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Mamdani to Drain Rainy Day Fund AND Raise Taxes
by Martin Armstrong, Armstrong Economics: Here we go again. A city runs expansive social programs, expands spending, promises benefits, and then suddenly discovers a “budget crisis” that requires raiding reserves, tapping rainy day funds, drawing from retiree trusts, and raising property taxes to maintain so-called fiscal stability. New York City’s latest proposal openly admits it […]
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