Tuesday, May 18, 2010

Bloomberg on cruise control?

From the Daily News:

Mayor Bloomberg has a trickle-down theory of New York's economy: Spend money to make money, and make sure the people at the top have money to spend.

He believes in generating jobs through big projects like rebuilding Coney Island and Willets Point - subsidizing them with tax breaks and public money if necessary.

At the same time, he protects rich New Yorkers from any more tax hikes, saying their big spending creates jobs for everyone else.

Just 18,000 New Yorkers pay half the city's income taxes, Bloomberg said last week, while half of New Yorkers pay no income taxes at all.

"If you hurt, for example, our financial services industry, it's the people at the bottom ... that are going to get laid off," Bloomberg said.

Now he's being challenged on several fronts. The opposition comes from different sides of the spectrum - and isn't always consistent - but agrees that just because Bloomberg dominates the budget process doesn't mean he's right.

Call it the trickle-up theory.

"If nobody can show that trickle-down theory works," said Controller John Liu, "we should get rid of it."

The conservative Citizens Budget Commission slammed Bloomberg's $2 billion third-term economic development plan, saying there's no evidence it generates new business.

The liberal Fiscal Policy Institute slammed Bloomberg's reliance on Wall Street, saying he should focus on bringing up the subpoverty-level wages of the poorest working New Yorkers.

"Relying on better wages for every New Yorker makes a lot more sense as an economic recovery strategy than waiting for Wall Street bonuses to trickle down," wrote FPI economist James Parrott.

From the NY Post:

From terrorism to Wall Street "reforms" to the health-care takeover to a new pact on grading teachers, New York is under an unprecedented siege of financial and security risks.

While Bloomberg's position is clear on most -- he doesn't like parts of the bank bill and wants more money for anti-terrorism -- his halting, piecemeal approach is proving to be no match for the wave of assaults.

At this critical moment in New York's history, the mayor gives the impression he is operating on cruise control. His budget was mushy and uninspired, reinforcing fears he's content to drift through his third term.

With Gotham desperately needing a rallying cry to fight back, Bloomberg leads quietly, often privately, and occasionally not at all. The result is a public vacuum that, while others try to fill it, is leaving the city more vulnerable to Washington, Albany and, yes, terrorists.


Anonymous said...

because of this insane mayor's comments as to who and why , almost set off the car bomb in Times Square, he should be recalled or impeached.

this was a terrorist act of war by an islamo facist agent from the middle east jihadists.

bloomberg is acting like a "QUISLING".

he is correct on the effect the downfall of the financial market would have on n.y.c. tax revenues.
we would become a ghost town.

liu and his s.e.i.u. and working family's party gang
of marxists must be defeated. their agenda is to crash our system( cloward and piven theory) .

see:examiner .com or American Thinker,by James Simpson.

Lino said...

The same ol' crap from the old useless coot: "islamo facist: -QUISLING"-"s.e.i.u. and working family's party gang
of marxists"..."cloward and piven theory"...you left out Parenti...BTW: The manifesto was written and published in 1966 which is probably yesterday to you, but those bizarre theories have long been dumped.

You need to get out from the shitheap of FUX "News" and AM talk.

Not that it really matters..you'll be dead soon.

Anonymous said...

Oh its the Glen Beck Mormon polygamy fan screaming marxist again.

So you believe some of what the lying mayor says?? Mayor Mike has his Voodoo economics going like the 1980's hero Ronnie did where the fortune 500 companies pay no taxes.

I dont think so when you think the world revolves around Wall St.
Wall St doesnt care if five small banks collapse because of their manipulation, yet AIG gambles, pretends to be a ruined company, but really they got billions of tax money from bush and cheney then regrouped changing their name.

Did NYC or the U.S. collapse when Lehman Bros thought they could play god? No, they just screwed over their employees in NYC and London. The U.S. was already reeling from the Iraq war debt borrowed from China.

Leave the independent small banks alone and let Wall St learn their lesson without tax bailouts and pay your taxes... not in Bermuda or the Caymans either.

Anonymous said...

its all about the legacy of Mayor Moneybags!

thats all he cares about: his legacy... oh and don't forget about the wealthy people too

Anonymous said...

I've had turds that had more compassion than that piece of crap!

Anonymous said...

His age has caught up with him. This is a great example of why nearly all fortune 500 companies have mandatory retirement at age 65. Everything goes downhill shockingly fast once you hit that birthday, especially when you occupy one of these high stress top jobs. He should go home to Bermuda and play golf.

Anonymous said...

You, your mothers/fathers, you brothers and sisters and everyone you know voted for this guy, I know I DIDN'T.

Anonymous said...

Mayor Bloomberg has a trickle-down theory of New York's economy

You mean like the pee pee in his panties?

Anonymous said...

his theory sounds like reagans in the 80's, but the only thing that trickled down then was massive cocain in american cities, bloombergs trickle down is a smokescreen for more private development in this city.

Anonymous said...

Michael Bloomberg is full of shit with his discredited trickle down theories.

The first President Bush hugely increased taxes on the rich in 1990 and immediately we enjoyed a 10 year economic boom, the biggest since WW11.

Bush Jr. slashed taxes on the rich as soon as he took office in 2001 and we have had nothing but deficits and misery ever since.

Enough said.

Anonymous said...

nice picture. there are types of turtle that can live to be 300 years old.