Is New York City The Next Detroit?
Shortly, New York may be ruled by a governor who helped cause the financial meltdown, while New York City may have a mayor who was forced to resign from Congress and its comptroller will be a former governor who was forced to resign for transporting a prostitute across state lines. He will be replacing the current comptroller who may go to jail for campaign finance fraud.
All of that sounds like an elaborate setup to a punch line. And it is.
New York State has the 33rd highest unemployment rate in the country. New York City’s unemployment rate is even higher at 8.3%. In June, New York City, with a population of 8 million, added just 3,100 jobs. Most of those jobs were in the city’s tourism trade which bulks up during the summer.
While Bloomberg was playing hooky, using city resources to push gun laws in other states, the specter of Motown was creeping over the Big Apple.
New York City comes in second on the list of cities with the largest unfunded pensions. After Detroit.
A New York household is on the hook for $14,302 in unfunded city employee pensions and $22,857 in unfunded city worker health care costs. Since much of the city doesn’t actually pay taxes, that breakdown is mostly fictional.
When City Council Speaker Quinn, the front runner to replace Bloomberg after Weiner’s texting scandal, proposed to hike taxes, Mayor Bloomberg pointed out that 40,000 people already pay 50% of the taxes.
In one of his strangely lucid moments, Bloomberg said, “If a handful left, any raise would make it revenue neutral.” If even a few of the golden 40,000 subsidizing half of New York City are pushed out by the tax hike, it will offset the extra tax revenue.
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Whistler Blowers, Insiders
People forgot that NYC went crawling to the FEDS in the 70′s and basically blackmailed them to bail them out.
Doubt that will be an option worth anything. If they print they lose any value gained by the printing. Maybe even finally break the camel’s back and trigger hyper inflation.
Tricky situation.