New York City headed for bankruptcy

NYC mayor Bill de Balsio

John Aidan Byrne reports for the New York Post, March 9, 2019, that “As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say…New York City is careening closer to all-out financial bankruptcy.”

Milton Ezrati, chief economist of Vested financial communication agency, said: “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 is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.”

Here are the troubling indicators of a looming financial disaster:

  • New York state — and city — are ranked No. 1 nationwide in state and local tax burden.
  • Property taxes, almost half of the city’s revenue, are rising faster than any other revenue source — squeezing businesses and forcing homeowners, already hit by federal property tax deduction changes, to relocate to lower-tax states.
  • The top 1% of New York City earners pay some 50% of the city’s income tax revenue.
  • Long-term debt is now more than $81,100 per household in New York City.
  • Since Democrat Bill de Blasio (birth name Warren Wilhelm Jr.) took office as mayor, city spending has increased some 32% — triple the rate of inflation. But de Blasio wants to add $3 billion more in the new budget than the current $89.2 billion.
  • The city’s long-term pension obligations have escalated as well, as its workforce has soared by more than 33,000 in the last five years.

Peter C. Earle, an economist at the American Institute for Economic Research, said: “New York City could go bankrupt, absolutely. In that case, the city would get temporary protection from its creditors, but it would be very difficult for the city to take on new debt.”

H/t Big Lug

~Eowyn

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christyAlmaTrailDustDr. Eowynmossy bloke Recent comment authors
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Goldbug
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Goldbug

And just watch these fleeing liberals bring their leftism with them!

Auntie Lulu
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Auntie Lulu

Goldbug . . . Yes, the fact that these liberals flee their current locals because the leftist taxation becomes too much for them–then they bring this same “thieving” mentality to wherever it is that they resettle. We see this phenomenon time and time again. There must be some kind of ingrained stupidity in these folks, and unfortunately the rest of us suffer because of it.

mossy bloke
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mossy bloke

They are truly a disease that begs for a cure.

mossy bloke
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mossy bloke

They have, in my state, flown to Raleigh.

Lophatt
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Lophatt

I saw this morning where Mayor Goofus was explaining how to use the toilet to New Yorkers. This goon is living proof that votes don’t count.

DCG
Admin

Goofus is the turd that needs to be flushed…

mossy bloke
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mossy bloke

What counts is his successful charade of himself being “italiano” (De Blasio must translate, in his case, “The Bozo” or “The Blase'” (the unimpressive redundancy) instead of being his German “Warren Wilhelm Jr.” self. What a clown.

Lophatt
Member
Lophatt

Must be the family motto:

du bist ein dummkop

Auntie Lulu
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Auntie Lulu

Every time I see this particular picture of this idiot . . . I think of a braying donkey!

Lophatt
Member
Lophatt
Steven Broiles
Member

As much as I don’t like Deblasio, this is not totally his fault alone. The fault really lay with former Mayor Bloomberg, who himself admitted, before leaving office, that this would happen. It was Bloomberg who raised everyone’s property taxes by about 40% during his term. He should have remembered what Mayor Lindsay did to the City in the ’70’s. But No.

TrailDust
Admin

This mayor is hated in NYC. It would not be too big a stretch to say he was likely elected through voter fraud.

Alma
Member
Alma

I thought they were bankrupt when Magpie Ocasio-Cortez kick out Amazon.

Lophatt
Member
Lophatt

I have known a lot of New Yorkers in my time and most of them I’ve liked. I wouldn’t consider stupid. How mutts like this keep getting “elected” begs question of the whole “election” process.

christy
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christy

So fast forward and create a measles scare and get people who do not vaccinate to pay for that choice now or else. This idea will catch on I am afraid. Of course this will not solve their problem but it will give them a few more dollars to waste on their ridiculous policies.

Lophatt
Member
Lophatt

No kidding. I read today that “Tribal kids” get a pass. Wow. How “special”. This guy’s a disgusting tool.