NYC at the Abyss

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De Blasio announced that New York City was defaulting on a long-scheduled $900 million deferred payout to current and former employees.

City revenues are plunging, particularly sales tax revenue. Only 10% of Manhattan office employees are back working on site.

We need urgent intervention.

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Related: NYC Issues Over $150,000 In Fines During First Weekend Of New Lockdown

NYC at the Abyss: Use the Financial Control Board

New York is heading into a financial abyss. On October 1, Moody’s downgraded New York City general obligation debt for the first time since the Dinkins era, and warns that more downgrades may be ahead.

Meantime, the De Blasio administration announced October 3 that it was defaulting on a long scheduled $900 million deferred payout to current and former employees. Intervention by a court led to more obligations.

City revenues are plunging, particularly sales tax revenue. Only 10% of Manhattan office employees are back working on site, a lower figure than almost anywhere else in the nation. With workplaces empty, the businesses around them are failing. Retailers, shoe shines, food trucks and restaurants have too few customers. State Comptroller Thomas DiNapoli predicts half of the city’s restaurants will fail, costing over 160,000 more jobs.

New Yorkers need to take action to rescue our city. Here’s a two part strategy to halt the city’s rapid decline.

Step One: Reactivate the Financial Control Board that led New York out of financial ruin in the 1970s. The board was established in September, 1976 as the city faced bankruptcy. For a decade, under the mayoralties of Abraham Beame and Edward Koch and for part of the tenure of Governor Hugh Cary, the Financial Control Board served as the Bad Cop, imposing wage freezes, nixing labor contracts the city couldn’t afford, and overseeing the city’s budget.

By 1986, the FCB had restored the city to fiscal stability, with balanced budgets and access to the credit markets. At that point the board’s emergency powers expired, but the Board itself still exists. By law , it includes the Governor, Mayor, state and city comptrollers and three additional members appointed by the Governor.

The Control Board can make changes that elected politicians lack the will to demand. The city needs to provide services at a lower price tag by reducing labor and fringe benefit costs and improving work rules. The city’s current leaders have shown little willingness to reduce spending, even suggesting borrowing to cover operating losses instead.

Now is the time for Albany lawmakers to step in and impose FCB control on city finances. Any future mayor should welcome it.

Step Two: To restore commerce and the sales tax revenue it generates, the city needs to attract the office workers and visitors who are staying away out of fear of the virus. Whatever federal stimulus money is forthcoming should be used to install anti-viral technologies in office buildings, other workplaces and transit systems.

Politicians want to use forthcoming federal stimulus money to plug current budget holes . That would be a lost opportunity. At the end of a few months, there will be nothing to show for it. New York City will not be safer or any more prepared for the next pandemic, and spending will still be at unsustainable levels

Instead the federal aid should go to for permanent indoor and transit improvements including air cleaning systems, virus-de-activation technologies, and antimicrobial coatings on desks, keyboard, subway poles and seats. These technologies will make employees feel comfortable returning to the city.

Federal funding can pay directly to improve public facilities and support tax incentives for the private sector to do the same.

Right now, the COVID19 infection rate in New York City is hovering just over one percent, far lower than in most parts of the U.S. Yet the city’s recovery from COVID-19 lags the rest of the nation. That can change by re-empowering the Financial Control Board and using science to make the city feel safer.

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RUK
RUK
3 years ago

Maybe the 1.25 Billion his wife spent with no receipts would come in handy now?

Amit Kumar
Amit Kumar
3 years ago
Reply to  RUK

when a Pro jihadi runs a city , violence surge and decent ppl flee !

Same story playing out in NYC , just the way Pro-jihadi run Londonistan

http://b1ff5939f6.nxcli.net/2019/07/fleeing-londonistan.html/

And Allah Police in NYC celebrate their infiltration into kuffar land and POLICE !
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DemocracyRules
DemocracyRules
3 years ago
Reply to  Amit Kumar

Finally: Rubber rock singers from Lebanon. NY can just prop them up in restaurants to make the city look populated. “But NO rubber dogs allowed !” [Do rubber dogs have rubber germs?]comment image

MuhamMUDTheFakeProphet
MuhamMUDTheFakeProphet
3 years ago
Reply to  DemocracyRules

Botox lips? I wonder if she goes out in the streets of Lebanonistan looking like that?

BTW, not that you care, but Lebanese Christians are now being persecuted by your precious muslum vermin:
https://christianpersecution.com/lebanon/lebanon-christians-defy-land-grabbers-in-beirut-after-explosion-leaves-300000-families-displaced/

Halal Bacon
Halal Bacon
3 years ago

problem, what problem…
comment image

John U
John U
3 years ago
Reply to  Halal Bacon

It sounds like what Britain’s PM, Jim Callaghan said over 40 years ago on his return to the UK when asked by tv reporters about the mass strike action, launched by treacherous commie dominated trade unions in so many areas ‘the Winter of Discontent,’ that destroyed British manufacturing industry & ruined so many public services.

Lunch_Money
Lunch_Money
3 years ago

He helped paint a big BLM sign on a street. Where does he find the time? Truly a great mancomment image

Patriotic American
Patriotic American
3 years ago
Reply to  Lunch_Money

More like a GRATE man, really . . .

jdgalt
jdgalt
3 years ago

I expect and hope that President Trump will say no, as he already has to other Democrat-run cities and states that won’t get their fiscal houses in order.

Better yet, he should offer debt relief on condition the state give up most of its territory, like the offer to Texas in the Compromise of 1850; thus hiving off everything but New York City and Long Island as a new, red state. Do the same to California too, leaving California only the San Francisco and Los Angeles metro areas minus Orange County, plus a strip along the coast between them to make it contiguous. This would give millions of now-disenfranchised Republicans a say in presidential races.

felix1999
felix1999
3 years ago
Reply to  jdgalt

I think the state has to decide giving up territory….I’d bet fraud would prevent that from happening if added on as an issue to vote on. Somehow people of the state have to figure out a way to take control back….

Anthony Silvio
Anthony Silvio
3 years ago

comment image

Amit Kumar
Amit Kumar
3 years ago
Reply to  Anthony Silvio

Its not Just him , the Left/Liberal pro-jihadi destroy countries they are allowed free run.

And Left/Lib pro-jihadis are also suppressing conservative, patriots chritsian posts that exposes the crimes they commit and allow jihadis/illegals to continue !

Like this news of brutal gang rape of swedish girl and what they did to her is even worse
http://offtrade.net/cnmnews/muslim-gang-rape-light-fire-vagina/

But it was suppressed /played down !

Name
Name
3 years ago
Reply to  Anthony Silvio

OK, but which is which?

Michael Goldman
Michael Goldman
3 years ago
Reply to  Anthony Silvio

Awesome. Up vote for you.

Kuffar
Kuffar
3 years ago

Another Democratic success story.

felix1999
felix1999
3 years ago
Reply to  Kuffar

Absolutely horrible! I am not sure if New York will ever come back.
People keep voting in liberal scum.

TomSJr
TomSJr
3 years ago
Reply to  felix1999

I HOPE IT DOES NOT COME BACK. Sometimes things need and should FAIL because peoples’ eyes are opened or they at least LEARN by their mistakes, but then we are talking about LIBERALS, which may be a whole different brain scan.

Don39
Don39
3 years ago
Reply to  TomSJr

Like Sodom and Gomorrah in the old testament!

Rita Page
Rita Page
3 years ago
Reply to  Don39

Boy isn’t that the truth!

Rita Page
Rita Page
3 years ago
Reply to  TomSJr

You can’t speak to them because they don’t understand words. You need to make grunting noises because that is how they learned to communicate. Common sense to them is Foley and anything good and pure is to be destroyed by them because they cannot bare the light of GOD! They are not fighting us but GOD himself! We are the images of GOD so they want to destroy us because of that!

felix1999
felix1999
3 years ago

DEMS took total control of the NY Senate in the 2018 midterm. When the GOP was defeated, the DEMS easily and quickly passed the Infanticde Bill. DEMS already had control of the NY House and of course Governor Cuomo is a Demoncrapper. who was very proud of passing that.

New York State is one of 15 states to be totally controlled by Democrats. The state House, state Senate and the Governor are all controlled and run by Democrats.
DEMS celebrated this. Politicians often call this a “trifecta.” The Financial Control Board won’t do anything because that is state run and again controlled by DEMS. New York state is really boxed in by DEMS.

Trump has no intention of bailing New York state out. It would also be unfair to other states to use federal money to reward New York State for being so irresponsible ad bail them out. It’s a horrible situation to be in….if you are a rational person or a conservative person., your best bet is to move out or fight DEMS in some other way. How about recalls or petitions?

Financial Control Board – The New York State Financial Control Board was created by the State legislature in September 1975 pursuant to the New York State Financial Emergency Act of The City of New York (the “Act”).
http://www.fcb.state.ny.us/

TomSJr
TomSJr
3 years ago
Reply to  felix1999

Now that Trump is refusing these liberal cities Federal monies because they have sanctuary cities that aid and abet illegal aliens and criminals and continue to implement UNSOUND liberal policies on its citizens (BLM/ANTIFA), I HOPE ALL THE RICH AND CONSERVATIVE PEOPLE, MOVE AND TAKE THEIR MONEY WITH THEM. Wanna bet it MAY change the way its citizens think about who they elect???? Maybe not………….liberals have no common sense or wisdom in these type of matters because most of them are SOCIALISTS who just want everything handed to them.

Don39
Don39
3 years ago
Reply to  TomSJr

Excellent point!

Rita Page
Rita Page
3 years ago
Reply to  TomSJr

Yes they do want everything for free. They don’t want to have to work for anything. They think they are GODS gift to the world!!!

Rita Page
Rita Page
3 years ago
Reply to  TomSJr

Looking for more hand outs

felix1999
felix1999
3 years ago

comment image

Don39
Don39
3 years ago
Reply to  felix1999

If not it is because of scum like him!

felix1999
felix1999
3 years ago

This is what Cuomo is proud of –
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Don39
Don39
3 years ago
Reply to  felix1999

I think the killer nailed it!

Thurston Howell III
Thurston Howell III
3 years ago

Kind of hard to feel sorry for the people that re-elected this POS.

TomSJr
TomSJr
3 years ago

I hope that NYC, along with Portland and the other failed Democrat cities in America, FALL HARD, but I doubt it will change anything, especially how these illiterate and ignorant people vote and continually vote for LIBERAL SOCIALIST, COMMUNIST POLITICIANS.

GOODBYE NYC. HAVE A NICE LOOOONNNNGGG SLUMBER.

Sorry, but you people deserve nothing less or nothing more. NADA. ZIP.
You can all wallow together with all the illegal aliens, criminals, and liberals you harbor, aid and abet in NYC.

CONSERVATIVES IN THESE LIBERAL, DEMOCRAT CITIES:
PLEASE MOVE AND TAKE YOUR MONEY WITH YOU TO STATES THAT WILL RESPECT YOU.

felix1999
felix1999
3 years ago
Reply to  TomSJr

Better hope Biden/Harris don’t get in via fraud, and DEMS don’t get control of the Senate because that is what they will impose on us.

Michael Goldman
Michael Goldman
3 years ago
Reply to  felix1999

Not after the war. They won’t be doing anything but rotting in jail and dying in the street and in their homes.

Dave Jensen
Dave Jensen
3 years ago
Reply to  TomSJr

I have heard De Moines is a real sh!thole. I’m sure there are other Iowa cities as bad. Omaha has been bad for a long time and Lincoln is going.

cylde
cylde
3 years ago
Reply to  Dave Jensen

These cities would be much improved with an orthodox Jewish community. The time to move is when the economy is booming in New York and though it must be a group move to preserve their religious culture. They could buy up depressed properties in bad neighborhoods and rent them out until they own enough property to tear down the houses, build decent houses, move in build a synagogue and a private religious school. It would soon be the best and most desirable addresses to have. Many are doctors, lawyers teachers, and good business people, in short professionals.

Dave Jensen
Dave Jensen
3 years ago
Reply to  cylde

I wish we had more Jews around here. The believing Jews that is. The ones like Schumer, Nadler, Schitt, “Danang Dick” and others we don’t need.

MuhamMUDTheFakeProphet
MuhamMUDTheFakeProphet
3 years ago
Reply to  Dave Jensen

I remember I once had a civil discussion w/someone about the ZOG (Zionist Occupation Government) of the USA. He initially told me the usual bullsh!t about how Jews control the world. I then asked him how less than 20 million Jews controlled the entire world, he shut up after that.

figaro86
figaro86
3 years ago
Reply to  TomSJr

Gee, thanks. I can’t wait till the NY-West Coast swine arrive in my neighborhood.

Trevor Fortune
Trevor Fortune
3 years ago

“Right now, the COVID19 infection rate in New York City is hovering just
over one percent, far lower than in most parts of the U.S.”
Umm, do you think that might be due to the fact that everyone that could packed up and left?

justmeincalif
justmeincalif
3 years ago
Reply to  Trevor Fortune

Killed off of ALL the Nursing Homes patients he could!

WadeBaker
WadeBaker
3 years ago

You’re screwed as long as the unnecessary covid restrictions are in place. If NY state goes for Biden, I have zero sympathy for what happens there.

Mike Moss
Mike Moss
3 years ago

“Living in a bubble”
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Philip
Philip
3 years ago

i called my local synagogue for wisdom and I received wisdom. My local church is still inoperative.Thank G-d for the local Jewish communtity! They did the job that the Christians were supposed to do.

Worsethanitlooks
Worsethanitlooks
3 years ago
Reply to  Philip

You mean like voting for Cuomo and Deblasio?

Philip
Philip
3 years ago

New York is a pretty big place. There are lots of folks there and it’s very diverse. There are many cultures there but the only culture that extraordinarily sucks is the leftist culture.

Vlad-the-Emailer
Vlad-the-Emailer
3 years ago

Well, you get what you voted for.

Don39
Don39
3 years ago

Unless you vote for good and evil steals the election!

Vlad-the-Emailer
Vlad-the-Emailer
3 years ago
Reply to  Don39

No, the left wins elections because the majority becomes complacent.

nothinggoodcancomefromthis
nothinggoodcancomefromthis
3 years ago

Repubs&Conservs are outnumbered here. NYC born and loved it here. Wondering where to go, and I don’t drive. Rudy was great, and now seems like all is lost under a fool.

Vlad-the-Emailer
Vlad-the-Emailer
3 years ago

Sad and it’s going to get worse as conservatives flee.

Patti York
Patti York
3 years ago

So many friends have left NYC and have no intention of going back

Marrkedman
Marrkedman
3 years ago

The City ain’t coming back for decades, if ever.

yeticon
yeticon
3 years ago
Reply to  Marrkedman

Got ain’t whistling dixie. ????

H
H
3 years ago

Rudy said it best “DeBlasio is too stupid to be mayor.”

Worsethanitlooks
Worsethanitlooks
3 years ago
Reply to  H

Correction: DeBlasio is too evil to be mayor.

Don39
Don39
3 years ago

de Blasio is to evil to be!

Don39
Don39
3 years ago
Reply to  H

de Blasio is to stupid to be!

Rita Page
Rita Page
3 years ago
Reply to  Don39

Sorry I agree with you! I was up voting you when the internet down voted you your post is ????????????????????????????with me

dzhugashvili
dzhugashvili
3 years ago

As their city sinks into the East River, with crime, filth, taxes, and homicides through the roof, most NYC residents would rather chop off a finger than vote Republican. Venezuelans eat garbage, and still re-elect Maduro. Truly, leftism is clinical insanity.

Don39
Don39
3 years ago
Reply to  dzhugashvili

The left perfectly molds to the very definition of every abnormal psychosis. I studied abnormal psychology several years ago and the left today brings it all back! It pretty much defines about half of them and the rest are just too ignorant to see it or know better.

MuhamMUDTheFakeProphet
MuhamMUDTheFakeProphet
3 years ago
Reply to  dzhugashvili

Most all Dem0rat controlled cities are sinking into the same cesspools of high crime, filth, poverty, high taxes and street gangs

Worsethanitlooks
Worsethanitlooks
3 years ago

Even before Covid, NYC was no longer the immigrant patch quilt many remember from their childhood. With minor exceptions like Brighton Beach, the heavily ethnic (and religious) neighborhoods are gone, replaced by the new immigrant class, young people from the rest of America.
This transformation has been slowly happening since 9/11. Places like Williamsburg Brooklyn have become the intersection of 20th century NYC (conservative hassidic Jews) and young atheist leftist hipsters. The latter have no roots in NYC. Most weren’t raised or schooled here. Their thrill-seeking culture rewards the new, worships anything branded and devalues the old. I don’t recognize this NYC. Can’t blame that on Covid.

Chris Wolf
Chris Wolf
3 years ago

That’s the same amount that went missing in his wife’s drug habit.

CreoleGumbo
CreoleGumbo
3 years ago
Reply to  Chris Wolf

His wife or his daughter?
I know that his daughter revealed abuse of alcohol and drugs but I was not aware that his wife had the same problem.

AlgorithmicAnalyst
AlgorithmicAnalyst
3 years ago

That’s a big part of Democrat strategy, both at city and state level, kick the can down the road by taking on unsustainable debt. So now we see the defaults starting, very interesting. They gambled everything on Biden winning and bailing them out.

John Acord
John Acord
3 years ago

The writer has to be kidding. A financial review board made up of Commiecrats is not the solution. The only possible solution is federal bankruptcy.

CreoleGumbo
CreoleGumbo
3 years ago
Reply to  John Acord

Agree John. NYC is too far gone if only 10% of the workforce is back. The city is moribund and beyond the point of no return. It should be declared a DNR at this point.

Steve Saaf
Steve Saaf
3 years ago

Atlas is outlawedcomment image

BusyBeeFli
BusyBeeFli
3 years ago

Read the sign being held up, Islam is taking over NY in a slow methodical progression. The sign Muslims employed, dept. of corrections patch, patch for mecca on other side in the center is the Koran. Wake up People, there are 5,000 Muslims running for elected office, be careful whom you vote for.

garry pollack
garry pollack
3 years ago

Bilionaires eg Bezos, Gates R quietly buying up NYC property & businesses on the cheap… when this is over all the work of thousands of hard working NYers put into the city will be in their pockets…

David Man
David Man
3 years ago

Under current political management this board would not have a chance ! What a crime that city employees suffer the most from the stupid decisions of a socialist government.

SK
SK
3 years ago

How about just getting rid of democrats? That would fix most of their problems.

glenda lafont
glenda lafont
3 years ago

What a disgrace. He is turning New York City in Cuba.

Andrew
Andrew
3 years ago

DuhBozo was elected by the leftist residents of NYC he is giving them what they want. The sad truth is – NYC residents are leftist hate America jerks who are petrified by a MSM election year virus scam.

J E
J E
3 years ago

The last sentence of the article says it all. “That can change by re-empowering the Financial Control Board and using science to make the city feel safer.” For liberals, who cares is it’s safer as long as it FEELS that way.

R.G.
R.G.
3 years ago

No, clown, people aren’t staying away because of the virus, they are staying away because of the democrats and the lockdowns. Everything is closed; why go to New York City? Violence is dramatically increasing; why go to New York City? The violent anarchist mobs riot, loot, commit arson and violent assaults and the police are ordered to not interfere with the violence; why go to New York City?

No, clown, no federal funding is needed for these panacea pipe dreams of “anti-viral” devices and substances. New York City has squandered tens of billions of dollars in aid in the past. They don’t deserve another penny of any federal money or financial assistance from any other state.

No more money for lockdown democrat states…let them fail and turn into economic wastelands. They refuse to help themselves and their tactics were nothing more than an attempt to damage the national economy to hurt President Trump. Even the W.H.O. said the lockdowns caused (and continue to cause) far more harm to overall health than the virus, and that doesn’t even consider the financial harm. The lockdowns actually proved to the nation that we really don’t depend on New York City and State as much as they keep telling us we need them. Let them wither on the vine.

MX1336
MX1336
3 years ago

If you think NYC is bad now…wait until Alexandria Occasio Cortez is elected their next mayor.
No kidding.

Michael Goldman
Michael Goldman
3 years ago

I have friends in the City that I worry for. One of them has a condo that they will never be able to sell except at a loss because nobody wants to go there.

justmeincalif
justmeincalif
3 years ago

Imagine the Poor fool who just bought the 44 Million Dollar
Condo. Maybe he can rent out rooms. Don’t understand the Clowns in control banning other States from visting. Who in their right mind would visit that Toliet! Hotel rates are $30 a night! High Class Hookers, Ten bucks a Pop! No sane person would live there if they weren’t stuck there!

Michael Goldman
Michael Goldman
3 years ago
Reply to  justmeincalif

Great post. Wait and see what happens in NYC if the President wins. I have a friend there who said some parts near him look like Beirut. A lot of it will look like Beirut.

RobM1981
RobM1981
3 years ago

Dear Betsy,

I want to keep this polite, so allow me to say: that’s the stupidest thing I’ve read in a while.

Without Step 3, it’s just more Big Government. You really do believe that you can centrally control things? Seriously, Bets?

Where’s Step 3: Jail The Rioters and CONVICT them and IMPRISON them? Hmmmmm? Did that one slip your mind, comrade?

And Step 4: VOTE CONSERVATIVE. I realize that you’d pluck your own eyeballs out before you’d even consider it, but that’s the point.

No amount of deck-chair re-arrangement will SAVE NYC because NYC is COMMUNIST. No amount of “Central Planning” will change the fact that the criminals and communists (BIRM) have taken over, and all of the “communist light” SOB’s who voted for this mess are now reneging on their spineless “principles” and moving to Red areas…

…only to infect and infest them, and destroy them just like they did NYC.

Sorry, Betsy-Ol’Girl. Your failure isn’t only abject; it’s entertaining.

Ignorance is ignorance. Ignorance blended with hubris? Ignorance blended with “I know what I’m doing?”

Yeah, that’s the actual definition of Stupid.

MuhamMUDTheFakeProphet
MuhamMUDTheFakeProphet
3 years ago

I guess there are worse places to live than Californication…

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