"But it sure does rhyme"
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 ...
I couldn’t give a flying rat’s rearend.
GO BANKRUPT, lefty scum!
“Don’t mind the maggots”...
Agreed
How does a mayor wind up giving is wife $850 million New York City dollars??? Oh, okay - never mind.
de Blase needs to put down the pipe and go away...
de Blase needs to put down the pipe and go away...
Yes!
Well said!
Dow down 12? Time to panic. (For the youngsters - the Dow was around 800 those days. It would be the equivalent of about a 360 point drop today.)
GOOD
Just double the sales tax and bridge tolls and the problem will fix itself.
“It would be the equivalent of about a 360 point drop today.”
The Dow Jones Industrial Average lost 690 points over the last five days.
As for bailing out the Big Rotten Apple, in 2013 when Detroit went bankrupt, President Obama didn’t lift a finger to help. And by refusing to help New York, Donald Trump would endear himself to the voters/taxpayers of every other state in the union.
NYC: Eat Solent Green
I remember in 1975, when NYC last faced bankruptcy, a newspaper columnist (Art Buchwald, I think) had this recommendation: Secede from the Union, declare war on the United States and then immediately surrender.
The U.S. will quickly dedicate billions of dollars (1975 dollars) to completely rebuild the city and fulfill all the city's negative financial obligations.
That could be the answer for those stupid NYC Marxists.
Bad headline-should read
NEW YORK CITY TO GO BANKRUPT AGAIN IN JUST 40 YEARS!!!
Why is it that all of the socialist cities go bankrupt
No doubt we will have to bail them out. But I think Trump would require them to agree to certain fiscal belt tightening.
I truly hope it does, along with Illinois and my home state, California! And not one effing dime from the Federal Government to bail any of them out!
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