wifeisafurd said:oski003 said:Cal88 said:"Billionaires will leave if you tax them," is a myth created by billionaires so you won't tax them. pic.twitter.com/RHLP3k2iUh
— Melanie D'Arrigo (@DarrigoMelanie) May 12, 2026When we came into office, we uncovered a $12 billion budget deficit.
— Mayor Zohran Kwame Mamdani (@NYCMayor) May 12, 2026
Today, I’m proud to say we brought it down to zero.
We didn’t close the gap on the backs of working people.
We closed it while funding parks, libraries, safer streets and making historic investments in public… pic.twitter.com/TbNu6fhvjs
Also, wasn't the city deficit reduced by a state bailout?
The rest of the deficit was covered by delaying pension funding programs so they will go unfunded for five years. Nice F-U to City workers.
That is inaccurate. Post Great Recession legislation required additional funding in anticipation of lower stock market returns. Given high actual stock market returns the additional funding has overfunded the pensions. Based on the old legislation the overfunding would be returned from 2033-2038. Mamdani's change is simply smoothing the funding curve. The pensions are not unfunded.
My mother in law receives a NYC pension. Our family has real skin in the game here beyond trying to score political points.
https://fiscalpolicy.org/explainer-the-proposed-restructuring-of-new-york-city-pension-payments