Running Out of Other People’s Money

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I have zero sympathy:

Mamdani issues shock admission: NYC faces budget crisis of ‘historic magnitude’ — and begs for cash after promising freebies. Is the Big Apple cooked?

New York City is staring down a budget crisis of “historic magnitude,” one Mayor Zohran Mamdani says rivals the fallout from the Great Recession and can’t be solved with cuts alone (1).

“We are extending the executive budget deadline from this coming Friday until May 12th because a crisis of this scale cannot be solved without state action,” Mamdani said at a press conference on April 28, citing a deficit so large that it requires action beyond city hall.

Mayor Mamdani campaigned on a communist platform. The people of New York City voted for him. Now they are in the process of realizing what people have been saying in various ways for 100 years or more. Communism and socialism work fine… until you run out of other people’s money.

And, true to form, if you read the article, you will find the mayor wants help from New York state and it is not the mayor’s fault that they are billions of dollars short of having a balanced budget.

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6 thoughts on “Running Out of Other People’s Money”

  1. He’s speed running Abe Beame with NYC’s second bankruptcy. I don’t care if NY State bails him out but Federal money will make very angry

  3. The people I spoke with in NYC (folks in their 20’s and 30’s, bartenders and other service workers who are really actors or models…) still love the guy. They’re convinced there are still rich folks who can pay their fair share so subway rides are free, and the nearest grocery store isn’t Whole Foods or Target, but a govt run store that will have low prices and organic ethically sourced food from local farmers. All subsidized by the freeloading rich.

    Thing is, there are some real estate tax laws that don’t come close to taxing the fair market value of a residence in the city. That law was passed to lower taxes for the poor, but it lowered taxes way more for the wealthy. This gets almost all the discussion time when I’d ask what a freeloading millionaire looks like.
    Sigh.
    Unintended consequences. The number one product of well meaning legislation.

    • I don’t believe anymore in “unintended consequences”. Instead, I believe in “intended but secret consequences”.

    • “Unintended consequences. The number one product of well meaning legislation.”

      And not-so-well meaning legislation legislation, which is most of it.

  4. And this is after they have already taken 12billion from NY State to make his origional budget work

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