Analysts Warn New York City Could be Headed Toward Bankruptcy
Well, it looks like we've got some bad news for the city that never sleeps. According to financial whizzes, things aren't looking too good for New York City. I'm talking bankruptcy bad.
Check it out:
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.
Well, I wish I could say this is surprising.
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.
We've already seen folks in New York blaming Republican peeps for their woes. That argument might work with some people if New York wasn't so solidly blue.
In case you didn't know, anti-business policies will force people out faster than the methane discharges at a chili cook-off. If you're extorting a giant chunk of their ducats from businesses, don't be surprised when they pack their bags.
Let's also not forget, New York had every opportunity to pull in a hefty bag of greenbacks from Amazon. That was before "Crazy Eyes" Cortez and her commie ilk put a stop to that. Revenue be damned.
The New York higher-ups can throw out any excuse they like. In reality, they only have their sucktastic policies to blame for the whole thing. On the bright side, it's never too late for New York to remove their jaws from the hand that feeds them and learn some basic economics.
Speaking of that:
NOT SUBSCRIBED TO THE PODCAST? FIX THAT! IT’S COMPLETELY FREE ON BOTH ITUNES HERE AND SOUNDCLOUD HERE.