Posted on 03/11/2019 7:46:37 AM PDT by Enlightened1
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 ...
Best if it collapses.
Raise taxes. Next problem.
Build a wall around NYC. I don’t want those bastards, after they’ve destroyed their own digs, coming around my area destroying mine.
They’re like locusts.
More examples of why socialism fails every time it is tried.
Gotta love socialism...free stuff for all including illegals....NY don’t need no stinking Amazon jobs.....and these idiots have the right to even vote???smh
Amazon escaped, just in time!
Is there really a difference between liberal New Yorkers and locusts? Nay, they ARE locusts.
Welcome to Florida!
“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...”
Corzine tried to pull that on me. I got a bill regarding my company owing a few thousand dollars for regulation violations. Told them to piss off and I was hiring an attorney to fight it. Never heard from them again.
I remember a newspaper headline of the time which read:
“Ford to city - Drop Dead”.
The liberal view at that time, was that President Ford was to blame, for not backing a bailout rescue package for the city, from the federal government.
There will be pressures for Trump and the federal government to take action.
I don’t get this. The liberals who run New York City, mismanaged the finances of the city, driving it to the brink. But then somehow blame will be given to Trump if he doesn’t save them from themselves.
Just as Ford was blamed decades ago for not saving New York, Trump will be blamed if the worst happens .
Wasn’t there a dystopian move made a few years back, “Escape from New York”?
New York City (in which the Twin Towers were still standing) has been converted into a huge concentration camp -like the Roach Motel, you check in, but you don’t check out.
No kidding.
Yes. I remember that movie and it didn’t seem far-fetched at the time as crime was raging out of control.
NYC Could Go Bankrupt for First Time in 40 Years
¡No te preocupes!
Wall St. will sell new bonds for a 150 years this next time around...LOL...
Did a search before I posted, and it did not come up.
Maybe they can borrow some money from Puerto Rico.
That’s what communists criminal pigs do to a State. California has been bankrupt for 20 to 25 years. Both State have been communists controlled Democrats.
Seems a shame for them that NYC has decided to investigate Trump for everything he ever did in an obvious vendetta. Because Trump, as a New Yorker, would probably be inclined to want to help. But they've been actively giving him the finger for the last two years so maybe now not so much.
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