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Posted on 02/20/2026 4:58:58 AM PST by MtnClimber
Somehow, they didn't foresee this happening when the billionaires fled the fleecing.
Most of New York City's public employee unions endorsed Zohran Mamdani for mayor -- UFT teachers union, AFSCME, SEIU Local 1199 -- a lot of the big important ones.
So it must have come as a surprise them that Mamdani's first target to finance his huge $120 billion budget is likely to come not from billionaires, as he claimed would happen, but from a raid on their pension funds, which by the way, cannot flee.
Oh, what irony. Instead of going after the millionaires when the billionaires fled, he went, like a bank robber, to where the money still was -- New York City's $294 billion public pensions under management. He must have wondered why he didn't think this up earlier, given that very few billionaires have that many billions, none of which can flee.
New York City's Transit Supervisors Organization, which is another union, and based on its 'you get what you vote for' warning on its site, probably did not endorse Mamdani, explained the dynamic this way:
Mamdani unveiled his preliminary budget proposal for 2027, outlining a plan to close a projected $5.4 billion deficit. Under state law, New York City must pass a balanced budget. To bridge the gap, Mamdani proposed a 9.5% increase in property taxes and “raiding” the city’s Rainy Day Fund and the Retiree Health Benefits Trust Fund. “The city would also take $980 million from its Rainy Day Fund and take $229 million from the Retiree Health Benefits Trust,” he said. Mamdani’s proposal would increase the city’s overall spending from former Mayor Eric Adams’ $115 billion budget to $127 billion. Mamdani described the property tax hike and reserve raid as a last resort, preferring to instead raise taxes on high-income earners
(Excerpt) Read more at americanthinker.com ...
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What a shock.
They are assuming that the Federal will bail their Pension funds out. They always have.
Go Woke, Go Broke.
Seems like an easy rule to remember.
Messing with Mafia money may be a shorter trip to the grave than knowing something that puts Hillary in prison. Hillary has to work through third parties. The Mob just leans forward, presses the intercom button and the job is engaged.
I didn’t expect NYC to feel the pain of electing him so soon. Winning!
That was basically what the 2020 election was all about, getting a lock on Congress so the wealth of the red states could be used to bail out the blue.
How did Trump build with the mafia running the construction industry?
I wonder if these funds are over- or under- funded. I would guess the latter.
I’m sure some must be reflecting on the country song by Dierk Bentley - What was I Thinkin’.
https://www.youtube.com/watch?v=iuYmH2yLaHA
Anyone with money is “rich” to a communist.
Oh ye suckers in New York City. A system that has NEVER before worked in history is now being implemented in NYC because you voted this communist into office !
Let your suffering begin in earnest. Let your regret pile as high as the buildings in Manhattan.
Overstuffed pension funds from public union coercion. Could be worse.
I love it when people get what they voted for.
Instant karma!
And we all shine on!
How can he just raise property taxes by himself? Aren’t others involved? Isn’t there a vote?
Last Resort?
For a last resort, it didn't take him long to get there.
Seems to me that spending less money might have been an option to consider before spending money intended to pay for retired working folks healthcare.
After all, communism is all about government funded healthcare.
Hahahahaha
I’m loving this
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