New York City goes through leftist inspired debt and bankruptcy cycles.
The last one started with Mayor Richard Wagner and massive leftist government, unions and spending in the late 50’s and early 60s, which then led John Lindsay to take on massive debt when the NYC economy declined in the late 60s, which then lead Abe Beame into bankruptcy in the mid 70s (and a state control board) and the chaos, riots and decline under Ed Koch in the 70s and 80s.
Things then hit bottom with Koch and Dinkins, and the city rose again with Giuliani.
with De Blasio in charge, this cycle will be much worse. I estimate we are somewhere between John Lindsay and Abe Beame. Bankruptcy is coming.
40 years.
And people are far more mobile today than they were then.
“The last one started with Mayor Richard Wagner”
Robert F. Wagner Jr.
what does bankruptcy mean anyway?