New York City is edging toward financial disaster, experts warn

[Madmallard]

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.

https://nypost.com/2019/03/09/new-york-city-is-edging-toward-financial-disaster-experts-warn/

 

[togmaster]

Just give away more free shit. de Blasio like Cuomo is only out for personal gain at the expense of the city/state.

 

[Jmac00]

at first I was like "ya, go down you stupid fucks" ~~~then I realized how monumentally bad this will impact the entire state. Property values across the state will tank. Seriously, who would want to move to a state with the highest tax burden in the country? How are we going to sell a house when no one wants to come here, OBVIOUSLY because of the weather, fucking idiot.

The only way out of this shit hole now is to sell your property and take it up the ass.

This bullshit MUST, hold off for two more years. Just two more years and we're GTG

this may set a precedent to separate the city from the state

 

[Saltwater60]

Is there any connection between becoming more socialist/giving away free shit and becoming broke. Sure seems like there is a connection but I didn’t get an economics degree from BU like someone else.

 

[Jmac00]

Is there any connection between becoming more socialist/giving away free shit and becoming broke. Sure seems like there is a connection but I didn’t get an economics degree from BU like someone else.

the connection would be a simple one. Spend more than you bring in = you go bankrupt. There is no simpler economic formula.

and, if you bring in more people that have no skills and don't contribute to society, only take = you go bankrupt

But if you're government, you assume you can simply print more money and all will be fine. That theory, once again, is proving to be false

 

[Deplorable Me]

If NYC was a horse you'd have to shoot it for it's own good and turn it into glue. There is no hope, it's socialist death by 1000 cuts.

 

[ArmedCorgi]

Let it burn.

 

[skywarner]

Maybe NYC should consult with that great economic advisor, bartender and meme-generating Socialist Congresswoman Alexandria Ocasio-Cortez.

 

[Jezman]

Good for them they get wealthier and the dumbasses who voted for them will pay the ultimate price for their choices.

United we stand Divided we Fall

 

[Mr. terzmo]

The entire State is not far behind. RED FLAG>>>>>>more and higher taxes

 

[Jmac00]

lets not panic just yet, I suspect Emperor douche nozzle has a little something up his sleeve.

anyone wonder why the Emperor has flipped--flopped on the legalization of Marijuana? Now all of a sudden he WANTS to legalize cannabis.

Colorado legalized Cannabis and made $200 million dollars in tax revenue and that continues to grow <pun> So Im thinking that Emperor Corruption is COUNTING on the taxes from Cannabis to help pay for his tax shortfall in NYC

of course, without cutting spending, it's all a exercise in futility. so who knows whats going to happen.

I also suspect that the IIC ( Idiots In Charge ) will try and use corporate raids and taxes to help make up some more. Like when our delightful new Attorney General said "we are going to investigate everything and anything with the name Trump attached to it". So the IIC will be using fines and penalties to chase more companies out of NY

 

[Robin]

With the loss of billions due to terrible tyrannical democrat policies I have yet to hear any of these bloodsucking scum big city OR state pol's talk about cutting spending.
Robin

 

[Jmac00]

With the loss of billions due to terrible tyrannical democrat policies I have yet to hear any of these bloodsucking scum bag city OR state pol's talk about cutting spending.
Robin

the key to any fiscal responsibility is to cut spending. maybe these asshole should be made to run the state like they run their household

 

[prambo]

I just want to see the beast that is DemonRat NYS and NYC go tits up.

We can't get out, ever. You younger guys - sell everything and unass the AO most riki-tik.

 

[Mosinitis]

Someone wrote an article in NY Post and that means the sky is falling. NY GOP helped to pass the SAFE act and now they are blowing smoke up our asses with this inane partisan drivel.

 

[Shadow2]

$200 million isn't going to cut it.

lets not panic just yet, I suspect Emperor douche nozzle has a little something up his sleeve.

anyone wonder why the Emperor has flipped--flopped on the legalization of Marijuana? Now all of a sudden he WANTS to legalize cannabis.

Colorado legalized Cannabis and made $200 million dollars in tax revenue and that continues to grow <pun> So Im thinking that Emperor Corruption is COUNTING on the taxes from Cannabis to help pay for his tax shortfall in NYC

of course, without cutting spending, it's all a exercise in futility. so who knows whats going to happen.

I also suspect that the IIC ( Idiots In Charge ) will try and use corporate raids and taxes to help make up some more. Like when our delightful new Attorney General said "we are going to investigate everything and anything with the name Trump attached to it". So the IIC will be using fines and penalties to chase more companies out of NY

 

[Jmac00]

$200 million isn't going to cut it.

true, but the point is, ALL Cannabis revenue would go to the rotten apple and nothing else. the shitty is still headed for the toilet, but then Emperor Douche bag can say "see I tried" when he runs for POTUS. ( he is going to run, because he's that arrogant )

 

[GOPerfect]

There are no Democrats, no Republicans anymore. What we have is a group of people that feel that they are better than the rest of America. There are no sides; no real Left or Right. All of them suck. Some just suck less than others.

NYC going broke is not a good thing for the State or the Country.

We need serious reform that will never come.

Those that cannot feed themselves, need to go hungry. Those who cannot clothe themselves should be bare. Those that cannot afford a home or place to live, should not have free housing. The weak were never meant to survive this easily.

 

[holdover]

The answer is so obviously simple, raise the taxes.

 

[Jmac00]

There are no Democrats, no Republicans anymore. What we have is a group of people that feel that they are better than the rest of America. There are no sides; no real Left or Right. All of them suck. Some just suck less than others.

NYC going broke is not a good thing for the State or the Country.

We need serious reform that will never come.

Those that cannot feed themselves, need to go hungry. Those who cannot clothe themselves should be bare. Those that cannot afford a home or place to live, should not have free housing. The weak were never meant to survive this easily.

very true, not with the crew we have in Albany now.

these morons haven't figured out that if you reduce taxes, you will actually make more money. Not one of these stupid fucks knows anything about business

 

[libertysnake]

There are no Democrats, no Republicans anymore. What we have is a group of people that feel that they are better than the rest of America. There are no sides; no real Left or Right. All of them suck. Some just suck less than others.

NYC going broke is not a good thing for the State or the Country.

We need serious reform that will never come.

Those that cannot feed themselves, need to go hungry. Those who cannot clothe themselves should be bare. Those that cannot afford a home or place to live, should not have free housing. The weak were never meant to survive this easily.

To be fair, people who paid into the system I think should reap the benefits of the system -- regardless of their disability or not. It's the people that are capable, for many years, and just take without contributing that I have issue with.

 

[GOPerfect]

To be fair, people who paid into the system I think should reap the benefits of the system -- regardless of their disability or not. It's the people that are capable, for many years, and just take without contributing that I have issue with.

This is the entire problem... None of us should be paying into the system. If we, the taxpayer we're not forced to pay for all this social bullshit, we would have more of our own money. We could save on our own for the rainy days. Those that do not plan for the future, well, maybe they perish.

End all social programs designed as a hand out. All of them.

No free money for college. No state fundred education grants. No welfare . No food stamps. No reduced cost public housing. No social security. No Medicaid, no medicare.

Yeah, seems harsh, but I for one am getting fed up with paying for others.

 

[libertysnake]

This is the entire problem... None of us should be paying into the system. If we, the taxpayer we're not forced to pay for all this social bullshit, we would have more of our own money. We could save on our own for the rainy days. Those that do not plan for the future, well, maybe they perish.

End all social programs designed as a hand out. All of them.

No free money for college. No state fundred education grants. No welfare . No food stamps. No reduced cost public housing. No social security. No Medicaid, no medicare.

Yeah, seems harsh, but I for one am getting fed up with paying for others.

I'd buy into a private income insurance program if the government didn't force me into one. I'd trust the private sector over government run / looted social security any day.

 

[BDinPutnam]

This is the entire problem... None of us should be paying into the system. If we, the taxpayer we're not forced to pay for all this social bullshit, we would have more of our own money. We could save on our own for the rainy days. Those that do not plan for the future, well, maybe they perish.

End all social programs designed as a hand out. All of them.

No free money for college. No state fundred education grants. No welfare . No food stamps. No reduced cost public housing. No social security. No Medicaid, no medicare.

Yeah, seems harsh, but I for one am getting fed up with paying for others.

I take it you are circulating petitions to forfeit your pension(s) at least the parts you didn't pay into? And VA health?

 

[holdover]

To much government, and government employees. Government employees do not generate wealth. they produce nothing, they require vast amounts of money from those that do to stay operational. Teachers have insurance plans that cover cosmetic surgery. Really? With my money? After 5 years NYS troopers are paid a base salary of 85K plus benefits and a healthy retirement plan .Which I can be OK with, if there wasn't 5000+troopers. I don't begrudge people making a decent living, that's what they are supposed to do. Just the sheer numbers of people are sucking up the wealth of the working class.

I can see 50% of the retirees or better are going to be forced to leave the state to survive, 50% or better of collage grads will leave the state for better living conditions where they get to keep what they earned, not pay other peoples salary.

Everybody seems to complain about the free benefits and never notice the obscene paid benefits. Cuts across the board.

 

[GOPerfect]

I take it you are circulating petitions to forfeit your pension(s) at least the parts you didn't pay into? And VA health?

I do not use anything Medical at the VA.

 

[spat]

I take it you are circulating petitions to forfeit your pension(s) at least the parts you didn't pay into? And VA health?

You mean I get back the money I paid into Social Security (with interest) and we can close that disgusting mess down ?

Where do I sign up ?

 

[seezur]

There are no Democrats, no Republicans anymore. What we have is a group of people that feel that they are better than the rest of America. There are no sides; no real Left or Right. All of them suck. Some just suck less than others.

NYC going broke is not a good thing for the State or the Country.

We need serious reform that will never come.

Those that cannot feed themselves, need to go hungry. Those who cannot clothe themselves should be bare. Those that cannot afford a home or place to live, should not have free housing. The weak were never meant to survive this easily.

I used to have this same hardline approach, so I understand where you’re coming from. As I got older however, I ended up inadvertently becoming deeply involved with people with some pretty serious health issues. Not the “my third baby daddy left and I need welfare to buy cigarettes” “health issues”, but genuine, horrific illnesses. Many of them were children diagnosed with brain tumors who needed multiple high risk surgeries, followed by life long expensive medical treatment. Their quality of life is unimaginably terrible, but they fight everyday to keep on living.

They didn’t have a say in what happened, and many of their parents are hard working, contributing members of society but the sheer cost of medical treatment was unsustainable. We’re talking 150k/yr in medicine and doctors without insurance. That or their children would have to die. Insurance premiums and OOP max are about 10k/yr so unless they are making a ton of money, it’s impossible to care for their children without Medicaid.

They should “perish”, at least in nature. But as a moral society that’s evolved significantly from nature, I think we have an obligation to help out our fellow citizens. I mean what if you were sick? What if your kids were sick? Would you be OK with them dying? Not everyone is fortunate to be born with good health, and meeting these people has really helped me recognize how lucky I am and how lucky a lot of people (unknowingly) are.

Believe it or not, we live in a country of excess, and could help take care of the people with genuine needs if we only reined in the spending on bullshit foreign aid, abused programs, government officials, etc. It’s really sad the amount of goods and money the government wastes. We could have paid vacation like Germany and take care of our sick and needy without touching our GDP or taxes if only the government was less inept.

I want to be clear that I’m not at all in favor with the way the current welfare state is run. I’ve had intimate experience with that too, so I know the kinds of people that are usually collecting welfare and abusing the system. It’s true that people who collect and have no motivation are unlikely to ever get off the programs. It’s true that a lot of people are abusing it, or end up having a bunch of children and then expect everyone else to pay for them. I don’t agree with that, and I’d even go so far as to support chemical castration of drug addicts and people who have kids knowing they can’t afford them.

I guess what I’m trying to say is it’s not that black and white. I don’t want to pay for some drug addict to sit at home and shoot up, but I also think it’s important to not lose our humanity by letting people who truly can’t help themselves die in the streets. Reforming the system so it works is the real issue.

 

[Truebeliever]

I wish someone would report how more than 1/3 of the budget is Medicaid for places like NY and CA

 

[GOPerfect]

I used to have this same hardline approach, so I understand where you’re coming from. As I got older however, I ended up inadvertently becoming deeply involved with people with some pretty serious health issues. Not the “my third baby daddy left and I need welfare to buy cigarettes” “health issues”, but genuine, horrific illnesses. Many of them were children diagnosed with brain tumors who needed multiple high risk surgeries, followed by life long expensive medical treatment. Their quality of life is unimaginably terrible, but they fight everyday to keep on living.

They didn’t have a say in what happened, and many of their parents are hard working, contributing members of society but the sheer cost of medical treatment was unsustainable. We’re talking 150k/yr in medicine and doctors without insurance. That or their children would have to die. Insurance premiums and OOP max are about 10k/yr so unless they are making a ton of money, it’s impossible to care for their children without Medicaid.

They should “perish”, at least in nature. But as a moral society that’s evolved significantly from nature, I think we have an obligation to help out our fellow citizens. I mean what if you were sick? What if your kids were sick? Would you be OK with them dying? Not everyone is fortunate to be born with good health, and meeting these people has really helped me recognize how lucky I am and how lucky a lot of people (unknowingly) are.

Believe it or not, we live in a country of excess, and could help take care of the people with genuine needs if we only reined in the spending on bullshit foreign aid, abused programs, government officials, etc. It’s really sad the amount of goods and money the government wastes. We could have paid vacation like Germany and take care of our sick and needy without touching our GDP or taxes if only the government was less inept.

I want to be clear that I’m not at all in favor with the way the current welfare state is run. I’ve had intimate experience with that too, so I know the kinds of people that are usually collecting welfare and abusing the system. It’s true that people who collect and have no motivation are unlikely to ever get off the programs. It’s true that a lot of people are abusing it, or end up having a bunch of children and then expect everyone else to pay for them. I don’t agree with that, and I’d even go so far as to support chemical castration of drug addicts and people who have kids knowing they can’t afford them.

I guess what I’m trying to say is it’s not that black and white. I don’t want to pay for some drug addict to sit at home and shoot up, but I also think it’s important to not lose our humanity by letting people who truly can’t help themselves die in the streets. Reforming the system so it works is the real issue.

I understand that these things are not Black and White. I just wish we could go back in time, a place in time that made people accountable for their own lives. Everyone has a sad story. (Well, most people).

As for living in a Country of excess, I am thinking not so much anymore. We are in a lot of pain financially. The Country as a whole. Sure, on the individual level, most Americans have way more than we need. Me, I work for all of my extras in life. I am tired of paying for others. I am tired of the slugs that live among us. Enough is enough.

The system cannot be corrected. It cannot be fixed. The system is broken far beyond correction.