By Tyler Durden | 10 March 2019
ZERO HEDGE — Here is an inconvenient truth for the Democratic socialists that control New York City: Gotham is “careening closer to all-out financial bankruptcy,” according to New York Post.
Mayor Bill de Blasio is expected to add billions of dollars more to the budget, amid a slowing economy and outward migration caused by tax reform, a recession would send the city into a “fiscal disaster,” according to the report.
“New York City could go bankrupt, absolutely,” American Institute for Economic Research economist Peter C. Earle told the Post. “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.”
Financial analysts warn tax burdened businesses and individuals would flee in droves, and public spending would have to surge to record levels, which would set off a fiscal nuclear bomb. […]
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