https://thehill.com/opinion/finance...y-flee-new-york-poorest-will-be-most-affected
"In the Big Apple, the tax burden on high earners is onerous. The local government relies solely on the top 10 percent for over 70 percent of taxes, with the top 1 percent paying more than the bottom 90 percent combined. Any efforts to assist the most needy individuals are heavily dependent on the city keeping its reputation as a driver of the national economy. The accelerating outflow of middle class and upper class residents will no doubt tarnish that. As steep declines in revenue hit, spending cuts will burden the urban poor rather than the bureaucrats."
Have to admit don't remember President Ford telling NYC to FO in 75, but no way these clowns can keep the current slate of programs going. Wonder if the current mayor will still be living there or in Florida in say 10 years?
Thought about this a little more, Chicago, LA, Hartford and a few other cities are headed in the same direction. My question is, can a modern US city get so big it no longer can be solvent, in that the less wealthy will always outnumber the wealthier and as this number tips more and more towards social programs/assistance to help the less successful the burden falls more disproportionately on the wealthy? The wealthy flee and the fiscal holes get bigger...how can that be stopped?
"In the Big Apple, the tax burden on high earners is onerous. The local government relies solely on the top 10 percent for over 70 percent of taxes, with the top 1 percent paying more than the bottom 90 percent combined. Any efforts to assist the most needy individuals are heavily dependent on the city keeping its reputation as a driver of the national economy. The accelerating outflow of middle class and upper class residents will no doubt tarnish that. As steep declines in revenue hit, spending cuts will burden the urban poor rather than the bureaucrats."
Have to admit don't remember President Ford telling NYC to FO in 75, but no way these clowns can keep the current slate of programs going. Wonder if the current mayor will still be living there or in Florida in say 10 years?
Thought about this a little more, Chicago, LA, Hartford and a few other cities are headed in the same direction. My question is, can a modern US city get so big it no longer can be solvent, in that the less wealthy will always outnumber the wealthier and as this number tips more and more towards social programs/assistance to help the less successful the burden falls more disproportionately on the wealthy? The wealthy flee and the fiscal holes get bigger...how can that be stopped?
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