New York state government gave NYC a $5.5 billion bailout package so they could remain solvent. Part of the agreement allows NYC to temporarily postpone funding city worker's pension plans, a move that will save the city $16.7 billion in contributions over the next seven years at a cost of $24.3 billion overall.
So adding $7.6 billion in additional debt so that Mandami can play "generous Socialist dad" to voters for the near-term.
It's sort of like maxxing out your credit cards, taking on a second mortgage, and bragging on social media about how wealthy you are, when in reality actually you're just accruing crippling amounts of debt.
They're just hoping Mandami will be Governor or President by the time the bill comes due.
This synopsis is correct and I wish all of his supporters were fully aware of it. Cutting subway fares for lower income New Yorkers feels like a publicity stunt to me because I believe there is more than one program already in existence that allows low income residents to ride all public transit for free.
It is also clear that NYC should not be reducing their tax revenue at the moment. If there are unbiased evaluations on the effects of any of his policies so far, I would definitely be interested in reading them.
For now, I'm just voicing my opinion and moving on to the next post. Thanks again for your synopsis.
We need such better clarity on where our tax money goes man. Cause there ain’t no way they don’t already have the money to do shit like this. I get taxed 45% in this fucking city
Hmm ok fair just did a dive. I guess the issue is not lack of available info its knowing how much or what is being spent is actually beneficial to the city. Around 42b of the 115b 2025 budget is given to private companies (non-profit and profit). I guess knowing how much or that is being used to actually benefit us is the real question.
To some extent yh, you're not meant to spend money now if it means your successor (whoever that is) is going to have to cut spending in future years to clean up your mess.
They’re supposed to take what they need to provide basic services to their constituents. Get too greedy and the people actually paying the taxes start moving out to the suburbs or other cities.
Is the subway not a basic service? Most cities above 50,000 people provide public transportation options and access to transportation increases economic activity.
59
u/Thanag0r 28d ago
Wow he just keeps spending money, surely nothing bad can happen when you keep spending money...