Perspectives; Thoughts; Comments; Opinions; Discussions

Posts tagged ‘Bill de Blasio’

Experts Have Chilling Prediction for Where De Blasio Is Taking NYC, Hasn’t Happened in 40 Years


Reported By Ben Marquis | Published March 12, 2019 at 2:53pm | Modified March 12, 2019 at 2:57pm

New York City has long been viewed by many as a dumpster fire of fiscal irresponsibility with ridiculously high taxes and insanely excessive spending, and under the past few years of leadership by the socialist, er, Democratic Mayor Bill de Blasio, the situation has only gotten worse.

Recent reports citing economic experts have warned that the famed city could soon face the financial disaster of bankruptcy for the first time in more than 40 years, but it doesn’t appear that the city is doing much of anything to address that dire consequence, and instead is arguably making things even worse.

The New York Post reported last week that as businesses and residents flee the high taxes imposed on them by the city and state, resulting in entirely predictable tax revenue shortfalls, public spending has actually been increased instead of reduced as well, creating a sort of fiscal death spiral that could ruin the city.

Milton Ezrati, chief economist of financial communications agency Vested, told the Post, “The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform.”

“New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback,” he added.

Such setbacks would include a financial recession, which could prove fiscally devastating, or even just a continuation of the exodus of taxpayers while spending continues to increase.

Indeed, Mayor de Blasio recently announced an additional $3 billion in new spending on top of a budget that already included $89.2 billion in spending.

Meanwhile, the mayor only found “savings” of about $750 million in his proposed budget for 2020 — obviously not enough to save the city in a disaster — and the state’s Democratic Gov. Andrew Cuomo cut roughly $600 million in city-related spending from his proposed state budget for the coming year.

The Post noted that the city’s spending has increased by 32 percent since de Blasio assumed office, about three times the rate of inflation, and has hired some additional 33,000 public sector workers who are paid with city funds and are granted long-term pensions and other city-funded benefits.

Peter C. Earle, economist at the American Institute for Economic Research, stated, “New York City could go bankrupt, absolutely.”

“In that case, the city would get temporary protection from its creditors, but it would be very difficult for the city to take on new debt,” he added.

City pensions, along with other long-term liabilities like bonded debt and other post-employment benefits for public workers, are estimated at more than a quarter trillion dollars, according to a 2018 report from the city’s Citizen’s Budget Commission, which placed the total liabilities held by New York City at roughly $257.3 billion for that year. That is nearly $5 billion more than the 2017 total of $252.5 billion, and works out to an astonishing liability per New York City household of $82,577.

The budget commission also noted that the city’s pension fund is only about 76 percent funded.

All of that news comes as residents are increasingly leaving the excessively taxed city and state for low-tax states like Florida and Texas, an exodus that has been partially blamed for the state’s announced $2.3 billion budget deficit caused by a shortfall in expected tax revenues, according to Fox News.

All the while, Cuomo is blaming the problem on the Trump administration and Republicans for the tax cut bill Trump signed in 2017, which reduced the amount of state and local taxes residents could deduct from their federal taxes and left some residents and businesses with a higher tax bill.

In response to the incredible shortfall, the state has decided not to reduce spending or do anything responsible like that, but to instead levy aggressive audits on the businesses and individuals leaving the state to try and soak them with a tax bill one last time for whatever they may be worth.

Unfortunately for New York, that aggressive effort will likely only encourage more top-earners and wealthy individuals to get out while they still can, and considering the fact that the top 1 percent in the state account for roughly half of all tax revenues, that could actually serve to hasten the potential financial disaster facing the city and state. New York City, and the state as well, were already fiscal dumpster fires.

But the financially irresponsible actions of their progressive leadership have only served to throw gasoline on the blaze, and the growing monetary inferno of high taxes, high spending and unfunded liabilities in the face of reduced tax revenues now threatens to engulf the city in bankruptcy.

ABOUT THE AUTHOR: 

Summary

More Info Recent Posts Contact

Ben Marquis is a writer who identifies as a constitutional conservative/libertarian. His focus is on protecting the First and Second Amendments. He has covered current events and politics for Conservative Tribune since 2014.

New York Dem Arrested for Stealing from Hurricane Sandy Victims


 

Reported By Joe Setyon | January 11, 2018 at 10:46am

URL of the original posting site: https://www.westernjournalism.com/new-york-democrat-arrested-for-stealing-from-victims-of-hurricane-sandy/

New York State Democrat Assemblywoman Pamela Harris was arrested Tuesday for allegedly defrauding the federal and state governments out of $60,000, including $25,000 in FEMA funds that were allocated for residents left homeless in the aftermath of Hurricane Sandy.

But officials say Harris — who represents parts of Brooklyn in the state assembly — was not among the homeless. Instead, her Coney Island residence was still intact following the devastating 2012 storm, according to the New York Daily News.

The 57-year-old remained in her home after the storm but allegedly filed fake paperwork to prove she was paying rent for a residence in Staten Island. FEMA then compensated her with money that was set aside for “temporary housing assistance,” officials said.

In an effort to cover up what she had done, Harris is accused of telling witnesses they should lie to the FBI.

“Harris was busy brewing a storm of her own — one that resulted in her receiving significant payouts by the very federal agency charged with helping those truly in need,” said William Sweeney Jr., the head of the bureau field office in New York.

Prior to her 2015 election to the state assembly, Harris ran a non-profit training and mentoring organization. But she allegedly pocketed $34,000 that the city council had given to her group to pay for rent. Officials believe Harris used $10,000 to pay for vacations — including one on a cruise ship. She also allegedly used stolen money to shop for lingerie from Victoria’s Secret, as well as pay off bills she had accumulated from Kohls and the mortgage on her Coney Island home.

For her alleged crimes — which authorities say took place between 2012 and 2016 — Harris was charged with wire fraud, conspiracy to commit wire fraud, making false statements, bankruptcy fraud, witness tampering and conspiracy to obstruct justice, according to the Daily News. Harris pleaded not guilty and was released on $150,000 bond.

“Ms. Harris has been an invaluable community organizer and a well-regarded legislator,” her attorneys said in a statement. “Especially given her background, we are disappointed that Ms. Harris was indicted.”

“She has pleaded not guilty, and we look forward to her day in court and an opportunity there to present the full facts.”

The Democrat assemblywoman’s arrest came the same week New York City Mayor Bill de Blasio announced a lawsuit against the five largest oil companies in the nation, claiming Sandy’s destruction was amplified due to the climate change those companies contributed to. The storm struck the city in October 2012, leaving more than 40 New Yorkers dead and causing tens of billions of dollars in damage.

“After Sandy, it became clear that climate change was an active threat to our lives. It may have happened five years ago, but we are still dealing every day with the destruction it caused,” de Blasio tweeted Wednesday.

“It’s time for Big Oil to pay for that damage.” 

De Blasio also noted that New York is “the first major American city to take this action against fossil fuel companies.”

New York’s road to recovery has been a long one, with multiple resiliency projects being carried out in order to prevent future natural disasters from affecting the city in a similar manner, according to Politico.

“The city seeks to shift the costs of protecting the city from climate change impacts back onto the companies that have done nearly all they could to create this existential threat,” the lawsuit reads, as reported by the New York Post.

Moreover, de Blasio wants the city’s pensions to divest from oil companies. But according to the National Association of Manufacturers — an industry trade group — this move will come with a high price tag, as it could cost city employees $2.8 billion over 20 years.

“Divestment won’t do anything to cut greenhouse gas emissions. All it does is pass stocks from one shareholder to another,” NAM Vice President Chris Netram said Wednesday.

Tag Cloud

%d bloggers like this: