Updated 01/23/2009 06:31 PM
Report: NYC Debt Is More Than $7K Per Person
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Your share of the city's debt is bound to be a big one.
An annual debt review from the city comptroller's office shows that everyone in the five boroughs owes $7,153. It is the highest per-person debt load in the nation, and it has risen 55 percent over the past eight years.
The comptroller's review says New York is struggling to pay interest on what amounts to a $59 billion mortgage, on things like construction and maintenance of parks, schools and infrastructure.
The total debt is projected to rise nearly six percent over the next four years.
Mayor Michael Bloomberg has called for a 20 percent reduction in capital spending, but has emphasized he will not make short-term budget cuts which will sacrifice long-term assets.