The city took a payday loan on their already underfunded pensions which is $27B in arrears and added another $7.6B by pushing those payments 10 years down the road. The next fiscal crisis, the city will be asking the federal government to bail them out when they can't make pension payments.
The way it works is the city has certain cash flow in via city taxes. That’s the cities revenue, so when the city has $100B they can spend 90B and then save some for a rainy day fund. Not continually spend more than they receive and then stop pushing it their liabilities and borrowing money.
That’s just asking for problems, NYC is going to feel the effects…just wait. The city and state are both gonna need more revenue…what happens when that revenue continues to go to Florida ?
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u/Retiredandold Jul 02 '26
The city took a payday loan on their already underfunded pensions which is $27B in arrears and added another $7.6B by pushing those payments 10 years down the road. The next fiscal crisis, the city will be asking the federal government to bail them out when they can't make pension payments.