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New York City Heading for Bankruptcy

• Martin Armstrong-Armstrong Economics

They continually try to force socialism upon society so a few can live off of other people's money. The problem is that capital can flee, as we have just witnessed with Amazon bailing out of New York City and AOC calling it a victory for the little people because they will not have to give them a $3 billion tax incentive to come to NYC. The entire crisis for New York City is indicative of the way big cities are all on the verge of economic collapse. In the case of New York City, their long-term debt is now more than $81,100 per household and the interest will keep exploding because, like all governments, they borrow with no intention of paying the debt off. Mayor de Blasio has increased spending by as much as $3 billion in the new budget over last year which was $89.2 billion.

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