{"id":59083,"date":"2019-03-11T00:31:04","date_gmt":"2019-03-11T00:31:04","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=59083"},"modified":"2019-03-11T00:31:04","modified_gmt":"2019-03-11T00:31:04","slug":"new-york-city-edging-toward-financial-disaster-experts-warn","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=59083","title":{"rendered":"New York City is edging toward financial disaster, experts warn"},"content":{"rendered":"

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.<\/p>\n

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.<\/p>\n

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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.<\/p>\n

\u201cThe 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,\u201d said Milton Ezrati, chief economist of Vested.<\/p>\n

\u201cNew York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.\u201d<\/p>\n\n

De Blasio has detailed $750 million in savings for the preliminary fiscal 2020 budget, but that won\u2019t be enough to stave off a bloodbath if New York\u2019s economy is hit by financial shocks \u2014 including a recession, which some see on the horizon \u2014 analysts warn. Gov. Cuomo\u2019s preliminary budget has $600 million in city cuts in the coming year.<\/p>\n

But city spending, up some 32 percent since de Blasio took office \u2014 triple the rate of inflation \u2014 may need to be cut deeper, these analysts add. The city\u2019s long-term pension obligations have escalated, as well, as its workforce has soared by more than 33,000 in the last five years.<\/p>\n

Other startling indicators:<\/p>\n