Posted on 03/10/2019 1:34:05 PM PDT by E. Pluribus Unum
New York City is headed for financial ruin and could go bankrupt for the first time in 40 years, financial experts say. Financial experts predict that there are already signs the city is headed for financial disaster, as many individuals and businesses are leaving the city for lower tax areas and city government spending is at an all-time high.
The last time the city came close to filing for bankruptcy was in 1975 when former President Gerald Ford refused to give the city a bailout package to settle its debt.
“The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform,” economist Milton Ezrati told the New York Post. “New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.”
The city’s budget deficit has reached an all-time high over the past year. New York City’s long-term liabilities— including pensions, bonded debt, and retirement benefits for city government employees— reached a record-high $257.3 billion, according to an October 2018 Citizens Budget Commission report.
Even though the city’s budget deficit has reached record highs, Mayor Bill de Blasio has shown no signs of curbing the city’s spending.
In fact, de Blasio is adding $3 billion in spending to the current $89.2 billion budget, and spending money at a rate that is three times the rate of inflation, according to the Post.
It also appears that de Blasio will not get help from fellow Democrat Gov. Andrew Cuomo, who is trying to address a $2.3 billion state budget deficit by using auditors to bill wealthy residents fleeing the state for lower-tax regions.
(Excerpt) Read more at breitbart.com ...
HA HA
Maybe Amazon moving their HQ to NYC will help reverse the slide...wait, never mind.
De Blasio is Democrat, NYC is politically very liberal. You have a Democrat governor, who has budget struggles of his own.
Who is the Republican who Democrats will blame for this sad state of affairs? Democrats are in charge through and through.
Death, Destruction, And Debt: 41 Photos Of Life In 1970s New York
Time for all other more responsible states to bail her out.
/s?
Couldn’t happen to a better city and Mayor Maduro Diblasio
They have enough $ for this...
Trump tax reforms.
LOL @ Amazon.
It’s a bit of a blessing.
the total annual spending is about $90 billion. The long term liabilities are about $257 billion. Wow.
It’s a bit of an imbalance there, to have the liabilities being about three times the total annual tax income.
Will liberals proclaim that New York City is too big to fail, and demand a federal bailout?
Bite the big apple...
Chicago has the same problem, except for an occasional Illinois RINO governor.
As if first time in 40 years is something to pat themselves on the back for.
“Trump to City ‘Drop Dead’”
Don’t mind the maggots.
Don’t you know the crime rate is going up, up, up, up, up
To live in this town you must be tough, tough, tough, tough, tough!
You got rats on the West Side
Bed bugs uptown
What a mess this town’s in tatters, I’ve been shattered
My brain’s been battered, splattered all over Manhattan
Songwriters: Keith Richards / Mick Jagger
So back then the Dow being down 12 points was considered a “skid”.
How sweet it is!—Jackie Gleason.
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