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New York City has long been viewed by many as a dumpster fire of fiscal irresponsibility with ridiculously high taxes and insanely excessive spending, and under the past few years of leadership by the socialist, er, Democratic Mayor Bill de Blasio, the situation has only gotten worse.
Recent reports citing economic experts have warned that the famed city could soon face the financial disaster of bankruptcy for the first time in more than 40 years, but it doesn’t appear that the city is doing much of anything to address that dire consequence, and instead is arguably making things even worse.
New - York - Post - Week - Businesses
The New York Post reported last week that as businesses and residents flee the high taxes imposed on them by the city and state, resulting in entirely predictable tax revenue shortfalls, public spending has actually been increased instead of reduced as well, creating a sort of fiscal death spiral that could ruin the city.
Milton Ezrati, chief economist of financial communications agency Vested, told the Post, “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.”
New - York - Spot - Situation - Kind
“New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback,” he added.
Such setbacks would include a financial recession, which could prove fiscally devastating, or even just a continuation of the exodus of taxpayers while spending continues to increase.
Mayor - Blasio - Spending - Top - Budget
Indeed, Mayor de Blasio recently announced an additional $3 billion in new spending on top of a budget that already included $89.2 billion in spending.
Meanwhile, the mayor only found “savings” of about $750 million in his proposed budget for 2020 — obviously not enough to save the city in a disaster — and the state’s Democratic Gov. Andrew...
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