Deep blue New York City looking at bankruptcy after a five-year socialist wallow

www.americanthinker.com | 3/10/2019 | Staff
fufu-fefefufu-fefe (Posted by) Level 4
Click For Photo: https://www.americanthinker.com/images/bucket/2019-03/212461.jpg

Ready to go back to the 'Shattered' era, New York? The old 'drop dead' epoch and 'fun city' times?

Looks like that's what's on the cards, based on this New York Post report, warning that the socialist-led city is in dire danger of bankruptcy if there's an economic downturn:

New - York - City - Bankruptcy - Time

New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.

As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say Gotham is perilously near total fiscal disaster.

Debt - Household - Mayor - De - Blasio

Long-term debt is now more than $81,100 per household, and Mayor de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.

“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,” said Milton Ezrati, chief economist of Vested.

News - New - York - New - York

I've got some news for New York: The New York Fed is forecasting just that downturn. Here's a Daily Mail report that ran a few days ago:

The US economy is likely to slow 'considerably' in 2019, the president of the New York Federal Reserve Bank warned on Wednesday.

Time - Uncertainty - John - Williams - Federal

Amid a time of economic uncertainty, John Williams said the Federal Reserve may 'wait' before raising interest rates again.

The Fed may or may not be right about this, but it shouldn't take the spotlight off New York. Why on earth should one of the world's great cities go bankrupt solely because of an economic downturn? That's the sort of thing you might expect from Greece or Uruguay, both of which endured huge financial crises based in part on the financial behavior of their much larger neighbors. New...
(Excerpt) Read more at: www.americanthinker.com
Wake Up To Breaking News!
Do you exist for Something or Nothing?
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!