Each and Every New Yorker Is $7,153 in the Hole - NBC New York

Each and Every New Yorker Is $7,153 in the Hole

City's debt hits $59 billion

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    NEWSLETTERS

    Each and Every New Yorker Is $7,153 in the Hole
    That's right, even the kids owe $7,153 a pop.

    If you live in the five boroughs, your share of the city's staggering debt is north of seven-grand, which works out to a total of $59 billion.

    "New York City has a large and growing debt burden that is threatening to become unaffordable," city Controller William Thompson's office writes in its annual debt review.

    "By any commonly accepted measure, New York City ranks above its peers in the amount of debt shouldered by city residents and the city's economy."

    New York's per capita debt load of $7,153 -- the highest in the nation -- is up 55% over the last eight years, reports the Daily News. Philly is a distant second at $4,771 a head.

    Last year New Yorkers spent $4.86 billion just to cover the interest, a figure expected to rise $8.1 billion in the next decade.

    The massive debt load is the result of money borrowed mostly for the construction and maintenance of buildings, parks and schools.

    "It's no secret that we've invested heavily in the city's future," said Mayor Michael Bloomberg's spokesman Stu Loeser.