New York City is edging toward financial disaster, experts warn"New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.
As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say Gotham is perilously near total fiscal disaster.
Long-term debt is now more than $81,100 per household, and Mayor de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.
...“New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.”
...But city spending, up some 32 percent since de Blasio took office — triple the rate of inflation — may need to be cut deeper, these analysts add.
The city’s long-term pension obligations have escalated, as well, as its workforce has soared by more than 33,000 in the last five years..."
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