interesting that NY has the highest debt per capita. as the article points out... you would expect serious problems when interest rates rise.
I am not making the case that NYC is a well run city fiscally ... it is not and has not been in my lifetime. That said, 5G is tip money in this town. What might be real money in East Bumuck is really not a lot here. To put it in prospective 15 years ago I was in a friends house in a suburb of Louisville, KY and she asked what her house would cost in Manhattan in a top neighborhood. I asked how many square feet and she said 1,700. I told her a 1,700 square foot coop (like a condo) in Zip 10021 would cost between two and three million. She told me her house was worth $110,000. Today that coop is probably four million (although I'm not really current) and I'll bet her house goes for no more than $150,000. The NYC equation is actually a pretty simple one. Those with money that love this town will pay almost anything to live here and a whole bunch of people without real money also love it and are willing to struggle to stay. Years ago I loved to order eggs McMuffin for guests for breakfast because no one could believe McDonalds delivered. I think McDonalds now delivers in other cities as well but at that time only in Manhattan. I'm allergic to wheat so I didn't have to eat the crap ... just astonish the out of town guests! If you can pay the freight NYC is a very interesting town even without McDonalds. I expect serious problems well before rates rise. Bill De Blasio is a very nice guy and, for a politician, reasonably frank and straightforward ... he has told us how he intends to run this town and he has basically told us the truth. The only problem is this nice, honest, straightfoward guy is also clueless. If he does half of what he wants to do we'll be broke in short order and the potential for incresed crime is quite significant. There is one way to drive the monied class out ... make it dangerous. And that could happen.
There is some truth to your statement on point 1. Black majority cities tend to fare badly economically. Wonder why? However, democrats are usually good for the economy and stock markets, especially the centrist kind.
Cities with black majorities tend to be net "takers" and not "givers" through the tax system. As for the democrats being good for the economy and stock markets, you really need to separate those two, as they are no longer the same. The economy is shit. The stock market likes this, as it means more printing.
toc must be a dimwit. If he had any analytical sense and ability, he wouldn't pose such questions... the answers are completely transparent and he'd already know.
I would modify Tao's explain a little bit: Majority of Black folks easily slip into the welfare system rather than do small jobs that even pay minimum wage. The net earnings of even minimum wage are sure to be atleast double to that of welfare. This means economic consumption and tax payments by that person would be double atleast. More economic consumption send the money running in the society which creates more jobs, businesses, tax payments and the cycle goes on. One man's consumption creates job, profits and taxes in the whole system. That's why crime in Black communities is high as they need a supplementary income to meet other expenses or items on their want list. Same is true for other depressed groups where work ethics are not too motivated. ps: did not mean to offend anyone but these are my candid and unbiased views.
Lazy parasites with no work ethic, family values, or community pride. Their elected representatives at every level are corrupt. They idolize thugs, rap stars, and professional athletes most of whom father children with any woman they meet then abandon them. They spend money on frivolous crap to try to look important. Their entire culture is a disgrace, and it is the #1 reason America is crumbling.