{"id":462078,"date":"2022-06-13T00:13:54","date_gmt":"2022-06-12T21:13:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nycs-105b-budget-barely-nods-at-soaring-inflation-despite-boost-in-reserves\/"},"modified":"2022-06-13T00:13:54","modified_gmt":"2022-06-12T21:13:54","slug":"nycs-105b-budget-barely-nods-at-soaring-inflation-despite-boost-in-reserves","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nycs-105b-budget-barely-nods-at-soaring-inflation-despite-boost-in-reserves\/","title":{"rendered":"#NYC&#8217;s $105B budget barely nods at soaring inflation despite boost in reserves"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e07a19a378\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e07a19a378\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nycs-105b-budget-barely-nods-at-soaring-inflation-despite-boost-in-reserves\/#%E2%80%9CNYCs_105B_budget_barely_nods_at_soaring_inflation_despite_boost_in_reserves%E2%80%9D\" >&#8220;NYC&#8217;s $105B budget barely nods at soaring inflation despite boost in reserves&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CNYCs_105B_budget_barely_nods_at_soaring_inflation_despite_boost_in_reserves%E2%80%9D\"><\/span>&#8220;NYC&#8217;s $105B budget barely nods at soaring inflation despite boost in reserves&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>No city budget is inflation-proof. But in the $104.9 billion budget deal he made with the City Council last Friday, Mayor Eric Adams <em>is <\/em>making the budget slightly more inflation-<em>resistant<\/em>, with higher rainy-day reserves. That\u2019s better than nothing.<\/p>\n<p>But the numbers nevertheless show the scale of the catastrophe that\u2019s about to hit the city, as the cost of day-to-day living soars nationwide.<\/p>\n<p>Adams is a unique modern mayor, in that he has no signature big-ticket spending item. By contrast, Bill de Blasio had pre-K; Mike Bloomberg lavished new funds on the Department of Education; Rudy Giuliani and David Dinkins spent big on cops; Ed Koch poured rebuilding funds into the South Bronx.<\/p>\n<p>For a guy who associates himself with public safety, it\u2019s slightly strange that Adams hasn\u2019t even added Police Academy classes, an easy tried-and-true law-and-order signal. But strange doesn\u2019t mean bad: Adams continually says the police should be more efficient, and that\u2019s probably true.<\/p>\n<p>Similarly, he has responded to the fact that public-school enrollment has plummeted with the crazy notion of actually cutting planned DOE spending, by $215 million, less than 1%. Amazingly enough, the council has rightly gone along with this.<\/p>\n<p>The only exception to this trend was Adams\u2019 proposal to add nearly 600 more correction officers, despite the fact that Rikers Island has more officers per inmate to any other jail in the country. But the council, also rightly, shot that idea down. (Sometimes, the \u201cdefund\u201d ideology has its uses.)<\/p>\n<p>The detailed spending proposals are mostly modest.<\/p>\n<p>The biggest is $226 million to bring people living in the subway into homeless shelters with more privacy and support services than traditional ones, via more mental-health outreach underground conducted by civilians, not cops.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Homeless.jpg?w=1024\" alt=\"A homeless man (possible a United States veteran) changing his clothes on the street in front of the Foundry Bar at 43rd Street and 8th Avenue in Manhattan.\" class=\"wp-image-22629747\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Homeless.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Homeless.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/Homeless.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Mayor Eric Adams insists on pouring millions to mental-health outreach providers on bringing more homeless people into shelters.<\/figcaption><figcaption><span class=\"credit\">G.N. Miller<\/span><\/figcaption><\/figure>\n<p>If that\u2019s part of the price to pay for safer subways, fine \u2014 if it works (although much of it will end up in the pockets of opaque homeless-service contractor \u201cproviders\u201d with little accountability).<\/p>\n<p>There\u2019s $101 million for summer enrichment for schoolkids, and $79 million for summer jobs. Beyond that, there\u2019s a slew of smaller-scale items, from $6.7 million for adult literacy to $2 million to clean the streets more often.<\/p>\n<p>So why, then, is city spending going up so much \u2014 from a planned $101 billion in February to a planned $103.6 billion in April to the $104.9 billion planned now (once small-scale deficits and surpluses transferred from year to year are taken into account)?<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/School.jpg?w=1024\" alt=\"Overview of kindergardeners. Arrival to a students orchestra at entrance of school. NYC Mayor Eric Adams speaks speaks at PS 169 Bronx, NYC.\" class=\"wp-image-22629748\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/School.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/School.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/School.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The City Council recognized the Department of Education needs to shed its budget with less children enrolled in public schools.<\/figcaption><figcaption><span class=\"credit\">Robert Miller<\/span><\/figcaption><\/figure>\n<p>All told, the city will spend $78.8 billion in city taxpayer dollars for the fiscal year that starts July 1, 5.9% higher than the final de Blasio budget. In February, by contrast, Adams proposed to increase city-funded spending by just 1%. (The balance of the money comes from federal and state taxpayers.)<\/p>\n<p>As it h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, Adams released this final budget the same day that the feds announced overall inflation was up <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">8.6%<\/a>, relative to a year ago \u2014 the sixth month in a row that inflation has topped 6%.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>And Adams, to his credit, is \u201cspending\u201d to sock away money to account for this higher cost of living: He\u2019s adding $2 billion this year in reserves. That\u2019s supposed to go to future raises to employees and contractors and for higher fuel and other costs.<\/p>\n<p>Yet: In the face of 8.6% inflation, $2 billion is very little. As Adams\u2019 budget director said Friday, even with these new reserves, the city has enough money only to give out raises to union workers of about 1.25% annually.<\/p>\n<p>But workers are inevitably going to be asking for raises of not double or <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>le \u2014 but seven times that.<\/p>\n<p>Raises to keep up with inflation would cost the city more like $4 billion in their first year, and, if inflation keeps up, $8 billion in the second \u2014 blowing through reserves that total about $3.8 billion, with Adams\u2019 newest additions.<\/p>\n<p>One hope is that the tax revenues needed to pay for these raises also keep up with inflation \u2014 indeed, they\u2019re still coming in strong. But that may be a short-term phenomenon: Inflation is tanking Wall Street, with the market down 880 points on Friday.<\/p>\n<p>Is <em>your<\/em> income, on which your taxes are based, keeping up with inflation? If not, then <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> tax revenues won\u2019t \u2014 and so they can\u2019t pay for inflationary raises.<\/p>\n<p>As Adams said Friday, \u201cWe\u2019re gonna . . . sit down and negotiate\u201d with the unions. Those negotiations will have a far bigger impact on the city budget than his latest deal with the City Council.<\/p>\n<p><em>Nicole Gelinas is a contributing editor to the Manhattan Institute\u2019s City Journal.<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/06\/12\/nycs-105b-budget-barely-nods-at-soaring-inflation-despite-boost-in-reserves\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;NYC&#8217;s $105B budget barely nods at soaring inflation despite boost in reserves&#8221; No city budget is inflation-proof. But in the $104.9 billion budget deal he made with the City Council last Friday, Mayor Eric Adams is making the budget slightly more inflation-resistant, with higher rainy-day reserves. That\u2019s better than nothing. But the numbers nevertheless show&#8230;<\/p>\n","protected":false},"author":1,"featured_media":462079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/newspress-collage-22629249-1655067440247.jpg?quality=75&strip=all&1655053185&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[130254,70343,30242,70643,66147,72473,71039,70551,5044,12115,75325],"class_list":["post-462078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-12-22","tag-city-budget","tag-city-council","tag-department-of-education","tag-eric-adams","tag-homeless","tag-homelessness","tag-inflation","tag-nypd","tag-police","tag-rikers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=462078"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/462079"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=462078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=462078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=462078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}