Leftists terrified as their progressive poster child Mamdani fails in New York

Like a proud father, Independent Senator Bernie Sanders recently took to social media to support Zohran Mamdani’s budget wizardry in New York City. HE gushed About

The young mayor, who did not hesitate to tout his own so-called success, was even more enthusiastic. The social media star shared the following: “When we took office, we revealed a budget deficit of 12 billion dollars. Today, I am proud to say that we reduced it to zero. We did not close the deficit on the backs of the working people.”

But Sanders knows better, and so does Mamdani. Both know that the flimsy budget proposal is a mix of fake savings, payment deferrals, and ill-conceived taxes and fees that will hurt working-class New Yorkers. Huge $4 billion rescue package From Gov. Kathy Hochul (D).

Oh, by the way, the law demands that the city’s budget be balanced; You won’t be applauded for following the law, especially when you do it with the actuarial equivalent of gum and chicken wire.

None of Mamdani’s so-called achievements are real; None of this is sustainable, and it certainly doesn’t deserve the praise coming from leftists like Sanders, who rightly panic that the young socialist mayor has already failed.

after that first 100 days in officeMamdani’s approval rating fell below that of his predecessor, Eric Adams. Perhaps this was his ideological decision. Let 18 people freeze to death on the sidewalks. Maybe it was his Getting closer to known anti-Semites like Hasan Piker. In any case, after just a few months on the job, only 30 percent of Big Apple residents report being “happy” with Mamdani’s performance. Democratic socialists are on guard; Mamdani is their poster child, and they’re praying his mayoralty doesn’t become the train wreck many expect.

Mamdani’s fans also hope no one digs too deeply into the mayor’s budget. If they do so, they will reach the same conclusion as City Auditor Mark Levine. WHO wrote Mamdani’s budget ignores that “even in a year of record revenues, the city government continues to spend more than we take in.” As a Democratic agent he told the New York Post“Mamdani’s budget is as real as Kim Kardashian’s lips.”

One expressionLevine says the mayor is relieved did not follow His threat of a 9.5 percent property tax increase was a proposal that united the city in anger. But he confirms that the budget worked mainly because Hochul caved in, fearful of losing left-wing support in the November elections. To save his own life, he provided what was necessary to fill the budget gap. This is New York politics; Put work aside and hope no one holds you responsible when the inevitable bills come.

But politics and wishful thinking cannot cure the problems in the Empire State or the Big Apple. As Levine writes, Mamdani’s proposals “delay addressing deeper structural imbalances in the City’s budget.” He particularly draws attention to the “non-annual gaps” in the budget; A $7.1 billion gap in fiscal 2028, with the gap expected to grow to $9.8 billion by fiscal 2030.

In other words, budget deficits will worsen and require larger bailouts.

In fact, it is highly likely that Mamdani’s predictions even for next year are overly optimistic. Consider this: A typical example of the so-called savings in his budget He will earn 94 million dollars “Terminating contracts where city employees can do a better job.” Pause to remember your last visit to the Department of Motor Vehicles or your attempt to report a non-emergency problem by calling 311. City institutions are not exactly models of efficiency.

Given Democrats’ close relationship with public employee unions, one might assume that if the job was outsourced to the private sector, it was because there was no good alternative.

The same can be said for . $368 million Mamdani hopes to achieve the roughly $1 billion he expects to save by improving “the efficiency of public services” or “accurately predicting expenses.”

Going forward, the spending picture is even darker. City spending is expected to increase slightly a staggering 28 percent Between fiscal years 2025 and 2030. Major union contracts, including those for police and firefighters, are in limbo as they expire in July 2025. When these contracts are negotiated, Any increase above 1.25 percent The annual budget would require fresh cash flow, which the city does not have. And the city is almost guaranteed to raise prices above that level.

Of course, not all of the budget deficit resulted from imaginary cuts in expenses. In addition, revenues were expected to increase due to Mamdani’s tax, which was certain to remain below the $500 million projected in the budget. levine he wasn’t optimistic about that estimate, instead suggesting that “behavior changes” could only lead to the tax being increased by up to $380 million.

“Behavior changes” – you know, like rich people selling their flats who are tired of being targeted by Mamdani and her companions. This is the history of such taxes in the UK and Canada; New York will probably experience the same.

There is also a mayor increased wages Issues such as ambulance services, getting help from the emergency room, and fining people driving in bus lanes. These costs will fall on all New Yorkers, not just the wealthy. Ironically, Mamdani is increasing the price of purchasing a gun, expecting demand to be high. So why might this be, I wonder?

In a way, Mamdani deserves our sympathy. He faced the consequences of decades of excessive spending, outrageous giveaways to public employee unions and overwhelming aid to New Yorkers that the city could not afford. But everything you really need to know about New York City 125 billion dollar budget that it is bigger than that $115 billion The entire state of Florida is expected to spend it this year. There are 8.5 million people in New York City; There are 23.6 million in the state of Florida.

New York has a problem, and this latest fiscal stupidity isn’t making it any better.

Liz Peek is a former partner at leading Wall Street firm Wertheim and Company.

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