While socialist-communist clown Bill de Blasio continues to visit early primary and caucus states ahead of a possible 2020 run, New York City is on the verge of bankruptcy. Couldn’t happen to a much more deserving city either. Well maybe except Chicago or San Francisco. The last time the city came close to filing for bankruptcy was in 1975.
| Socialism! New York City on the verge of bankruptcy |
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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,” economist Milton Ezrati told the New York Post. “New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.”
The city’s budget deficit has reached an all-time high over the past year. New York City’s long-term liabilities— including pensions, bonded debt, and retirement benefits for city government employees— reached a record-high $257.3 billion, according to an October 2018 Citizens Budget Commission report.
Even though the city’s budget deficit has reached record highs, Mayor Bill de Blasio has shown no signs of curbing the city’s spending.
In fact, de Blasio is adding $3 billion in spending to the current $89.2 billion budget, and spending money at a rate that is three times the rate of inflation, according to the Post.