quote:

Originally posted by Fly-Sig:

quote:

Originally posted by rscalzo:

NY and NJ are facing massive debts from spending. Now they have leaders that are promising a entire nerw batch of "free stuff:. what happens when they can't deliver?

NY city is facing a mass exodus of the top taxpayers and companies. That clown has no clue what he is doing but enough bought his line of bull.

They will demand the rest of the country via the federal government bail them out.

Yes, exactly.
When you don't live there it's easy not to care... BUT as they circle the drain they will try to pull the rest of us down the drain with them. The Democrats in Congress will do anything possible to throw money down the rat hole.

quote:

Quite incredible that the best Republicans in NY could get to run was Sliwa.

Probably because any R with half a brain could predict the likely outcome, and potentially the end of their political career. It doesn't take much to achieve the title of "loser," especially in the political arena.

A snapshot of the current NYC economy is important to measure the success of the newly elected mayor. I'm sure the debt and unfunded pensions are horrible and about to get more horrible.

^^^^^^^
The municipal bond market ought to be gauge.
Sorry to say that I know nothing about municipal bond markets.

Socialists fail to understand what Margaret Thatcher said (previously quoted):

“Socialism is fine until you run out of other people’s money.”

Happily for New York City citizens, they can always choose to relocate… and that applies to businesses as well. Here is an estimated total tax distribution:

• Those in the $50,000-$100,000 bracket pay approximately 16%.
• For earners in the $100,000-$250,000 range, the effective rate is about 22%.
• Incomes between $250,000-$500,000 face an estimated 32% effective rate.
• The $500,000-$1 million bracket typically pays around 40%.
• Top earners making over $1 million can have combined effective tax rates close to 46%, reflecting the progressive structure of federal, state, and city taxes, and the major share of total city tax revenues paid by top earners.

Another way to look at it is even more revealing, it would take only a small fraction of the high earners to leave, resulting in the impossibility to recover from the inevitable bankruptcy.

“The top 1% of New York City income earners pay a substantial share of personal income taxes in the city. Recent figures show that the top 1% are responsible for approximately 40–48% of all New York City personal income tax revenue, depending on the year and source.[wsj +3]
Other data indicate that:
• The top 10% pay over two-thirds (67%) of NYC’s income tax revenues.
• The top 25% are responsible for nearly 89% of income taxes.
• The top 50% pay more than 99% of the city’s income taxes, with the bottom half contributing less than 1–2%.[reddit +1]
These figures highlight the city’s reliance on high earners for funding a significant portion of its tax base.”

When half the electorate essentially do not have a dog in the fight,
AND THEY CAN VOTE, the City is screwed!

Wonder if they'll change the name to New London...

https://x.com/EndWokeness/status/1986437224183869768

"This is Islam"


https://x.com/GrantTheHatter/s...istration-day-291%2F

quote:

When half the electorate essentially do not have a dog in the fight,
AND THEY CAN VOTE, the City is screwed!

That applies to NYC, of course, but it also applies to the US in general.

Under Bush, we cut taxes and essentially took the bottom half of earners off of the tax roles.

What I was told by some very knowledgable NY'ers last night, who all hate what happened. Is there isn't a single campaign promise the new mayor can actually make happen because he won't have the funding to unless he adds a city sales tax which would be sudden death from his constituents. NYC doesn't have the budget to do any of the things he proposed and NY state isn't going to fund him to do any of those things.

We shall see, but this is what I was told.

But they voted for him anyway, because his bullshit sounded good.

quote:

Originally posted by jimmy123x:
What I was told by some very knowledgable NY'ers last night, who all hate what happened. Is there isn't a single campaign promise the new mayor can actually make happen because he won't have the funding to unless he adds a city sales tax which would be sudden death from his constituents. NYC doesn't have the budget to do any of the things he proposed and NY state isn't going to fund him to do any of those things.

We shall see, but this is what I was told.

As a former NY state resident, the influence NYC has over state politics can not be overstated- every single Ill conceived poorly executed bad idea NYC has gets dumped on the state at large. If you think that NY state won’t bail out a faltering NYC you are sadly mistaken

NPR is celebrating this as a mandate for the whole country.

Well bless their hearts...

My hope is people don't leave NYC. To me this is actually what Mamdani wants.
More room for his ilk.

A couple of articles about this in the American Thinker this morning...

Democratic Socialists Are a Serious Threat
By Susan Quinn

Many people are wringing their hands over the election of self-identified democratic socialist Zohran Mamdani as New York City mayor. Unfortunately, they have reason to be worried, because his election reflects a trend that can be called conservatively, concerning, and liberally, alarming. To understand this assessment better, it helps to understand the nature of democratic socialism.

What is the history of the movement in this country?

(More...)
https://www.americanthinker.co..._serious_threat.html

Why is Support for Socialism Growing?
By Dennis L. Weisman

Recent survey data reveal that support for socialism is increasing in the United States. This may be surprising, given that socialism is a much-criticized economic system that has failed spectacularly everywhere it has been tried. The mounting support for socialism reflects a growing frustration with capitalism and the economic woes of an increasing proportion of the population that believes it has been left behind.

The election of Democratic Socialist Zohran Mamdani as mayor of a city that is home to Wall Street is sobering. This pied piper of economic illiteracy has been swept into office by a majority of voters that have grown so disillusioned with the status quo that they see the mirage of economic prosperity in the false promises of socialism. We ignore this development at our own peril.

There are three primary factors that collectively explain the growing support for socialism in the U.S. First, wealth has become increasingly concentrated at the top. Second, while the distribution of wealth is highly skewed, the distribution of votes across the electorate is not. Third, the myth that refuses to die is that wealth can be redistributed without significantly reducing its size.

(More...)
https://www.americanthinker.co...cialism_growing.html

How much do the people, including the “elite,” who have been living and working in NYC for decades have in common with the culture of places like (most of, anyway) Florida and Texas? As has been demonstrated time and again, when people get fed up with where they’re living because of the culture or disadvantages there and move someplace else, they don’t leave their attitudes and expectations behind: They take them with them, at least to a large extent.

The people who may now decide that things have gotten bad enough in NYC to flee to someplace else have long supported by their presence and financial contributions things that perhaps weren’t full-on Marxism, but were certainly more socialist and other ists than a lot of people in the rest of the country would prefer not infect where they’re living.

If you’re hoping that an influx of such refugees will improve things where you are, or perhaps just get a bit of schadenfreude from the development, all I can do is wish you luck as someone who currently lives in a state where something like that happened starting decades ago.

quote:

Originally posted by captain127:

As a former NY state resident, the influence NYC has over state politics can not be overstated- every single Ill conceived poorly executed bad idea NYC has gets dumped on the state at large. If you think that NY state won’t bail out a faltering NYC you are sadly mistaken

Upstate is dying. It was in visible decline in the 80's when we were there. Upstate upstate, the areas beyond commuting distance to the city and excluding Albany. Industry has largely fled or died. The population is aging, and many have fled. The typical incomes are a lot lower out there. Real estate values are quite low, and for good reasons.

There's not much wealth to be grabbed by Albany from upstaters. I suppose they will find ways to borrow even more, kicking the can further down the road.

It has been noted that when a failed entity is bailed out, the next round of failures is with the entity that bailed them out.

quote:

Originally posted by Fly-Sig:
Upstate is dying. It was in visible decline in the 80's when we were there.

Yep. Like much of the rust belt.

It's a beautiful area and it's a shame. I miss being up there back then. All they have left is tourism, and that ain't going to pay the piper.

Well, he's already asking for more money to "fund" his "transition", yay NYC!

"Remember how I told you a few months ago to stop sending us money?
You can start again."

https://x.com/Bubblebathgirl/s.../1986115148373745893

I thought John Stossel was quite pointed about it.