CNBC Marathon examines multiple factors that cause economic struggle within various U.S. cities.
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.
The ongoing migrant crisis is unprecedented, both in scale and the impact it’s had beyond the border states to cities located deep within the country. Major cities like New York, Denver, and Chicago are finding themselves under extreme financial pressure, exacerbated by the lack of federal funding or assistance.
Over 100,000 people moved to Denver, Colorado between 2010-2020, becoming a hotbed of venture capital dollars and economic opportunity. The city is ranked 19th as the best startup city in the world, according to Pitchbook. But this rapid growth has created challenges for the city, including a labor and housing shortages. Now as the city becomes increasingly unaffordable, the population has plateaued. Additionally, an influx of 40,000 migrants in 2023 are weighing on the city’s resources.
Chapters:
00:00 Introduction
01:07 Why U.S. Cities Are Going Broke (Published April 2024)
12:01 Will The Immigration Crisis Bankrup U.S. Cities (Published February 2024)
25:07 Why Denver Is Struggling To Keep Up With Its Economic Boom (Published May 2024)
Produced by: Carlos Waters, Juhohn Lee, Ryan Baker
Edited by: Darren Geeter, Nora Rappaport
Animation: Christina Locopo, Jason Reginato
Senior Managing Producer: Tala Hadavi
Reporter: Carl Quintanilla
Supervising Producer: Erica Posse, Lindsey Jacobson
Senior Executive Producer: Ray Parisi
Camera and Audio by: Van Applegate, Dan Dvorak, Breck Larson, Oscar Molina, Tara McCurrie, Rob Stookey, Micheal Kranicke, Drew Levinson, Kevin Sanchez, Bob Tatlock, Marco Mastrorilli
Additional Footage: Getty Images, Denver Metro Chamber of Commerce, Denver Arts & Venues
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What’s Troubling U.S. Cities | CNBC Marathon
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