Houston's Financial Crisis
The Mayor of Houston says the city is 'broke' after overspending for decades, with a $160 million deficit. Former Mayor Turner falsely claimed a $420 million surplus. A tax hike through a bond is expected in November. Houston's population is growing and is expected to rival Tokyo's by 2100.
Key Points
- Houston facing a $160 million deficit
- Former Mayor used federal funds to cover expenses
- Tax hike through a bond expected in November
- Population growth may lead to financial challenges in the future
Pros
- Acknowledgement of financial issues for transparency
- Plan proposed for resolving financial problems
Cons
- City has overspent for decades
- Former Mayor falsely claimed surplus