Is NYC Going Bankrupt?

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Stercutus
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Is NYC Going Bankrupt?

Post by Stercutus » Wed Mar 13, 2019 5:11 am

https://www.foxnews.com/us/new-york-cit ... lysts-warn


https://www.dailymail.co.uk/news/articl ... -warn.html

It was also in the left wing news and then suddenly *poof* it was not.


High taxes leaving limited room for income growth coupled with a high level of spending. I think more than likely if a reccsssion hits they just fire people until they get spending down. That is what everyone else does.
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Re: Is NYC Going Bankrupt?

Post by jor-el » Wed Mar 13, 2019 3:06 pm

I'll make it very simple and clear: NYC has spent itself into the ground before, is doing so now, and the current set of leaders are the understudies of the leaders who crashed the economy the last time.
High taxes to pay for Sanctuary City protections of known illegal immigrants, while creating hostile business climates and reducing services for the legit taxpaying public is s sure formula for eventual death.

Why do you think that Amazon deal they torpedoed mattered to governor Cuomo?

Maybe you should read into those "Meatless Mondays" for NYC school children.

[img]https://thenypost.files.wordpress.com/2 ... 820&crop=1[/img]]

Grilled processed cheeze spread sandwiches and BBQ sauce covered baked beans is hardly what I would feed my kids let alone justify to 100k+ kids across the five boros. All that saturated fat, salt and sugar. Yum!
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Re: Is NYC Going Bankrupt?

Post by Stercutus » Wed Mar 13, 2019 5:08 pm

IDK, a significant part of my preps revolves around beans covered with BBQ sauce. But cheese spread? Yuck. Never touch the stuff.


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Re: Is NYC Going Bankrupt?

Post by NT2C » Wed Mar 13, 2019 6:31 pm

jor-el wrote:
Wed Mar 13, 2019 3:06 pm
I'll make it very simple and clear: NYC has spent itself into the ground before, is doing so now, and the current set of leaders are the understudies of the leaders who crashed the economy the last time.
High taxes to pay for Sanctuary City protections of known illegal immigrants, while creating hostile business climates and reducing services for the legit taxpaying public is s sure formula for eventual death.

Why do you think that Amazon deal they torpedoed mattered to governor Cuomo?

Maybe you should read into those "Meatless Mondays" for NYC school children.



Grilled processed cheeze spread sandwiches and BBQ sauce covered baked beans is hardly what I would feed my kids let alone justify to 100k+ kids across the five boros. All that saturated fat, salt and sugar. Yum!
It wouldn't surprise me if that cheese was what we used to call "govt. cheese" because if you were on food stamps or other such programs you could get the stuff for free from the feds. Essentially a 5lb loaf of Velveeta. I'm not ashamed to say that when money was tight while I was going to college my kids often got grilled cheese and soup for a meal.
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Re: Is NYC Going Bankrupt?

Post by NT2C » Wed Mar 13, 2019 6:36 pm

Nonsolis Radios Sediouis Fulmina Mitto. - USN Gunner's Mate motto
Whatever doesn't kill you makes you stronger. Except sailors. They will kill you and sing songs about it.

Sic quemadmodum gladius neminem occidit; occidentis telum est - Seneca the Younger, Epistles

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Re: Is NYC Going Bankrupt?

Post by jor-el » Thu Mar 14, 2019 11:12 am

I'll make it very simple and clear: the author of that book is still making the same mistakes the Beame administration and nearly every administration since. The Federal Government has never been friendly enough to offer better terms for a bailout even under Obama. Socialism and Liberalism cannot coexist with business or industry in a global market. Look at the cancelled Amazon deal. Look at Remington. Look at the Buffalo Billion project. Look at NY's Milk industry. Not just NYC, NYS is driving business and industry out of the state, with no serious plan to invite more back in to pay all the taxes they require to run the social programs like SUNY, Sanctuary city and state programs.

Colonialism and Anti-Colonialism are two sides of the same coin; they both focus on physical real estate to conquer from the other.
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Re: Is NYC Going Bankrupt?

Post by Langenator » Sun Mar 17, 2019 6:12 pm

I would imagine that the changes to the federal tax law limiting the state and local tax (SALT) deduction is and will have some effect - leading at least some high income earners to leave for lower tax jurisdictions. (Some will stay, because a Manhattan address is a luxury good/status symbol that they're willing to pay for.)

I recall a few years ago, ONE billionaire hedge fund manager type relocated from NJ to FL, taking his business with him, and, BTW, blowing a sizable hole in the NJ state budget.
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Re: Is NYC Going Bankrupt?

Post by Halfapint » Sun Mar 17, 2019 7:47 pm

When topics like this come up, I love bringing up Kansas. How did it fare when it cut taxes to attract outside investment.

I also recall many saying that California was doom, it was going to literally collapse because I’d the debt, yet they raised some taxes and now are running a surplus. Not to mention they went from 8th (I believe) to 5th largest economy, surpassing the UK.
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Re: Is NYC Going Bankrupt?

Post by woodsghost » Mon Mar 18, 2019 5:18 am

Halfapint wrote:
Sun Mar 17, 2019 7:47 pm
When topics like this come up, I love bringing up Kansas. How did it fare when it cut taxes to attract outside investment.

I also recall many saying that California was doom, it was going to literally collapse because I’d the debt, yet they raised some taxes and now are running a surplus. Not to mention they went from 8th (I believe) to 5th largest economy, surpassing the UK.
Just doing a little reading: in short, Brown raised taxes and cut spending. Which is a pretty sure fire way to fix a deficit. The new governor and Congress will have to decide if they want to continue that or not. Further, the LA Times had an interesting article on how millionaires are net-coming into the state rather than leaving. The article said anyone who could leave the state was, but there are business opportunities one has to be physically present for, and there are currently still a bunch of those. However, they have net-out migrations of the lower and middle class because they are priced out of the state. And last I checked, the people who are employees are usually lower and middle class, so I suspect the business opportunities will shrink or get more expensive in the near future.

What does this say about NY? If they cut spending and increase taxes, they will be fine. If their raising taxes squeezes the wealthy and less wealthy out of the state, NY will have to o figure out what programs to cut. Simple math. California is an excellent example of the fact that leaders who heed economic reality can make unpopular choices and fix an economic problem. Now we wait to see what NY will do.
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Re: Is NYC Going Bankrupt?

Post by JT42 » Mon Mar 18, 2019 1:10 pm

Halfapint wrote:
Sun Mar 17, 2019 7:47 pm
When topics like this come up, I love bringing up Kansas. How did it fare when it cut taxes to attract outside investment.
From my perspective in eastern Kansas the economy has been booming. Housing prices are increasing in the double-digits percentages indicating significant demand, new business are going in -- I've seen a lot of cranes, one company recently completed a $200M expansion with plans for further expansion adding capacity to hire up to 2000 more people. These aren't minimum wage jobs, either. A while back a different company recently announced it was moving jobs from Washington (state) to Kansas.

One measure I've used is traffic. Before the 2008 recession my commute had some bits that were annoying. When the recession hit and people were out of jobs, traffic flow improved noticeably. It was like that for a few years. Then it started to get bad again. Not LA / Chicago / NY type bad, obviously, but more traffic than before, slower speeds, more congestion, etc. And it's steadily gotten worse. Much worse than before.

A couple of years ago when Kansas was in the national news for its tax policy, it always struct me as odd that the people who reported in national media would talk about what a terrible thing it was, and all I could think is: Have none of these reporters even visited the area they claim to be reporting about? Granted, I haven't traveled all over the state so maybe things aren't as good elsewhere, but the parts of the state I've been in didn't have the doom-and-gloom that I saw reported in the national media.

Kansas, and heck, all of the Midwest basically, is often the butt of jokes, being "fly-over" country, etc, but my way to describe it is a modification of an old phrase: "It's a great place to live, but I wouldn't want to visit."

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Re: Is NYC Going Bankrupt?

Post by Halfapint » Mon Mar 18, 2019 2:36 pm

JT42 wrote:
Mon Mar 18, 2019 1:10 pm
From my perspective in eastern Kansas the economy has been booming. Housing prices are increasing in the double-digits percentages indicating significant demand, new business are going in -- I've seen a lot of cranes, one company recently completed a $200M expansion with plans for further expansion adding capacity to hire up to 2000 more people. These aren't minimum wage jobs, either. A while back a different company recently announced it was moving jobs from Washington (state) to Kansas.
My apologies, I did not clarify what I meant. I should have said Kansas under Brownback, where taxes were slashed, schools, services, and other things went into disrepair, or had to close early, or cut coverage.

Currently from what I understand a new governor, a new legislature, are working to turn that around and it sounds like it is working.

Kansas always has had a soft spot for me it’s where my family is from, and where I spent the summers of my youth. I do love seeing when it’s successful.
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