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New York City is edging toward financial disaster, experts warn

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Posted By: Ribicon, 3/10/2019 11:14:50 AM

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.(Snip) But city spending, up some 32 percent since de Blasio

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The tippy-top 1%ers who make vast fortunes on city spending will be the first to flee just before the bottom falls out, their wealth intact. The rest, most of them foursquare backers of every social program and public sector pay raise, will be left behind, wondering what happened and waiting for help that won´t arrive.

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Reply 1 - Posted by: IowaDad 3/10/2019 11:20:48 AM (No. 145)
People can vote for more city services for years - and enjoy them - but when the bill needs to be paid, they can skip out of town and let others deal with the mess.

The answer? All city services (including the funding of pensions, health care accounts etc) must be paid out of current account at the time of the service.
41 people like this.

Reply 2 - Posted by: curious1 3/10/2019 11:31:36 AM (No. 150)
Follow President Ford´s response again, when NYC and NYS need to be bailed out.
30 people like this.

Reply 3 - Posted by: Cat Ballou 3/10/2019 11:53:09 AM (No. 141)
The sooner the better, the road to reality can be rough and rocky.
35 people like this.

Reply 4 - Posted by: Knotwyrkin 3/10/2019 11:55:26 AM (No. 156)
And like all true Democrats and Socialists, the solution to their bankruptcy in the future will be "other people´s money."
43 people like this.

Reply 5 - Posted by: pilot222 3/10/2019 12:17:35 PM (No. 147)
Talking about this for years. Do it, declared total bankruptcy and let the country see the benefits of AOC/Muslim socialism at work. Could not happen to a nicer city
42 people like this.

Reply 6 - Posted by: Grampstosix 3/10/2019 12:32:22 PM (No. 151)
With the way things are going it may not be long before the N.Y. Yankees have to relocate.
25 people like this.

Reply 7 - Posted by: VietVet68 3/10/2019 12:33:54 PM (No. 143)
I hope NYC goes over the cliff sooner rather than later. The democrat run city has been sucking the lifeblood out of NY for decades and needs to crash and burn.
38 people like this.

Reply 8 - Posted by: lisa belanger 3/10/2019 12:43:01 PM (No. 144)
my its shocking looking at who runs the state mrs de blasion going on shopping spree and hiding money that people should get...well they voted these 2 idiots in and the pensions are at stake.....ny went tru a trama like suck years ago history repeats itself good luck you good socialist
24 people like this.

Reply 9 - Posted by: Maggie2u 3/10/2019 12:46:44 PM (No. 158)
Tell you what I would do if I lived in the city. Start stocking candles.
37 people like this.

Reply 10 - Posted by: DVC 3/10/2019 1:38:48 PM (No. 142)
Vote for free stuff for long enough, and you get NO STUFF at all.

Zero sympathy. They have chosen this path, let them enjoy the disaster that they are brewing up for themselves, and have been warned against for years or even decades.
26 people like this.

Reply 11 - Posted by: planetgeo 3/10/2019 1:45:13 PM (No. 157)
Cool. They´re checking out how the Green Old Deal works out before they try out the Green New Deal.

Call us when the lights come back on.
23 people like this.

Reply 12 - Posted by: Vaquero45 3/10/2019 2:14:41 PM (No. 154)
Hey, New Yorkers - life is tough. It’s tougher if you’re stupid.

I love the smell of schadenfreude in the morning.
23 people like this.

Reply 13 - Posted by: coldoc 3/10/2019 3:05:39 PM (No. 155)
Except in time of (declared) war, government should be prohibited from deficit spending.
17 people like this.

Reply 14 - Posted by: bighambone 3/10/2019 3:42:02 PM (No. 149)
And of course the NYC Mayor de Blasio wants to be the next leftist Democrat US President!
25 people like this.

Reply 15 - Posted by: lakerman1 3/10/2019 3:56:49 PM (No. 146)
#2, President Ford never said Drop Dead to NYC.
In addition, I was at a law conference at the U. of Kentucky, 1977, after the federal government bailed out NYC with loans, and an attorney from NYC was one of the panelists, and complained bitterly that the feds should not have charged interest to NYC! (I suggested that he and NYC should be thankful for the loan, and he was offended by that.)
That is the kind of arrogance endemic in NYC.
Finally, it was the Municipal Assistance Corporation of NYC that borrowed money and issued bonds. Who was the treasurer of MAC?
A much younger Dirty Donna Shalala! She has been the Palestinian fly in the political ointment forever!
As long as the federal government bails out irresponsible governments, their behavior will never change. California, Chicago and Illinois, New York State, New York City,, Syracuse, Albany, Buffalo, Cleveland, Ohio,
all cut from the same irresponsible fiscal cloth.
27 people like this.

Reply 16 - Posted by: DVC 3/10/2019 4:37:45 PM (No. 153)
#13, a good point, no doubt. However, if we had that as a Constitutional Amendment....we would just be "at war" at all times, count on it.
20 people like this.

Reply 17 - Posted by: jeffkinnh 3/10/2019 5:27:44 PM (No. 152)
Big cities in dem controlled states are ALL having problems. The cities and the state are all suffering from liberal largess including exhorbitant pension promises to people now retiring.

The Socialists what to go on an even more ridiculous spending spree, part of which is likely to be used to bail out the liberal states and cities.

When are we going to laugh in the liberals face every time they make promises that we KNOW are not going to work.
28 people like this.

Reply 18 - Posted by: DVC 3/11/2019 1:08:08 AM (No. 148)
Like Lady Thatcher said, the are running out of OPM.
12 people like this.

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