NYC

During the post war years of the late 40’s and 50’s NYC like most big cities bargained with public unions and offered long term legacy benefits (pensions and healthcare after retirement). By the time the 60’s came along the city started into a gradual economic and social decline. Unemployment rose to over 10% and crime increased. The decline continued through the 70’s to the point that in 1975 the city was on the brink of bankruptcy. The mayor went to President Ford for a bailout but he declined and they then asked the State of New York for help and the received a temporary reprieve with some state money. The process of deficit spending by selling city bonds continued. The country’s economy turned around in the 1980’s but by the end of the decade NYC was still in struggling with high crime and slow growth. This was the result of 40 years of liberal government policies. In 1994 a conservative government was elected and began the process of increasing jobs, moving people from welfare and cracking down on crime. The next 20 years produced dramatic changes and the city once again was safe for tourist. This year a liberal was elected and he immediately set up a plan to return to the days of the 60’s where emphasis on public employees and welfare was at the fore front. Everyone is watching to see if things begin to return to the social and economic days of the 60’s. The plight of NYC was not unlike other big cities throughout the county and I can’t help wondering if Detroit had gone conservative in 1990 if they might be solvent today.