Episode 56 • • 30:57 - 32:31
56: 100 Billion Dollars!
Mayor Bloomberg and New York City Fiscal Crisis
New York City Mayor Michael Bloomberg is criticized for seeking a term-limit extension while simultaneously proposing significant income tax hikes to address the city's bankruptcy. The city's financial distress is attributed to mismanagement of pension plans and overspending during Bloomberg's previous two terms. New York remains one of the few U.S. cities with a high local income tax.