New York City Is Edging Toward Financial Disaster, Experts Warn

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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.

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

“New York City could go bankrupt, absolutely,” said Peter C. Earle, an economist at the American Institute for Economic Research.

“In that case, the city would get temporary protection from its creditors, but it would be very difficult for the city to take on new debt.”

Read more at NY POST.

{Matzav.com}

 

7 COMMENTS

  1. That’s what happens when you elect a communist, an alumnus of Managua, Nicaragua, to be Mayor.

    And the frum machers think he is great…

    Wow, he is running for President now.

    What a great idea.

  2. The next time a major corporation as much as considers opening a New York City branch, chase it out, as soon as possible, then pontificate that the ones who don’t work deserve a living wage, or handout.

  3. What’s the problem isn’t everything free just ask the witch(rich) Cortez she will explain why we have it all wrong and everything will be fine

  4. Let NYC go under. Let all the government mafia “workers” loose their overinflated pensions and benefits in the bankruptcy restructuring. Hopefully CA will follow soon.

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