Why U.S. Cities Are Going Broke

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. 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