Is socialist New York City careening toward bankruptcy?
Far left Democrat Senator Chuck Schumer endorsed Socialist Mayor Bill DeBlasio for his second term in 2017.
Socialist U.S. Senator Bernie Sanders endorsed Socialist Alexandria Ocasio-Cortez during her run for a seat in the U.S. House of Representatives.
Socialist Mayor DeBlasio endorsed Socialist Bernie Sanders for president in 2020.
At his January 2019 State of the State address, Democrat Governor Andrew Cuomo announced his progressive “2019 Justice Agenda” that included a copy of Socialist Alexandria Ocasio-Cortez’s New Green Deal.
Last month, Ocasio-Cortez was accused of chasing Amazon out of the Queens borough, costing residents 25,000 jobs and the city and state billions in lost revenue. The Socialist lawmaker, who lead the charge to keep the second headquarters out of New York City, cited the $3 billion in tax incentives New York had agreed to give the “greedy” corporation. Amazon was expected to bring in $27.5 billion in new tax revenue for the state and city.
Watch the Ocasio-Cortez explain how the money New York City doesn’t have, can now be redistributed in the local community and how “mom and pops” can now create 25,000 jobs.
.@AOC Rep Know Nothing
Uninformed foolishness abt chasing Amazon away
A. Believes future tax incentives = a $3B pot of money they can now redistribute
B. Thinks 25k professional jobs at $100k+ per will be offset by local jobs fm this non-existent $$$pic.twitter.com/X20gptIsMQ
— Jim Hanson (@Uncle_Jimbo) February 15, 2019
There appears to be a pattern emerging in New York City…and the financial repercussions are real.
It’s now being reported, that despite the best economy in two decades, New York City is edging toward bankruptcy.
The New York Post reports – 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.
New York state — and city — are ranked No. 1 nationwide in state and local tax burden.
Property taxes, almost half of the city’s revenue, is rising faster than any other revenue source — squeezing businesses and forcing homeowners, already hit by federal property tax deduction changes, to relocate to lower-tax states.
The top 1 percent of New York City earners pay some 50 percent of Big Apple income tax revenue.
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.
De Blasio has detailed $750 million in savings for the preliminary fiscal 2020 budget, but that won’t be enough to stave off a bloodbath if New York’s economy is hit by financial shocks — including a recession, which some see on the horizon — analysts warn. Gov. Cuomo’s preliminary budget has $600 million in city cuts in the coming year.
But city spending, up some 32 percent since de Blasio took office — triple the rate of inflation — may need to be cut deeper, these analysts add. The city’s long-term pension obligations have escalated, as well, as its workforce has soared by more than 33,000 in the last five years.
“New York City could go bankrupt, absolutely,” said Peter C. Earle, an economist at the American Institute for Economic Research.