New York City
When adjusted for population, New York owes $20 billion more for retiree health care than Detroit, or a total of $88.2 billion.
On top of those obligations, the Big Apple owed pensioners $69.9 billion more than it set aside as of last year’s annual report. Again, adjusted for population, that’s $28 billion more than Detroit owes.
One of the reasons New York City can’t balance its annual budget is because it has to spend one-third of its revenues on health, retirement benefits, and debt. New York’s budget has run an operating deficit six of the past seven years (with the shortfalls covered by pre-2008 surpluses).