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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“How did Trump build with the mafia running the construction industry?”
I’m guessing the only way anything gets done in NY is to pay the Dane Geld. It’s just a cost of doing business in a corrupt society.
At the rate he’s going, Mom Donny won’t have the weight he used to need to throw around for very much longer.
The revolution always eats its children.
Frog, meet scorpion again.
Why can’t he take more from the pensions? He should max out the IOU slips.
What a surprise to Republican voters.....NOT.
They actually would be bailing out Mamdani, so he would live to bail out the pension funds again. Somebody(s) needs to take this guy out behind the barn & give him a working over he won’t soon forget.
Madmani
Joe Biden is available and has professed he is good at taking people out behind the barn and....oh wait!
“How did Trump build with the mafia running the construction industry?”
You walk a fine line, some payoffs as cost of doing business, sometimes out smarting them, IE: if it’s a union rule it’s in the price, quietly let it be known a relative is an assistant DA. It all depends on the situation.
.
New York City pension funds are overstuffed with unfunded pension liabilities IOUs.
Estimates as of 2024-2025 vary from $42 billion to over $142 billion in pension liabilities when using more realistic, lower ROI assumptions.
“How did Trump build with the mafia running the construction industry?”
Thornton Melon explained it all....
https://www.youtube.com/watch?v=uSLscJ2cY04
Watch as they replace these pension funds from federal taxpayers. That’s us.
Haircuts coming to SS and government pension funds alike, I imagine.
Backstabbing Democrats don’t realize that they can’t stay back of the line forever, sooner or later they get the knife in the back from someone behind them too.
I did. I said from the start that NYC would serve as a useful object lesson AND that Mandami’s election would help Republicans in 2028.
I have no sympathy for New Yorkers. They can now wallow in the shared misery they voted for. In four years they will vote another Democrat stooge in.
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