Houston, You Have A Problem…

Yikes. A new assessment of the financial situation of Houston, Texas looks butt-ugly. Uglier than California ugly. Former Big-8 accountants spill the bad news…like:

“At June 30, 2008 (date of the City’s last audited financial statements), the City’s total Citywide debt per capita of $5,338 was over twice the $2,528 debt per capita of the now bankrupt State of California.”

Wow. How do you deficit-spend for five years and no one notices? Will Houston have to file for bankruptcy?!

Lemer/Farb/Roberts assessment of City of Houston Finances (22 October 2009)

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