Charles Gasparino, in an article for the New York Post, wrote that Zohran Mamdani’s budgetary agenda reads like Lenin’s after the Russian revolution. However, he says we have rules to keep New York from becoming communists.
Unfortunately, communists don’t follow the law so we’ll have to see if the law holds, but it is good news. The other problem is he will just cut the police and firefighters. However, it gives New York City hope.
Apparently, financial rules were put in place 50 years ago just in case a deranged Marxist ended up running New York City.
And here we are with a deranged Marxist!
This story is a summary of Gasparino’s article.
Zohran ranted how the poor will finally have their day as if they don’t already. He thinks our money is his money. The so-called poor get freebies in healthcare, housing, food, education, and other gifts.
One of the laws is “The Financial Emergency Act” of 1975.
The New York State Financial Emergency Act of 1975 was enacted in response to the financial crisis of New York City. The act established the New York State Financial Control Board, which was responsible for overseeing the financial management of the city’s government and related public authorities. The board was tasked with reviewing and monitoring the city’s financial plans, contracts, and borrowing, as well as producing quarterly reports for fiscal oversight. The act aimed to address the city’s financial management shortcomings and prevent further financial difficulties.
The act’s implementation involved the creation of the Municipal Assistance Corporation (mAC) to issue debt on behalf of the city and the appointment of an Office of Special Deputy Comptroller for New York City (OSDC) within the state Comptroller’s office. The act was enacted to address the city’s financial management issues and was enacted in response to the city’s inability to sell its short-term notes in the credit markets.
Former Gov. Hugh Carey and his outside adviser, the great philanthropist and investment banker Felix Rohatyn came up with the idea.
It was designed to prevent another politician-made catastrophe like the fiscal crisis of the 1970s, when the Big Apple nearly went bankrupt and began to implode, fiscally and socially.
Cops were laid off and garbage piled up because we had no money and no one would lend to us — the budget was such a mess, no one knew if they would get paid back.
The mayor at the time was Abraham Beame, a Democrat, but years of bad government, perverse spending and spotty accounting contributed to the mess.
Gerald Ford told the city there would be no bailout and the city was on its own.
However, Carey had given them the infrastructure to survive.
The City Is Already Deeply in Debt
The city already has high taxes, a $119 billion budget and an enormous welfare state, and a large debt.
He has to go through a budget control board chaired by Gov. Hochul. She said she won’t raise taxes because the rich will flee and they pay 40% of the taxes. This board will provide oversight and will only put up with so much.
However, she can’t be trusted, nor can her communist comptroller. But, the law is the law. He will have to buy debt service and the debt and deficit will grow. To pass all these communist goodies, he’ll need to raise taxes. Taxpayers will leave and bonds will be downgraded. He will be buried in large interest payments. The control board will say no somewhere along the line.
The city is already a mess and much of the wealth and stability we once had are gone.
Lots of luck, Lenin Jr.
