Sunday, March 10, 2019

NEW YORK CITY HEADS TO BANKRUPTCY - LOS ANGELES WILL SOON FOLLOW AND THEN THE END OF ALL THOSE CITY PENSIONS!

Even though the city’s budget deficit has reached record highs, Mayor Bill de Blasio has shown no signs of curbing the city’s spending.
In fact, de Blasio is adding $3 billion in spending to the current $89.2 billion budget, and spending money at a rate that is three times the rate of inflation, according to the Post.


Deep blue New York City looking at bankruptcy after a five-year socialist wallow



Ready to go back to the 'Shattered' era, New York? The old 'drop dead' epoch and 'fun city' times?
Looks like that's what's on the cards, based on this New York Post report, warning that the socialist-led city is in dire danger of bankruptcy if there's an economic downturn:
New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.
As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say Gotham is perilously near total fiscal disaster.
Long-term debt is now more than $81,100 per household, and Mayor de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.
“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,” said Milton Ezrati, chief economist of Vested.
I've got some news for New York: The New York Fed is forecasting just that downturn. Here's a Daily Mail report that ran a few days ago:
The US economy is likely to slow 'considerably' in 2019, the president of the New York Federal Reserve Bank warned on Wednesday.
Amid a time of economic uncertainty, John Williams said the Federal Reserve may 'wait' before raising interest rates again.
The Fed may or may not be right about this, but it shouldn't take the spotlight off New York. Why on earth should one of the world's great cities go bankrupt solely because of an economic downturn? That's the sort of thing you might expect from Greece or Uruguay, both of which endured huge financial crises based in part on the financial behavior of their much larger neighbors. New York ain't small.
It's also the kind of thing you expect from places such as Venezuela or Ecuador, both of which relied on one-commodity economies - oil - and saw their fortunes tumble when the price went down, having put all their eggs in one basket. New York's no undiversified economy.  
What the city does have in common with all four places through is that 's' word: socialism, and sure enough, they're looking at the same kind of crisis.
Socialist Bill de Blasio has been mayor of New York for going on six years now, and he hasn't held back on what socialists specialize in, which is government spending. According to the Washington Examiner, the state of New York shells out 32 cents from every taxpayer dollar that comes in for welfare payments to those who can't or won't work.
According to the State of New York's Office of the State Comptroller, which pays attention to New York City's government spending, in just the last year, New York City has outspent the rest of the state in public assistance (up 3.7%), safety net assistance (up 6%), family assistance (up 1.7%), while assistance for other programs, such as SNAP, decreased at lower rates than the state as a whole on all fronts.
You can bet that New York city's percentage is likely above the state's averaged 32%.
And all this at a time when the U.S. has seen its best economic performance since the Reagan years.
Bill de Blasio has been spending up a storm as the socialist mayor of New York City, and with every expansion, driving out another piece of the productive sector. Instead of jobs expanding, welfare has expanding. And residents are fleeing. Amazon, after all, got chased out, thanks to his fellow socialist, Rep. Alexandria Ocasio-Cortez, a move that is going to cost the city a pretty penny in lost tax revenue. Nice work, socialists.
And now the famous Other People's Money is running out, which is likely to signal the demise of the socialism itself if it can't keep a money stream from the productive sector with which to shovel out the socialist welfare. It shows that socialism is a parasite system, always needing some kind of sugar-daddy to glom off on - whether it's Castro in Cuba seeking a new patron every few years or de Blasio seeking a new corporate sponsor to keep the tax money rolling in. Yet once socialism kills its host as the cash runs dry, the collapse commences.
Anybody out there could see that that was what was going to happen.
As I wrote back in 2013, when I was an editorial writer for Investor's Business Daily:
Largely appealing to identity politics to win (his Italian name is of his own making and his African-American wife and children have been paraded as political props), the only thing that passed for a political plan from him was his vow to "tax the rich," to end the policing that has made New York safe, and to expand welfare.
"Make no mistake: The people of this city have chosen a progressive path, and tonight we set forth on it, together," de Blasio said on his election night.
Problem: These are ideas that have been tried before — in New York's recent past. The rubble of the South Bronx, the crime waves Mick Jagger sang about, and the municipal bankruptcy from which Gerald Ford told New York to "drop dead" rather than rescue, were all the result of corruption and incompetence, which were reversed with the election of Rudy Giuliani in 1993.
Well, now that specter is appearing, and it came in all of five years.
Will New Yorkers and others enamored of socialism ever learn from this? Maybe that's the question to start seeking answers about. How bad does it have to get and why must it always get bad for anyone to wake up?

FACTS ON THE “REAL LATINO AMERICA” IN MEXICO’S SECOND LARGEST CITY OF LOS ANGELES:

(these are highly DATED stats)

This is another "fact" spun from the 2004 op-ed by Heather Mac Donald, whose article refers to a single Los Angeles gang and the conjecture of an unnamed federal prosecutor.


1.      "40% of all workers in L.A. County are working for cash and not paying taxes. . . . This is because they are predominantly illegal immigrants working without a green card." The Mexican tax-free economy in Los Angeles County is estimated to be in excess of $2 billion dollars a year.

2.     "95% of warrants for murder in Los Angeles are for illegal aliens . . . "


3.     "75% of people on the most wanted list in Los Angeles are illegal aliens."

4.    "Over 2/3 of all births in Los Angeles County are to illegal alien Mexicans on Medi-Cal, whose births were paid for by taxpayers." The County of Los Angeles hands Mexico’s anchor baby breeders more than a BILLION DOLLARS a year in welfare.


5.     "Nearly 35% of all inmates in California detention centers are Mexican nationals here illegally." California has the largest and most expensive prison system in the country. Half the inmates are now Mexicans. Half the murders in California are by Mexican gangs.

6.    Over 300,000 illegal aliens in Los Angeles County are living in garages.


7. "The FBI reports half of all gang members in Los Angeles are most likely illegal aliens from south of the border."

8. "Nearly 60% of all occupants of HUD properties are illegal."
immigrants.

9. 21 radio stations in L. A. are Spanish speaking.

10. In L. A. County 5.1 million people speak English, 3.9 million speak Spanish.

LA RAZA AMERICA: A Mexicans welfare state

MEXICO INVADES, OCCUPIES, PLUNDERS AND VOTED DEM FOR MORE!

There is also financial and political carnage perpetrated against our nation:
(FIGURES ARE HIGHLY DATED AND GOING UP EVERY WAVE OF INVASION)

1. $11 Billion to $22 Billion is spent on welfare to illegal immigrants each year by state governments (CALIFORNIA SPENDS $30 BILLION PER YEAR IN SOCIAL SERVICES TO ILLEGALS. LOS ANGELES COUNTY CHIPS IN A BILLION PER YEAR FOR THE LA RAZA ANCHOR BABY BREEDERS).
*
2. $22 Billion dollars a year is spent on food Assistance programs such as
food stamps, WIC, and free school lunches for illegal immigrants.
*
3. $2.5 Billion dollars a year is spent on Medicaid for illegal immigrants.
*
4. $12 Billion dollars a year is spent on Primary and secondary school
education for children here illegally and they cannot speak a word of
English!
*
5. $17 Billion dollars a year is spent for Education for the American-born
Children of illegal immigrants, known as Anchor babies.
*
6. $3 Million Dollars a DAY is spent to incarcerate illegal immigrants.
*
7. 30% percent of all Federal Prison Inmates are illegal immigrants. Nearly half the inmates in CA are Mexicans.
*
8. $130 Billion Dollars a year is spent on Illegal immigrants for Welfare & Social Services by the American taxpayers.
*
9. $400 Billion dollars a year in suppressed American wages are caused by the illegal immigrants.
*
10. In 2006, illegal immigrants sent home $45 BILLION in remittances to their Countries of origin.
*
11. The Dark Side of Illegal Immigration: Nearly One million sex crimes committed By Illegal Immigrants In The United States.
*
12. From $40 to $60 billion hauled back to Mexico from heroin sales!

JOE LEGAL v LA RAZA JOSE ILLEGAL (registered Democrat voter)…

Which do you think has it much, much, much better in America’s open borders?


You should know! Your taxes are paying for his anchor baby welfare even as Jose Illegals enjoys a tax-free underground economy. Hey, Jose voted Democrat for more!

Experts: NYC Could Go Bankrupt for First Time in 40 Years



New York mayor proposes requiring paid leave, a first for US
Getty/AFP/Drew Angerer
2:04

New York City is headed for financial ruin and could go bankrupt for the first time in 40 years, financial experts say.

Financial experts predict that there are already signs the city is headed for financial disaster, as many individuals and businesses are leaving the city for lower tax areas and city government spending is at an all-time high.
The last time the city came close to filing for bankruptcy was in 1975 when former President Gerald Ford refused to give the city a bailout package to settle its debt.
“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,” economist Milton Ezrati told the New York Post. “New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.”
The city’s budget deficit has reached an all-time high over the past year. New York City’s long-term liabilities— including pensions, bonded debt, and retirement benefits for city government employees— reached a record-high $257.3 billion, according to an October 2018 Citizens Budget Commission report.
Even though the city’s budget deficit has reached record highs, Mayor Bill de Blasio has shown no signs of curbing the city’s spending.
In fact, de Blasio is adding $3 billion in spending to the current $89.2 billion budget, and spending money at a rate that is three times the rate of inflation, according to the Post.
It also appears that de Blasio will not get help from fellow Democrat Gov. Andrew Cuomo, who is trying to address a $2.3 billion state budget deficit by using auditors to bill wealthy residents fleeing the state for lower-tax regions.
Cuomo’s preliminary budget proposed $600 million in cuts to money allocated to New York City.

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