{"id":74095,"date":"2020-09-24T02:32:27","date_gmt":"2020-09-23T23:32:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-a-blast-from-the-past-could-save-nyc-again\/"},"modified":"2020-09-24T02:32:27","modified_gmt":"2020-09-23T23:32:27","slug":"how-a-blast-from-the-past-could-save-nyc-again","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-a-blast-from-the-past-could-save-nyc-again\/","title":{"rendered":"#How a blast from the past could save NYC again"},"content":{"rendered":"

“#How a blast from the past could save NYC again<\/strong>”<\/p>\n

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If you want to watch Movies<\/a> or TV series visit the Dizi.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

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\n Forty-five years ago this month, then-Gov. Hugh L. Carey and the state Legislature passed a landmark law, the Financial Emergency Act, designed to rescue Gotham from imminent bankruptcy.<\/p>\n

The law created the state Financial Control Board as a vehicle for restoring solvency. The board would be chaired by the governor, who in turn would app<\/a>oint three other members of a seven-member panel. Since the end of the Big Apple\u2019s original control period in 1986, the FCB has remained in \u201csunset\u201d as an external fiscal monitor, fully staffed and meeting at least once a year to confirm the city isn\u2019t violating basic guidelines of fiscal integrity.<\/p>\n

Four decades later, with both the city and state now facing a very different kind of crisis, the FCB can again play a critical role in restoring the city government\u2019s stability.<\/p>\n

Gotham will need years to \u00adrecover economically from the shutdowns imposed to contain COVID-19. In the meantime, with tax revenues cratering, the pre-pandemic city budget was simply unsustainable \u2014 but Mayor de Blasio is floundering<\/p>\n

While Hizzoner\u2019s financial plan at least aims for the right goal \u2014 carving $1 billion out of labor costs, the biggest chunk of New York\u2019s nearly $90 billion budget \u2014 de Blasio himself doesn\u2019t seem to be seriously pursuing it. After weeks of threatening to lay off 22,000 city workers, the mayor now says he will temporarily furlough 9,000 managerial employees to save just $21 million. Worst of all, while continuing to plead for federal aid, he is also demanding the state\u2019s OK to issue up to $5 billion in deficit bonds.<\/p>\n

Borrowing to pay operating expenses was what led the city to the brink of insolvency in the 1970s, and de Blasio\u2019s push to bond out a budget deficit is a distress signal. The control board needs to nip this in the bud.<\/p>\n

No borrowing bill can be \u00adapproved without the signature of Gov. Cuomo, who should make it clear that he will ask the Legislature to instead authorize a new period of formal FCB control over city finances, subject to conditions including:<\/p>\n

\u2022 An immedia<\/a>te freeze of city employee wages, which the board could extend until it is satisfied that unions have agreed to real money-saving concessions.<\/p>\n

\u2022 A restoration of the board\u2019s legal standing to intervene on the issue of affordability in any deadlocked collective-bargaining negotiation.<\/p>\n

\u2022 Permanent establishment of the board, which otherwise is due to disappear in 2033, and restoration of its pre-2008 power to unilaterally reinstate control periods in the future when the situation demands it.<\/p>\n

The board\u2019s membership \u00adincludes the mayor and both the state and city comptrollers \u2014 but ultimately will only be as strong and effective as the governor wants it to be.<\/p>\n

For the first time in 10 years as governor, Cuomo recently has been showing signs that he takes the board and its mission seriously. In July, he finally got around to naming his first three appointees, including Steven M. Cohen, his former top adviser as both governor and attorney general<\/a>.<\/p>\n

At the FCB\u2019s August meeting, \u00adCohen agreed the board should meet again to review the city budget situation after the end of the first fiscal quarter (Sept. 30). This next meeting, presumably in a couple of weeks, will be the FCB\u2019s opportunity to counter de Blasio\u2019s deficit borrowing proposal by formally calling for a new control period.<\/p>\n

Experience has shown that the FCB can provide essential discipline by insisting on cuts that local elected officials find it difficult to pull off on their own. Years after leaving office, former Mayor Ed Koch described his relationship with the board as a \u201cgood guy-bad guy\u201d routine. In negotiating with labor leaders, he said, his message was: \u201cYou better make my life easier than you are making it, [or] I will just let the control board \u00addecide your increase.\u201d<\/p>\n

De Blasio \u2014 and whoever succeeds him as mayor, starting in 2022 \u2014 would do well to follow Koch\u2019s example.<\/p>\n

The late financier Felix Rohatyn, a key private-economy player in the city\u2019s 1970s recovery, once observed that New York\u2019s control board is \u201conly necessary when things are very, very bad.\u201d When a mayor\u2019s primary response to an unprecedented economic collapse is to talk about deficit borrowing, that\u2019s bad enough.<\/p>\n

Adapted from a just-published \u00adreport from the Manhattan Institute, where EJ McMahon is an \u00adadjunct fellow.<\/em><\/p>\n

Twitter: @EJMEJ <\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#How a blast from the past could save NYC again” If you want to watch Movies or TV series visit the Dizi.BuradaBiliyorum.Com Forty-five years ago this month, then-Gov. Hugh L. Carey and the state Legislature passed a landmark law, the Financial Emergency Act, designed to rescue Gotham from imminent bankruptcy. The law created the state…<\/p>\n","protected":false},"author":1,"featured_media":74096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/09\/USA_NEW_YORK_GARNER_PANTALEO_DEBLASIO.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[72191,4978,5042,70343,4953],"class_list":["post-74095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-23-20","tag-bankruptcy","tag-bill-de-blasio","tag-city-budget","tag-new-york-city"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/74095","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=74095"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/74095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/74096"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=74095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=74095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=74095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}