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NYC Near Bankruptcy?

Discussion in 'Business & Economics' started by Pidgey, Apr 13, 2009.

  1. Pidgey

    Pidgey Well-Known Member

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  2. BigRob

    BigRob Well-Known Member

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  3. Pandora

    Pandora Well-Known Member

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

    Pidgey Well-Known Member

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    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... "
     
  5. PLC1

    PLC1 Moderator Staff Member

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

    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.
     
  6. Pidgey

    Pidgey Well-Known Member

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    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).
     
  7. ASPCA4EVER

    ASPCA4EVER Well-Known Member

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    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?
     
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