When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Wednesday, December 11, 2013

New York City mayor-elect faces immediate fiscal crisis

I've already made clear my prognosis for New York City -- get out while you can. Meanwhile, reality is slowing dawning upon the New York City electorate who voted de Blasio into office --

NYC mayor-elect will face immediate fiscal crisis | CharlotteObserver.com: "... New York City Mayor-elect . . . de Blasio's most immediate crisis is presented by some of his staunchest allies: the city's unions. All 300,000 members of the municipal labor force have been working on expired contracts for years, declining to negotiate with outgoing Mayor Michael Bloomberg in hopes of striking a more favorable deal with de Blasio....If de Blasio were to fully acquiesce to the unions, his scramble to fund the raises would have immediate and dramatic ramifications. Agency budgets would be slashed, meaning vital services, from trash pickup to police staffing to school supplies, would likely be cut. City workers would be laid off. And de Blasio would have little choice but to raise the one tax he can control, the property tax, which could drive homeowners and businesses from the city...."

OK let's see how the progressive liberal deals with reality. More to come.


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects