Author Topic: New York City is edging toward financial disaster, experts warn  (Read 201 times)

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Offline Ptarmigan

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

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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.

New York City is on the road to financial collapse.

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Other startling indicators:

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.

“New York City could go bankrupt, absolutely,” said Peter C. Earle, an economist at the American Institute for Economic Research.

New York City and New York are overtaxed. New York City has high property tax on top of other taxes the city has. Overtaxed areas are the ones with financial problems. Just look at New Jersey, Illinois, Connecticut, and Massachusetts. Name a low tax place that has financial problems.
« Last Edit: March 10, 2019, 11:00:39 AM by Ptarmigan »
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Offline Old n Grumpy

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Re: New York City is edging toward financial disaster, experts warn
« Reply #1 on: March 10, 2019, 03:15:48 PM »
It's no big deal, they are the smartest people on earth, they can call on AOC to figure it out. The new green deal will save them. :lmao: :lmao: :lmao:
Basking in the glow of my white Privilege, while I water the Begonias with liberal tears!

Air is Free, that's why we need a carbon tax.

I will give up my guns when the liberals give up their illegal aliens

We need a Bull Shit tax to make the Democrats go broke!

Offline Old n Grumpy

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Re: New York City is edging toward financial disaster, experts warn
« Reply #2 on: March 11, 2019, 12:39:38 PM »
By taking AOC's advice and using the 3 billion they were going to give to amazon, they can give teachers a raise and tax them more and rebuild the subway and tripple the fares also bringing in more revenue.
To solve the exodus of people from NY they need to have a 75% exit tax, just like when leaving a communist country. :-)
Basking in the glow of my white Privilege, while I water the Begonias with liberal tears!

Air is Free, that's why we need a carbon tax.

I will give up my guns when the liberals give up their illegal aliens

We need a Bull Shit tax to make the Democrats go broke!

Offline sneakypete1

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Re: New York City is edging toward financial disaster, experts warn
« Reply #3 on: May 11, 2019, 03:35:53 PM »
Couldn't happen to a more deserving city.

We should immediately put up a big steel wall all around the city to keep any of them from escaping.

Offline aetherbane

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Re: New York City is edging toward financial disaster, experts warn
« Reply #4 on: May 11, 2019, 04:37:57 PM »
Couldn't happen to a more deserving city.

We should immediately put up a big steel wall all around the city to keep any of them from escaping.

 And Lee Van Cleef in charge.  :rofl: