I noticed this too. I highly recommend taking a look at Strong Towns. It's a non-profit that analyzes and provides ideas for how to make cities financially solvent again.
@dpayne2589 15 күн бұрын
I'm from Helena-West Helena, AR. Same issues going on there as well!!!!
@mylifeisajoke1 14 күн бұрын
Low density, strong services, low taxes. Pick two.
@okorochukwunonso2563 14 күн бұрын
Why are they taking funds from FG when they keep voting republican Politicians who cant govern or bad with economics? Isn't that socialism as they always claim?...
@KangTheDigitalNomadInitiative 14 күн бұрын
I thought I was the only one that could now visit 30 ghost towns IN THE UNITED STATES of AMERICA hell you could shoot 2 more WALKING DEAD APOCALYPTIC shows in those towns...🤷♂🤷♂ man that's sad all this leave a beautiful place like Europe trust me it's BEAUTIFUL only to land then get into conflict with the natives and those brought over as help like to come here and let the whole thing go up in SMOKE literally like one of these towns could just go POOF and no one would know!!!! Makes not a lick of sense when you think about it. Smdh!!!
@whiteprivilege912 11 күн бұрын
I left the city I grew up in because it is poorly governed and the taxes I paid were squandered.
@AFree1Month 11 күн бұрын
Proud Christian Nationalist here. Sorry to hear brother.
@rector0455 9 күн бұрын
I'm about in the same boat, I've lived here 30+ years, almost my entire life, I was born in this city, but it's been overrun with leftist out of staters who bring their sh*t politics with them, drugs, homeless, crime. Inside of 5 years, these foreign colonizers have completely destroyed my home. I'm heading to either Wyoming or Texas before 2025.
@capmarketer5038 6 күн бұрын
NYC lost 80,000 affordable housing units cuz it was too dysfunctional to track them LOL
@BeverleeR.Ziegler 12 күн бұрын
Scholars who study the stock market’s historical performance estimate that over time, the payment (and reinvestment, and compounding) of dividends have contributed anywhere from 30% to 90% of the S&P 500’s total returns. I want to spread across $400k into profit yielding dividend equities but unsure of which to get into
@DeannaMurray-zv 12 күн бұрын
I stopped listening and taking financial advise from these KZfaqrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice to take advantage and make profits.
@DanielFerreira596 12 күн бұрын
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading
@Erickruiz562 11 күн бұрын
Please educate me, i'm willing to make consultations to improve my situation,
@Erickruiz562 11 күн бұрын
@@DanielFerreira596 Thanks a lot for this. I'lll check her out right away.
@JimmyA.Alvarez 11 күн бұрын
This recommendation is coming at the right time because i am literally grasping for straws atm! I verified her online and scheduled a phone call with her.
@reliablealpha6100 11 күн бұрын
Your credit score drops because you don't have enough debt but also debt is bad!? Okay, what!?
@noahgolden-cv1pc 10 күн бұрын
Freedom is slavery, war is peace ignorance is knowledge.
@rector0455 9 күн бұрын
The system is designed to create debt slaves.
@psychic1999 9 күн бұрын
It drops with your debt ratio (how much you are utilizing) not absolute debt. So you should keep that well below 10%. You just need to be careful of how quickly you ramp up credit.
@starventure 9 күн бұрын
It also depends on who you are and what you are.
@HiDefHDMusic 9 күн бұрын
@@psychic1999who thinks this is a workable system? This is the worst thing I’ve ever heard it’s ridiculously immoral and lacks any societal benefit, your economy is entirely a scam
@mikek.1372 8 күн бұрын
Ever since I learned the average budget for a governments office furniture is 40k. I don’t wanna hear it.
@noammichael5592 10 күн бұрын
“Stagnant revenue growth” is what happens when no one can afford to live in your city and either A: moves out or B: has limited spending ability due to the high cost of living.
@BrandonMirrors 15 күн бұрын
Getting off the gold standard was the worst idea ever
@tk80mufa5 13 күн бұрын
I would add the income tax and universal suffrage as well.
@sten260 12 күн бұрын
true, at least gold somewhat limited the government spending
@gideondejongh838 12 күн бұрын
Uh yep, and every country that drank that kool-Aid is finding that out the hard way right now.
@davidhill850 10 күн бұрын
Except the gold standard didn't work. Thats why we left it. There was not enough gold to run this or any other economy properly.
@sten260 10 күн бұрын
@@davidhill850 gold standard works fine for any economy, it doesn't make sense that there isn't enough gold... you can just reduce the prices of things relative to gold, when economy grows the prices of things get cheaper. The reason why they left it because they printed way more dollars than they had gold, so they had no choice to leave gold
@kineticstar 15 күн бұрын
Maybe we don't give billions to billionaires to fund vanity stadium projects, and we force cops to pay for their own insurance bailouts when they do something to get the city sued as a start.
@republicunited2183 15 күн бұрын
Or illegals, foreign countries, etc.
@Dave-qi3ft 15 күн бұрын
Translation: I missed economics 101.
@chan13153 15 күн бұрын
@@Dave-qi3ft Nah so many studies by economist has shown that sport stadium are not worth the investment. They in fact do not bring in more money than the cost of the stadiums. Time and time again that notion of a sports team generating tons of money for the city has been proven wrong.
@Dave-qi3ft 15 күн бұрын
@@chan13153 sports stadiums have nothing to do with deteriorating cities.
@mr.bigsquid8422 15 күн бұрын
@@Dave-qi3ft town’s taxpayers funding a multi billion dollar stadium isn’t burdensome?
@michaeltwiz8477 9 күн бұрын
Because of politicians who don't work. Their salaries are paid by the working class while they do no physical labor😂😂😂
@kevley26 8 күн бұрын
The problem is that cities are building way too much of the sprawling development that costs the city more than it gives in taxes, and hardly any of the dense development that gives a lot more in taxes than it costs the city. To solve this problem and the housing crisis we need to legalize the construction of dense development in our urban areas and fund public transport which is way more cost effective than paying for roads.
@jimshaw734 15 күн бұрын
[slurps up the last little bit of juice from a cup] Guys... Why is this empty?
@user-ec3rm9wr1n 15 күн бұрын
😂😂😂😂
@jimshaw734 14 күн бұрын
“Don’t worry, we’ll tell you why it’s empty while slurping another cup dry.”
@user-ec3rm9wr1n 14 күн бұрын
@@jimshaw734 yummy 😋...
@commonsense8334 14 күн бұрын
Everyone in charge needs to be pulled out. We need a major investigation and ultimately a restart
@ricksemeniuk629 12 күн бұрын
The 10 worst cities mayor's are BLACK, WTF⁉️
@dm96177 10 күн бұрын
Yes. This country is completely failing. We need a huge redo
@rkgaustin9043 10 күн бұрын
No re-election of incumbents for at least three election cycles. An independent forensic accounting of every federal, state, and local government department to ferret out the waste, fraud, and corruption. #CleanHouse #NoIncumbents
@palirvin1871 10 күн бұрын
I"m over 60 and in my lifetime I can't recall too many instances where municipalities underestimated future income growth. THey more often than not 'overestimate' future incomes and 'underestimate' future expenses. it's the root of all of their debts.
@arizonaxperience 10 күн бұрын
They are going broke because they are going woke.
@terryvlunsford1610 9 күн бұрын
True, if you look at the most broke, most crime, most homeless, most drug overdoses, most people fleeing the city, it is the cities run by progressive (Woke) Democrats.
@maulerXX 15 күн бұрын
This video never explained why city revenues are falling.
@growtocycle6992 15 күн бұрын
Tax cuts or failure to increase taxes with increased spending... Obvious
@niilespunkari8832 14 күн бұрын
i.e., crime and corruption.
@tk80mufa5 13 күн бұрын
@@growtocycle6992you forgot high earning ( tax paying ) businesses leaving NYC since the summer of 'love' 2020 like rats a sinking ship. KZfaqrs Louis Rossman and Cash Jordan have chronicled NYC's downfall. They even have an exit tax to prevent you from leaving , NYC is nothing but a bunch of corrupt crooks who are indistinguishable from the mob.
@nuevision8 12 күн бұрын
People moving out of cities. People not spending money in cities due to higher city sales tax rates. People not going into cities on weekends. Higher crime rates & higher insurance rates in cities.
@PodcastClips23969 11 күн бұрын
Tax payers are leaving because of crime and high taxes
@mustafabransfield340 15 күн бұрын
Anytime i went broke in simcity i just took out 3 high interest loans
@catmelvin997 15 күн бұрын
feel the sudden urge to play sim city 3000 again
@nuevision8 12 күн бұрын
You mean, every time you went broke, you were able to get financing to go broke again ?
@cjmarsh504 11 күн бұрын
SimCity 4 vibes right now. I would do the same thing 🤣, or do the side missions (crooked stuff) to keep the balance afloat. Lol
@Thatonedud382js 9 күн бұрын
Just curious everyone when do you think the system will collapse? Are their any real solutions to even fix the problem we’re in or is it too late?
@redstarfarms2778 Күн бұрын
for all the money this country has given away we could have had free education, free healthcare, and fixed immigration.
@Souchirouu 13 күн бұрын
It is honestly crazy how incompetence is allowed to stay. If this wasn't the government but a private business these people would have been fired long ago and be replaced with someone who does deliver work that meets the mandates set by policy. It is because of their incompetence that regular citizens now have to suffer and somehow this has 0 repercussions to the people who failed their oath to the people and their mandates. Better yet they probably get a pay raise or promotion instead :| Then you wonder why most cities are turning into a debt bubble that WILL implode at some point.
@rolandowagner7775 10 күн бұрын
If politicians behaved in private business like they do in government, the vast majority would be convicted of numerous crimes.
@hourbee5535 15 күн бұрын
Ukraine, Israel and Taiwan apparently need our funds more.
@retro527 15 күн бұрын
Taiwan absolutely yes. We need their semiconductors. Ukraine and Israel? I don't know what they really offer especially Israel and our strange obsession with doomsday.
@sammarsh9197 15 күн бұрын
Very True. NO MORE SPENDING ANYWHERE BUT HERE
@jonathanpowell9979 15 күн бұрын
Cheaper in the long run to keep your allies strong then to lose them for good.
@duerf5826 15 күн бұрын
@@retro527 Ukraine is a major wheat exporter. Its wheat export is incredibly important to northern African countries, and if that is disrupted and a bunch of North Africans go hungry, where do you you think they're gonna flee to? Not to mention that Russian aggression westward puts the Europeans on edge, and in that case they're less likely to buy luxury goods like iPhones and Teslas costing American jobs. Israel is a MAJOR US ally in the Middle East. It's like the FBI having a snitch the 'hood to know what tf is going on. Losing Israel is NOT an option. Israel itself also a provider high-tech services especially cybersecurity. To say that Ukraine and Israel are not important is shortsighted. Instability costs a lot of money and you either spend some money to plug the hole now or spend A LOT more money later on to clean up the mess.
@jonathanferrer5962 15 күн бұрын
@@retro527 Israel is our only ally in the Middle East and Ukraine is a cash cow in the making for a rebuild if they win the war.
@daveyoung3857 10 күн бұрын
We need LESS government. They spend and waste so much money. So glad I don't live in NYC. The govt arrogance is killing the city
@kinggrantking 10 күн бұрын
What's not noted as much as it needs to be in this vid (although it is in other CNBC media) is that dense, walkable city centers ARE in the green, but all suburbs are in the red. Any suburb that is ever built will, essentially, subsidize the lives of those who live there and therefore tax those who live in the city centers more. If people who lived in suburbs and sprawl were forced to pay their fair share, those places would quickly become unlivably expensive. In the long run, that'd be a good thing.
@cosmicclusters3255 15 күн бұрын
love to see corruption not on this list. thats the root of alot of our issues but no one ever talks about.
@AlmightyDude420 15 күн бұрын
Absolutely right
@badpuppy3 15 күн бұрын
Corruption is like 1% of the problem. Completely over blown
@user-fm7ht2bt2c 15 күн бұрын
You wish. it's incompetence more than anything
@garybulwinkle82 14 күн бұрын
@@user-fm7ht2bt2c Let's call it what it is, stupidity!
@strawberriesncandii 12 күн бұрын
@@badpuppy3Corruption is a huge part. There are laws created and social behaviors allowed to tank they economy. Look at how much blue cities are prioritizing illegal aliens over taxpaying citizens. Look at the homeless industrial complex in LA and San Francisco alone. There was an article that said that California mismanaged $24 billion in funds to fix the homelessness problem. But there are non profit workers getting paid a quarter million dollars a pop. Why would they want to stop or fix this problem when it’s making them money. Two people recently were arrested recently spending part of those funds renting a lavish house in Beverly Hills and spending on luxury cars and dinners. Corruption and greed, incentivizing poor behavior and poor work ethic, protecting criminals, over regulation, and overspending are huge problems with specially in San Fran, NYC, LA, and Chicago.
@Mr.Boring_Man 15 күн бұрын
Lots of permanent programs started with temporary funds. My city seems to only add programs. For some reason they have a hard time scaling back or removing services that are no longer needed. They have blown through the pandemic money after using it to plug budget shortfalls and continue to raise taxes. Now, the new hustle is too overvalue your home to levy more property taxes. People are getting hit with $100k increased assessments in a year and they've done nothing to the hone and no new development is in the area. Smh.
@guardianoffire8814 15 күн бұрын
NGO industrial complex has taken over most countries across Canada, Western Europe and the United States. Its these days one of the largest employers often getting billions in govt support. Like most things NGOS want problems to continue to make money to cover their wages, executive compensation packages, and health benefits. You also have many politicians and their families making money indirectly from these programs to avoid accusations of corruption.
@mohammedsarker5756 15 күн бұрын
@@guardianoffire8814 you get it. We need to crack down on corrupt NGOs, rebuild state capacity and implement upzonings/densification as well as a land value tax
@bobroberts2217 15 күн бұрын
Jesus it’s not NGOs or George Soros. It’s literally American Rescue Plan Act getting spent before they lose it all. Sorry I don’t have a more interesting conspiracy theory answer to keep you engaged. The truth is really boring I hate to tell ya.
@garybulwinkle82 14 күн бұрын
They do this to keep paying the people they hired even though they are no longer needed!! It a Democrat thing!!! If they keep these people dependent on the Government jobs they will continue to vote Democrat! If these people are forced to actually earn their money by providing a service or producing a product they learn the lessons that Capitalism teaches them!!
@sten260 12 күн бұрын
that's how government works, once they implement something ,you can't get rid of it anymore. It's in their best interest to keep the program going because otherwise they would have to find another job
@kappa633 10 күн бұрын
This is what happens when you have 1 trillion in military budget your cities and people go broke only a few corporate benefits.
@dannyblaq9433 11 күн бұрын
When you have bad leaders that fund things like money to illegals, give money to homeless without getting anything in return. There is no cashflow problem, it's just bad leadership and bad financial oversight and bad investments. When you throw money into a money hungry pit, you can make as much money as you want. When you have programs like Homeless, why would they want to solve the problem? No one is going to make their money well go away, they will find reasons why they need more so they can get more kickbacks and look out for their kind and not solve the problem. LA, Chicago, etc all are a prime example
@Josec805sb 15 күн бұрын
they are just telling us how bad its becoming without pushing action to change it and incrementally we throw our hands up and just accept the new norm. its like they are preping us for these changes and before you know it we dont realize we accepted them overtime.
@beingsshepherd 13 күн бұрын
As with the Iraq War. We gasped at the atrocities for 5 years, now civilian drone-kiling isn't even controversial.
@Charlotte03849 12 күн бұрын
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
@PranatiSahoo-yg3gp 12 күн бұрын
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
@sara_top80 12 күн бұрын
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
@keithcarvey48 12 күн бұрын
How ..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
@toni_leyn 12 күн бұрын
Thanks to Mrs Maria Davis.
@toni_leyn 12 күн бұрын
She's a licensed broker here in the states
@Clintoniumer 9 күн бұрын
“Go broke” What does that mean in any other day to day appliance? You’ve spent too much money and not balanced a budget. Wow. Groundbreaking
@caldodge 9 күн бұрын
In the real world, people have to decide which expenses are essential, and refuce the rest.
@rjwagz 15 күн бұрын
This video completely misses the mark. Cities are in financial trouble because of overly car-centric zoning and land use laws, with single family zoning being a huge part of this. Lawns and roads don't pay city taxes.
@TheResidance 15 күн бұрын
And they require more infrastructure for less people too
@24killsequalMOAB 15 күн бұрын
It's what happens when people don't own the land they have "ownership" of.
@inorite4553 15 күн бұрын
This is one of the smartest comments I've seen. People have moved out as the space has been taken up by parking lots, streets and lawns. Those people in the burbs benefit from the city but don't pay towards it.
@rjwagz 15 күн бұрын
@@inorite4553 thanks. I was basically summing up what I know from studying up on urbanism on youtube. Strong Towns and Not Just Bikes are a couple good channels for that.
@Demopans5990 15 күн бұрын
@@inorite4553 Does explain all the ruckus about NYC implementing congestion taxes. On top of the fact that non-NY E-ZPass tags pay a higher toll
@WhatifAltHist 11 күн бұрын
I’m 22. Why am I expected to spend the rest of my life paying for the Boomer’s party. Also, why do they keep on raising more money or taxes rather than cutting costs
@SoCalFreelance 5 күн бұрын
"You'll own nothing and be happy" ~ World Economic Forum
@kazual9206 11 күн бұрын
1: Overspend what they can pay and use money in dubious programs . 2: Subsidies suburbs which are always a huge negative in income for the city. 3:Make impossible for small and medium businesses to establish or survive. 4:Make impossible for people of variable income to exist by disallowing small and modest home construction. 5:People who can somehow afford to live in these crime ridden places simply leave asap. Heh? Why are we broke ?!
@starventure 9 күн бұрын
Can you cite examples of urban tax money going to surrounding suburban counties in any US city? Not state money, just tax money collected inside city limits.
@AnonymousStranger-up5he 8 күн бұрын
Government should never be allowed to go into debt in the first place.
@goneviral8814 13 күн бұрын
At the end of the day, anything thats not backed by gold is all a Big A$$ ponzi scheme 😅😂😅😂
@RUHappyATM 9 күн бұрын
What about crypto? LMAO.
@Brandonmichaelc 9 күн бұрын
It could be backed with the Nation's GDP, natural resources and other assets. Which would create an incentive to produce here at home.
@Fellowtellurian 15 күн бұрын
They are going broke because of corruption. The bidding process does not encourage competition and instead rewards the projects to friends of politicians. I have worked on projects in the suburbs and in the city and the mark up for work in the city is INSANE and the quality is not better.
@phil00075 9 күн бұрын
Empty office buildings due to remote work, plus empty downtown restaurants due to remote work - not mentioned.
@higherrealms5309 10 күн бұрын
Every time I turn around the city of Chicago is finding new ways to get money from people. If they don’t have enough money, it’s the city’s own fault 😕
@dantesinfernopurgatory7826 15 күн бұрын
>Why U.S. Cities Are Going Broke Progressive policies to start...
@nishiljaiswal2216 15 күн бұрын
yea the policies that fuel mindless suburban sprawl
@gregoryturk1275 14 күн бұрын
Those are progressive?
@dantesinfernopurgatory7826 14 күн бұрын
@@gregoryturk1275 That's what they call it. A more accurate term is "regressive".
@sten260 12 күн бұрын
big bloated governments, public services, welfare and you get bankrupt cities. Need to go back to capitalism because that used to work better
@stephenphillips6245 15 күн бұрын
Problem with asset cost inflation is that it increases the cost to maintain it as well. The cost of everything rises making it harder to hold.
@JaceFalcon 13 күн бұрын
The super rich want you to give cobtrol to a super rich asset holder
@CFITOMAHAWK2 12 күн бұрын
@@JaceFalcon Most poor people pay zero taxes in USA while using my taxes money for roads, schools for their moron kids, and more services they use, but dont pay. Want to bet on that ?
@amnatnevarroanandan4320 8 күн бұрын
when your country try to lecture other country this is what happen
@Devilsnowballs 7 күн бұрын
I helped with a roofing job for a client in Seattle. Now this guy was the accountant for the city of Seattle budget. He actually ended up leaving his job because he was so frustrated with what was going on. He had no control over the spending all he was doing was recording and accounting for it. But it bothered him so much that he left his multiple six-figure job to go pursue his own interests.
@lostinbravado 15 күн бұрын
As a commercial property manager, this view is only a part of the story. Downtown cores are suffering because work is changing. Downtown cores are places of work and offices. But accessing a downtown core is expensive and typically companies look to have offices in a downtown core for reasons that are more or less no longer valid. We can see this in the falling value of commercial real estate. Downtown cores must change their core purpose from work to living. Residential is the future for downtown cores. But, that is not going to be as valuable. Largely, officials are in denial about this. This lack of recognition of the main driver of the decline is unlikely to be accepted and that will cause a further decline in the value of city cores. The future for downtown cores is not looking good. And I don't think it will get better.
@serafinacosta7118 15 күн бұрын
And not every office building is suitable for repurposing. The are floor plates that do not lend too well to be rearranged on viable housing units. And then some buildings are costly to,operate as is. When parsed amongst residential tenants , the cost structure make residential units unaffordable.
@cam6887 15 күн бұрын
The issue is Single Use Zoning. Our whole concept of CBD - Central Business District leads to a lack of diversification which means these areas are less resilient in the face of decline of their one use. European cities don’t have this problem because they have mixed use across the entire city.
@ZeusAVI 14 күн бұрын
One other issue aside from repurposing is who desires living in the downtown core? If the housing is too affordable then you get lots of poor people which leads to terrible schools and higher crime. If it’s higher end housing then you get higher end, childless young professionals but also a large amount of vacant units as it’s often more beneficial to leave surplus units empty than rent to poor people. What I think we’re going to see is more amenities shift to suburbs or other far flung parts of the metro areas along with some downsizing of corporate office space in the CBDs. It’s going to be painful for many of these cities.
@lostinbravado 13 күн бұрын
@@ZeusAVI So far I think it's been a status thing. As in, it's prestigious to live in a downtown core. But, more in support of what you're saying, will downtown cores continue to hold status? Who else prefers living in downtown cores? Drug addicts and the homeless. I think you're right about a shift in focus to suburbs. But also I think we'll see "micro cores" develop. Areas where we have a small collection of high-rise towers in previously suburban areas, and those smaller cores which are developed exclusively for residential, will be the new desirable areas.
@ucouco78 12 күн бұрын
A huge problem is the fake and inflated property values in NYC The real estate industry has been getting away with this for years. Also Bloomy's bird brain idea to give his buddies 30 year tax free breaks for building a buildimg or making a business.
@Sacto1654 15 күн бұрын
I think there is real fear right now of a large city going financially under like what nearly happened to New York City in the 1970's. That's the type of disaster that could devastate the US economy in very short order.
@VideoSnipsChannel 15 күн бұрын
1978 Cleveland default re-run, but with much bigger numbers
@cherryfireice8216 14 күн бұрын
NYC and these other sanctuary cities ruined themselves with border jumpers and lax laws. Who wants to live or be a tourist in places like that.
@marktapley7571 13 күн бұрын
It would be devastating for the mob that controls N.Y. but not for everyone else. Nothing there that can’t be produced or carried on in a more fiscally responsible area.
@jeffrobodine8579 12 күн бұрын
Democrat leadership has never worked well.
@haweater1555 9 күн бұрын
Reason is obvious: cities tend to have expenses and obligations that benefit small places that don't contribute.
@5797029 10 күн бұрын
The problem can be summed up with two words. Democrat control.
@dehoyosrudolph8885 15 күн бұрын
Can’t pay bills now, how could they pay back the bonds later, with interest!!
@DefinitelyNotRin 15 күн бұрын
People say debt is the way to build wealth but more often you're just delaying bankruptcy.
@stephenc2481 15 күн бұрын
@@DefinitelyNotRin ...lol. it is literally what billionaires/millionaires do. keep cash under your bed and you are guaranteed to be poor.
@randomguy7175 15 күн бұрын
US can print dollars like no nation on earth. Need to use printing machine
@noneshere 15 күн бұрын
Cyprus Bail In coming to America soon. You owe it to your country for letting welfare recipient government run your finances.
@madbug1965 15 күн бұрын
This is why I vote NO on all bonds...
@alphaomega1351 15 күн бұрын
Clearly, this debt based economic system is not working. Everywhere you look, extreme debt, debt, and more debt! Isn't it about time to throw in the towel and come up with something that makes a lot more sense? 🤔 The status quo is not sustainable!
@nbkw2ae 14 күн бұрын
My thoughts exactly. The entire system created in the early 1900s appeared to work because it was Ponzi scheme predicated on debt. The system is not sustainable
@justicedemocrat9357 14 күн бұрын
This debt based economic system has lifted billions of people out of poverty so stop crying you have no idea what you're babbling about.
@CandiceMMartinez 13 күн бұрын
@@justicedemocrat9357 And what happens when there aren't enough taxpayers left to fund the debt? The people being kept afloat by debt will starve.
@tk80mufa5 13 күн бұрын
@@justicedemocrat9357 maybe don't accuse people of "babbling about" when your comment lacks any kind of substance. But of course your nickname says it all...
@mediaisthevirus 13 күн бұрын
@@justicedemocrat9357found the ponze lover
@jordankendall86 10 күн бұрын
Wow! I didn't realize States don't count underfunded pension obligations as part of their debt.
@AzureAlliance31 15 күн бұрын
Not a word about upzoning economically unsustainable low density areas. Not a good look, CNBC
@FullLengthInterstates 14 күн бұрын
American incomes are very, very high. This allows us to pay for inefficient low density systems, even if it means paying federal taxes that are then used to bail out failing suburbs.
@draganpenchev 14 күн бұрын
Not a word about the corruption too . Obviously it does not exist .
@justicedemocrat9357 14 күн бұрын
OMG no one cares about upzoning stop crying about upzoning.
@Brownyman 15 күн бұрын
If you commit credit fraud targeting an adult you’re called a criminal. But if you commit credit fraud targeting unborn children you’re called a politician 👍
@starventure 9 күн бұрын
Funny thing is the whole defrauding the unborn is basically what happened in China, and now they are in full scale panic to try to get women to have babies.
@user-jm7gw5lm3i 9 күн бұрын
We require cities to have a balanced budget; but our federal government is running an ever larger deficit!
@RodSherwood1 11 күн бұрын
When you have more people taking then contributing, this is what happens.
@summertime69 15 күн бұрын
My city recently put up a ballot measure to create a new unfunded liability in policing. A few years later, the city council approved a new payroll tax and people were furious, defeating the tax at the ballot box. Since then, the public library has gone to 5 days a week and many of the community programs in the park have been canceled for lack of funding. Of all the people i talk to about the end of these programs, i always try to remind them "everyone votes down a funding measure, then complains when their services stop."
@WhoCares-ml9fg 15 күн бұрын
Californian's voted yes on the increase taxes and look what happened. Services have reduced and many public transportation with high demand got eliminated.
@davidlong2338 15 күн бұрын
@@WhoCares-ml9fg That's because the businesses ran away to avoid responsibility for their actions. When the poor hold the wealthy accountable. The wealthy flee as they always have immemorial. Once the same happens in Texas when people demand that their power grid be weather hardened (so they don't freeze again). Same game will repeat. It's pathetic really.
@FirstHandLLC 15 күн бұрын
Who the hell goes to libraries these days? My town just spent $20 mills to build one, raised property taxes and the new library sits empty like the old one did for years! Fixing potholes instead? Nope!
@davidlong2338 15 күн бұрын
@@WhoCares-ml9fg When business leaves to avoid paying taxes on those services. It's no surprise. Avoiding accountability at its finest. (Thanks for removing my more in-depth reply but still showing it in my history. YT thinks I can't tell. >I can.
@John_Smith_86 15 күн бұрын
There shouldn't be a public library or community programs in the park, if you are not that well off. These are non-essentials
@investingTE 12 күн бұрын
Funny how they didn't bring up the effects of remote working, but then spoke to potentially raising property taxes as a recourse to aid the deficits.
@mattheww.6232 8 күн бұрын
My city just gave 160 million to settle in newcommers. They then shut down parks and sent city employees home with 0 hour work weeks.
@maroon9273 9 күн бұрын
Cities kept spending money in a blackhole. Most of the spending is not helping the cities at all.
@Krynale 15 күн бұрын
If y'all think this is strictly an American problem, you're kidding yourself. This is happening worldwide.
@jennifertarin4707 15 күн бұрын
And a lot stems back to the covid lockdowns
@noneshere 15 күн бұрын
Actually no it isn't.... The Swiss , Netherlands, Saudi Arabia, Iran, and Taiwan all live on surplus money.
@Krynale 15 күн бұрын
@@noneshereActually yeah it is...I know it happens in the UK, Canada, Spain, Italy, Portugal, Australia. Debt is the reason why Dubai went bankrupt in '08 and had to get bailed out by Abu Dhabi. So don't act like debt doesn't exist in the jurisdictions you mentioned.
@WinahhTaylahh 14 күн бұрын
@@Krynale Lol, I'm Australian and I know damn well we don't have these issues, nice try but it IS soley an American thing, believe me😉
@Krynale 14 күн бұрын
@@WinahhTaylahh I'm in Montreal, Canada and we have similar issues with infrastructure and transit system as the USA. So no it's not strictly an American problem, I have yet to see a major city in the world not offering bonds (debt) to finance itself, but nice try though.