Is New York City Poised for a Financial Faceplant Again?

New York City is at a crossroads, and Richard E. Farley is ringing the alarm bells. His latest book, “Drop Dead,” explores how the conditions that nearly toppled the city into bankruptcy in 1975 are beginning to resurface. With a new mayoral candidate, Zohran Mamdani, promising to boost the budget by over $20 billion, one has to wonder if history is about to repeat itself—hopefully with fewer headlines screaming “Drop Dead!” at taxpayers.

Farley paints a grim picture, pointing to runaway budgets, dubious accounting practices, and overpromised entitlements as culprits. And let’s not forget the crucial element of public safety perceptions: if residents start feeling unsafe, they could leave in droves. It’s like a game of musical chairs, and if everyone vacates the room, well, good luck finding a seat when the music stops. One must wonder, is there even a chair left in this budgetary disaster waiting to happen?

Are we really ready to watch the Big Apple tumble into another financial pit? Farley’s take offers both an educational and an entertaining glimpse into how politics and money can intertwine in a city that has seen it all. So, put on your financial safety helmet and buckle up! It seems we might be in for a wild ride through history—the sequel nobody asked for.

What do you think: is New York City on the brink of another fiscal crisis, or can they figure it out this time?

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