Deep blue New York City looking at bankruptcy after a five-year socialist wallow

Ready to go back to the 'Shattered' era, New York? The old 'drop dead' epoch and 'fun city' times?

Looks like that's what's on the cards, based on this New York Post report, warning that the socialist-led city is in dire danger of bankruptcy if there's an economic downturn:

New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.

As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say Gotham is perilously near total fiscal disaster.

Long-term debt is now more than $81,100 per household, and Mayor de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.

“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,” said Milton Ezrati, chief economist of Vested.

I've got some news for New York: The New York Fed is forecasting just that downturn. Here's a Daily Mail report that ran a few days ago:

The US economy is likely to slow 'considerably' in 2019, the president of the New York Federal Reserve Bank warned on Wednesday.

Amid a time of economic uncertainty, John Williams said the Federal Reserve may 'wait' before raising interest rates again.

The Fed may or may not be right about this, but it shouldn't take the spotlight off New York. Why on earth should one of the world's great cities go bankrupt solely because of an economic downturn?

Socialist Bill de Blasio has been mayor of New York for going on six years now, and he hasn't held back on what socialists specialize in, which is government spending. According to the Washington Examiner, the state of New York shells out 32 cents from every taxpayer dollar that comes in for welfare payments to those who can't or won't work.

According to the State of New York's Office of the State Comptroller, which pays attention to New York City's government spending, in just the last year, New York City has outspent the rest of the state in public assistance (up 3.7%), safety net assistance (up 6%), family assistance (up 1.7%), while assistance for other programs, such as SNAP, decreased at lower rates than the state as a whole on all fronts.

You can bet that New York city's percentage is likely above the state's averaged 32%.

And all this at a time when the U.S. has seen its best economic performance since the Reagan years.

Bill de Blasio has been spending up a storm as the socialist mayor of New York City, and with every expansion, driving out another piece of the productive sector. Instead of jobs expanding, welfare has expanding. And residents are fleeing. Amazon, after all, got chased out, thanks to his fellow socialist, Rep. Alexandria Ocasio-Cortez, a move that is going to cost the city a pretty penny in lost tax revenue. Nice work, socialists.

De Blasio and his idiot wife have helped New York along to the Bankruptcy with their out of control spending. His wife blew over $850 Million on the schools or something and they don’t even know what it was spent on.

They have increased taxes and are running the wealthy out of town who pay all the taxes. Now we get down to the little people who will taxed to death to pay for all of this.

“...residents of high-tax blue states like New York...”

You got yourselves there azzholes. Go bankrupt. Serves you right for electing and re-electing leftist, socialist, commie scum dirtbags and lowlifes.

I rejoice in your misery, except for the Good Americans upstate. Albany and NYC need nuking. No sympathy from me. I worked in Midtown Manhattan, lived in NJ, for 17yrs. It’s a hellhole.

Rudy had it in good shape when he left. YOU destroyed it. Wallow in your misery, like a pig in mud.

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