NYC Near Bankruptcy?

[Pidgey]

Looks like they need to raise taxes:

http://www.breitbart.com/article.php?id=CNG.f385c2ed911fca31a34d5da9783ee7aa.551&show_article=1

 

[BigRob]

Looks like they need to raise taxes:

http://www.breitbart.com/article.php?id=CNG.f385c2ed911fca31a34d5da9783ee7aa.551&show_article=1

Will be a problem when the 40,000 people in NYC who pay 50% of the tax say enough and leave.

 

[Pandora]

Will be a problem when the 40,000 people in NYC who pay 50% of the tax say enough and leave.

I really hope most of them do leave, that would make me so happy!

 

[Pidgey]

They probably won't have to--business earnings are in the toilet and, generally speaking, you don't pay taxes on losses.

Personally, I don't believe that statistic is as absolute as it sounds. "There are lies, damn lies and statistics... "

 

[PLC1]

Looks like they need to raise taxes:

http://www.breitbart.com/article.php?id=CNG.f385c2ed911fca31a34d5da9783ee7aa.551&show_article=1

I don't see anything in the article about raising taxes.

Sweeping layoffs of government employees are needed to prevent New York going bankrupt, Mayor Michael Bloomberg said Thursday.

Bloomberg, who is in tense negotiations with municipal workers' unions, said an extra 7,000 jobs would have to go unless major reductions are made in employee benefits.

"We cannot continue. Our pension costs and health care costs for our employees are going to bankrupt this city," he said in comments broadcast on NY1 television.

Sweeping layoffs aren't very popular either, of course, but obviously something has to be done.

It might help if we had a less expensive health care system in place.

 

[Pidgey]

Well, when you have a budget shortfall you've only a few ways around it: spend less, increase revenues or go into debt. Going into more debt works right up until nobody's willing to donate any further. Increasing revenues means taxation. Spending less usually gets politicians fired (voted out as soon as possible).

 

[ASPCA4EVER]

Correct me if I'm wrong...but wasn't the 'Big Apple' pleading for money from our government back in the 80's. My mind has a memory glitch about how they managed to dig out of that financial mess...did anyone live in New City when that happened?