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#1 User is offline   Liz 

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  Posted 10 March 2019 - 11:06 AM

New York City Is Edging Toward Financial Disaster, Experts Warn

New York Post
By John Aidan Byrne
March 9, 2019 | 10:10pm

Excerpt:

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.

“New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.”

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.

*snip*

Full Story
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#2 User is offline   Kilmerfan 

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Posted 10 March 2019 - 11:30 AM

Just like that jive in the 70s, man.
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#3 User is offline   tailgunner 

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Posted 10 March 2019 - 11:37 AM

No way..Cumo and deb<censored> will print more money. Oh wait, amazon gave them the finger.

This post has been edited by tailgunner: 10 March 2019 - 11:38 AM

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#4 User is offline   Liz 

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Posted 10 March 2019 - 11:54 AM

View PostKilmerfan, on 10 March 2019 - 11:30 AM, said:

Just like that jive in the 70s, man.

You mean before Giuliani cleaned it all up?
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#5 User is online   Wag-a-Muffin (D) 

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Posted 10 March 2019 - 12:24 PM

Sheesh. I'm no expert, but even I could predict this.
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#6 User is offline   Rock N' Roll Right Winger 

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Posted 10 March 2019 - 12:50 PM

No federal taxpayer's bailouts this time!

Let 'em crash and burn.

That's the only way that they will learn.

They sure did not learn anything from the last time.

They have the government that they have elected/deserve.

This post has been edited by Rock N' Roll Right Winger: 10 March 2019 - 12:51 PM

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#7 User is offline   BARman29 

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Posted 10 March 2019 - 01:36 PM

View PostRock N, on 10 March 2019 - 12:50 PM, said:

No federal taxpayer's bailouts this time!

Let 'em crash and burn.

That's the only way that they will learn.

They sure did not learn anything from the last time.

They have the government that they have elected/deserve.

Tough love.
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#8 User is offline   Severian 

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Posted 10 March 2019 - 03:52 PM

Edging towards financial disaster? I think they're heading toward it petal to the metal like the end of "Thelma And Louise."
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#9 User is offline   Kilmerfan 

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Posted 10 March 2019 - 05:04 PM

View PostLiz, on 10 March 2019 - 11:54 AM, said:

You mean before Giuliani cleaned it all up?

Yep. I visited NYC while Giuliani was boss it was a nice visit.
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#10 User is offline   Kilmerfan 

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Posted 10 March 2019 - 05:07 PM

Everyone is heading to Florida.
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#11 User is offline   Liz 

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Posted 10 March 2019 - 05:22 PM

View PostKilmerfan, on 10 March 2019 - 05:04 PM, said:

Yep. I visited NYC while Giuliani was boss it was a nice visit.

I'm from New York City but I had moved away while it was deteriorating. On one of my visits home, while Rudy was in office, I was amazed at the transformation.
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#12 User is offline   Severian 

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Posted 10 March 2019 - 07:08 PM

View PostKilmerfan, on 10 March 2019 - 05:07 PM, said:

Everyone is heading to Florida.

Oh no! It'll sink. Since it's not an island it won't flip over, but it'll sink!!! :hairpull:
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#13 User is offline   Ticked@TinselTown 

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Posted 10 March 2019 - 08:10 PM

Quote

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.


So... he's found a nugget of untapped funds that his wife can drain so that when it all goes belly up, their nest egg will be fat and provide them a luxurious retirement?

Charming.

I feel badly for the New Yorkers who vote against these asshats and get stuck with the results, just like us outnumbered Conservatives out here in California whose votes go unheard while we struggle to endure the policies inflicted on us by the machinery and their moronic sheeple voters.
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#14 User is offline   MontyPython 

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Posted 10 March 2019 - 11:10 PM

View PostTicked@TinselTown, on 10 March 2019 - 08:10 PM, said:

So... he's found a nugget of untapped funds that his wife can drain so that when it all goes belly up, their nest egg will be fat and provide them a luxurious retirement?

Charming.

I feel badly for the New Yorkers who vote against these asshats and get stuck with the results, just like us outnumbered Conservatives out here in California whose votes go unheard while we struggle to endure the policies inflicted on us by the machinery and their moronic sheeple voters.


Yup just like it is here in WA state. Plenty of us are intelligent enough to vote against the Jay Inslees & Patty Murrays & Maria Cantwells & Jim McDermotts & so forth. But we're outnumbered by the mindless morons.

<_<
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#15 User is offline   Howsithangin 

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Posted 11 March 2019 - 02:31 AM

Let it burn
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#16 User is offline   Big Dave 

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Posted 11 March 2019 - 06:00 AM

View PostSeverian, on 10 March 2019 - 07:08 PM, said:

Oh no! It'll sink. Since it's not an island it won't flip over, but it'll sink!!! :hairpull:

We'll sink under idiots who vote the way they did in NYC and hope things will be different in the sunshine! :hairpull:
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#17 User is offline   zurg 

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Posted 11 March 2019 - 07:58 AM

View PostSeverian, on 10 March 2019 - 07:08 PM, said:

Oh no! It'll sink. Since it's not an island it won't flip over, but it'll sink!!! :hairpull:

I’m waiting until all the proggies start selling their beachfront properties for pennies on the dollar because of “sea level rise” (for which they have no data, but it’s real anyway, because they say so).
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#18 User is online   Tikk 

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Posted 11 March 2019 - 08:10 AM

Democrats are the first ones to complain that the cows got out of the electric fence that they demanded power be cut to because urinating on it was too painful.
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#19 User is online   erp 

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Posted 11 March 2019 - 08:33 AM

View Postzurg, on 11 March 2019 - 07:58 AM, said:

I’m waiting until all the proggies start selling their beachfront properties for pennies on the dollar because of “sea level rise” (for which they have no data, but it’s real anyway, because they say so).

Good point. Which is why I’m sure Sanders purchased a “lake front” summer home, versus a sea side summer. Bernie ain’t no dummy. ;)
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#20 User is offline   helton 

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Posted 11 March 2019 - 09:02 AM

DeBlasio's latest financial debacle is to provide illegals with overall health insurance benefits, and not just when they clog up the emergency rooms. This was done after he decided to "help" lower income New Yorkers by subsidizing their mass transit rides with MY money - benefits that I'm not qualified to receive.

Now isn't that far out and solid and right on? :thumbsup:
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