{"id":162003,"date":"2026-03-13T01:03:08","date_gmt":"2026-03-13T01:03:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/162003\/"},"modified":"2026-03-13T01:03:08","modified_gmt":"2026-03-13T01:03:08","slug":"stop-mamdanis-plan-is-to-tax-new-york-into-deep-trouble","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/162003\/","title":{"rendered":"Stop! Mamdani’s plan is to tax New York INTO deep trouble"},"content":{"rendered":"

New York City government has plenty of revenue, with zero need for any of the tax hikes Mayor Zohran Mamdani<\/a> is demanding; it could even pay for some of his ambitious plans \u2014 it just needs to be cut elsewhere: This is what budgeting means.<\/p>\n

The budget was an already fat $77 billion in Mayor Michael Bloomberg\u2019s last year; it\u2019s now above $120 billion \u2014 up vastly more than inflation.<\/p>\n

Handed a prosperous local economy, Mayor Bill de Blasio went spend-crazy \u2014 then went hog-wild as the feds handed out tens of billions of \u201cfree money\u201d during Covid.<\/p>\n

Coming out of the pandemic, then getting hit by the Biden migrant crisis, Mayor Eric Adams only found passing efficiencies even as the left-dominated City Council pushed new spending programs and the Legislature dumped new unfunded mandates on the city such as the ridiculous \u201cclass-size\u201d law.<\/p>\n

And the new mayor only wants to add fresh spending \u2014 for all his demonization of Adams, he won\u2019t point to a dime he\u2019d cut of his predecessor\u2019s programs (except, of course, from the NYPD).<\/p>\n

Moody\u2019s sounded the alarm<\/a> Wednesday: The debt-rating giant changed the city\u2019s credit outlook from \u201cstable\u201d to \u201cnegative\u201d \u2014 a warning that the city\u2019s headed toward a lower credit rating, and thus higher borrowing costs.<\/p>\n

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\u201cThe negative outlook reflects the emergence of sizable and persistent projected budget gaps that signal underlying structural imbalance and reduced financial flexibility,\u201d Moody\u2019s warned \u2014 a mess City Hall faces \u201cdespite New York City\u2019s still favorable economic conditions.\u201d <\/p>\n

That is: The private sector\u2019s doing fine, but the public sector shows not a hint of restraint. Just an outrageous appetite.<\/p>\n

We can\u2019t tax our way out of trouble, but we sure can tax our way into trouble.<\/p>\n

The private sector\u2019s not guaranteed to keep growing: Steve Fulop, CEO of the Partnership for the City of New York, warns<\/a> that the mayor\u2019s tax-and-spend plans will push the \u201cvery, very fragile\u201d local economy to the brink.<\/p>\n

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City Comptroller Mark Levine reports that the mayor\u2019s plans risk major trouble if the economy slows or other revenues (from Albany or Washington) falter.<\/p>\n

He points to one obvious cut: The council\u2019s Adams-era insistence on burning $2.5 billion this year on housing vouchers that drive up market-rate costs for those who don\u2019t get them; that program may balloon to $3.4 billion if not reversed.<\/p>\n

Another obvious place to trim: Demand relief from the class-size mandate, which imposes up to $1.9 billion in needless costs (because class sizes are already small) in the next year and likely more than $10 billion in the longer run.<\/p>\n

The Department of Education has plenty more fat: It\u2019s now spending well over $40,000 per student.<\/p>\n

New York spends billions on social services that no other US city provides: Start cutting with Homeless Services, which soared from $102 million in Fiscal Year 2019 to $456 million now \u2014 when the migrant crisis is done.<\/p>\n

The entire state budget of Florida, population 24 million, is smaller than New York City\u2019s for 8.5 million people: We. Have. Room. To. Cut. <\/p>\n","protected":false},"excerpt":{"rendered":"New York City government has plenty of revenue, with zero need for any of the tax hikes Mayor…\n","protected":false},"author":2,"featured_media":162004,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[7739,14927,20604,304,9,24,11,10,299,82],"class_list":["post-162003","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-budget","tag-city-budget","tag-credit-rating","tag-editorial","tag-new-york","tag-new-york-city","tag-new-york-headlines","tag-new-york-news","tag-opinion","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/162003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=162003"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/162003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/162004"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=162003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=162003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=162003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}