Mayor de Blasio often complains about economic inequality, but his pet projects rely on lots of tax revenue from the wealthy. The mayor’s lavish spending gets overlooked in good economic times, but a downturn would leave the city scrambling. New York City already runs a deficit on paying benefits for municipal retirees, and the city’s payroll keeps expanding.
The Facts You Need to Know
“Rich”: The top 1% of tax filers pay 49.3% of the city’s income taxes. Read more.
Pay: City-worker wages and salaries have increased 20.3%, after inflation, under Mayor de Blasio. Read more.
Hole: Between its pension plans and retiree health-care obligations, New York City is more than $150 billion in the hole. Read more.
“Even with record tax revenues, New York isn’t putting aside the money that it needs to keep up with its economic growth.”
The Past is Present
“New York’s leaders don’t understand how precarious the city’s prosperity is.”
And in other news...
“The cries of misery from the underground began to bubble up into the world above just as the Thursday morning rush was getting underway on the New York City subway.”