Mayor Bloomberg Warns About NYC Bankruptcy

Fresh off of a big muni bond sale, Mayor Bloomberg is warning about a NYC bankruptcy if city unions don’t agree to job cuts.

Now granted, some of this is just bluster, as he tries to win the political battle against city employees. But it also has the benefit of basically being true. NYC is an expensive city to run, and the tax base is vanishing — a point we’ve been trying to hit hard. Something’s gotta give.

At this point, Bloomberg is looking for about 7000 eliminations, but somehow we think this will only be a down payment for future cuts.

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