DETROIT (ChurchMilitant.com) - A new report is showing that major U.S. cities headed by Democrat leadership have three times the debt of Republican-led cities.
A new report published by Truth in Accounting, called "Financial State of the Cities," examines the debt of 75 of the largest cities. It reveals the cities with the most amount of debt have Democratic mayors while Republican mayors head the cities with the least debt.
The cities with the most taxpayer debt, New York City, Philadelphia, Chicago, Dallas and San Francisco are called "sinkhole cities" in the report. New York City leads with over $60,000 in debt per taxpayer.
The five cities with taxpayer surplus, called "sunshine cities," Charlotte, Lincoln, Aurora, Irvine and Stockton are leading with Irvine having an excess of $5,000 per taxpayer.
In 2017, Truth in Accounting reported that state debt was 12 times higher for states with a Democratic majority politicians, with over $22,000 in debt per taxpayer compared to $1,800 in Republican-led states.
Truth in Accounting's State Data Lab also lists the five sinkhole and sunshine states, with New Jersey leading the pack with nearly $70,000 of debt per taxpayer and Kentucky having $39,000 of debt per taxpayer. The Democrat states of Illinois, Connecticut and Massachusetts have a combined taxpayer debt of over $130,000 per taxpayer.