From the Daily News:New York is struggling to pay the interest on what amounts to a $59 billion mortgage, the report reveals, even as the city plans to spend billions more on capital projects.
"New York City has a large and growing debt burden that is threatening to become unaffordable," city Controller William Thompson's office writes in its annual debt review.
"By any commonly accepted measure, New York City ranks above its peers in the amount of debt shouldered by city residents and the city's economy."
The city's debt load is $7,153 per New Yorker, the report says - up 55% in the last eight years.
Last year, New York paid $4.86 billion in interest to service that debt - a figure projected to rise to $8.1 billion in the next decade.
Mayor Bloomberg, financial genius! Four more years!
13 comments:
Tweeding does have its costs.
Queens is greased by tweeding cash.
If this stopped, Queens would resemble the Bronx.
But but but...! Mayor Mike is a financial genius!
Uh, guys... without issuing debt, the city cannot engage in any capital programs. So debt per se is not a bad thing. You DO realize this, right?
Why wasn't the infrastructure redone when we had billions of dollars in surplus?
Where is 'Wade' our self described financial expert/
Lets hear what they are doing about this mess.
Why wasn't the infrastructure redone when we had billions of dollars in surplus?
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Giving developers tax breaks and the resources of the city at their disposal so they make a profit.
Why wasn't the infrastructure redone when we had billions of dollars in surplus?
I hope you weren't whining about your R.E. tax refund a month ago.
You wanna know where the surplus went, it went to the homeowners, who now feel it's an ENTITLEMENT.
No, no. We had billions of dollars in surplus from 2004-2008 and there were no major upgrades. We are in debt up to our eyeballs and NOW the mayor decides to spend on these things?
... and there were no major upgrades. We are in debt up to our eyeballs and NOW the mayor decides to spend on these things?
Just what "upgrades" are you referring to, anyway?
Let's start with sewers, upgrades to the electrical grid. You know, simple basics like that, which failed musltiple times under this administration because of encouraged overdevelopment.
Let's start with sewers, upgrades to the electrical grid. You know, simple basics like that, which failed musltiple [sic] times under this administration because of encouraged overdevelopment.
So attempts WERE made to upgrade infrastructure during the era of billions surplus?
The story here needs to be straightened out to make any sense of it.
"So attempts WERE made to upgrade infrastructure during the era of billions surplus?"
No, the point was very clearly made that they weren't. Bloomberg is only planning to do them now.
Let Bloom-turd and all his wealthy real estate buddies bail out NYC
and not break the backs of the poor and middle class so they can eat better than they already do!
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