In my book “Rage and the Republic,” I discuss the rise of support for socialism in both the U.S. and Europe, including the election of Zohran Mamdani. The new mayor was elected on many of the same socialist mantras, promising to introduce New Yorkers to the “warmth of socialism.” Now elected, he is discovering the problem of, as Margaret Thatcher put it, “running out of other people’s money.” Mamdani has announced that he may have to implement “painful” property tax hikes, including a potential 9.5% increase that would devastate an already struggling economy and accelerate the exodus of high-taxpayers from the state.
Notably, while Mamdani is suggesting cuts in police and other areas of the budget, he is proposing a $127 billion budget, an increase of $5 billion from last year. His budget would now be larger than those of 47 of 50 states. As noted by the Washington Post, that includes states like Florida with larger populations.
The editors added, “The reality is that Americans may like the idea of ‘free’ stuff — it’s how socialists win elections — but they are less excited about having to pay for it.”
With New York Gov. Kathy Hochul and state lawmakers in Albany balking at increasing taxes, Mamdani is faced with having to actually pay for all of the free stuff that he promised.
When confronted with the fact that the Governor opposes new taxes as the state struggles to keep wealthy citizens from fleeing to Florida, Mamdani responded that it was not important how they paid for the new stuff. The important thing was that they pay for it somehow.
With rent controls, new massive spending programs, and proposed new taxes, Mamdani could be on the brink of causing the greatest exodus since the Red Sea Crossing.
Wow – THANK YOU Professor Turley for writing on the MOST IMPORTANT political news of the day today: what the duly elected mayor of a US city aspires to do. I’m sure NO ONE really cares that our president is trampling on the 1st, 2nd and 4th Amendment rights of US citizens daily, or continues to cover up the largest pedophile ring in the history of the world, or is enriching himself and his kids through his backdoor foreign business entanglements. No, no – the biggest news of the day is DEFINITELY Mamdani. Gosh, what would we ever do without you keeping your finger on the pulse of America right now, Professor? By the way – haven’t you written a book lately? You really shouldn’t be so modest. You should mention it more frequently.
” I’m sure NO ONE really cares that our president is trampling on the 1st, 2nd and 4th Amendment rights of US citizens daily, o”
Correct – no one cares about things that are not happening.
Are you being censored at the request of Government on Social Media ?
That occured under Biden.
ICE has Warrants signed by Article II judges – just like the “judicial” warrants also signed by Article II judges.
Further there is 250 years of search and seizure (4th amendment) law. ICE is following that law in the same way as all other Law Enforcement.
If you do not like this – change the law.
I have no clue how you think the 2nd amendment is being violated – Trump’s DOJ and ATF was changing rules as regulations to increase 2nd amendment rights, and they have switched to arguing for the 2nd Amendment in the courts and particularly SCOTUS.
I am guessing you are refering to the Pretti shooting.
Some States have laws regarding bringing firearms to protests – MN is not one, the federal Government has no such law.
That does not change the fact that doing so is stupid. Doing so and getting into an altercation with police is even stupider.
Any 2A self defense course will tall you that if you are carrying
AVOID Choosing to get into situations where you might use your firearm if you do not have to.
Put simply – do NOT rush into fights – not with law enforcement, not with anyone.
“continues to cover up the largest pedophile ring in the history of the world”
How so ? Frankly Epstain is highly unlikely to be the largest pedophile ring in history.
It is just one that entangles lots of governments, and deep state people, and celebrities, wealthy people.
Further we all know that already – it has not been a secret since 2008.
I would note that it is Bush that first prosecuted Epstain – it may have been a sweet heart deal, but Clinton did nothing, and Obama did nothing and Biden did nothing. Trump prosecuted Epstain arresting Epstain and Ghislane, Obama did not.
“is enriching himself and his kids through his backdoor foreign business entanglements.”
Trumps wealth is the most transparent of any president in history.
Do you have evidence – as we did with Biden that Trump’s kids are being paid in return for the excercise of federal government powers ?
Trumps wealth is from:
Real Estate: hotels, casinos, and golf courses.
Branded Products: neckties, steaks, and vodka.
Cryptocurrency
Please explain how any of these can possibly be corrupt ?
“the biggest news of the day is DEFINITELY Mamdani.”
Yup.
If he raises the property taxes 9.5% some owners will abandon properties that were already underwater allowing the city to take over…the ultimate goal.
Growing up we had the Projects for poor people and they were a nightmare and this is where these radicals want to go now.
So you hate poor people.
And you’d abandon your NYC asset just to spite Mamdani?
Keep that flag flying high Mr. MAGA.
Nobody abandons a property they own IF IT IS MAKING MONEY. When the government makes it lose money why would you keep it?
HullBobby,
You really have to stop making common sense.
Joking aside, IIRC, there was a NYC government own apartment complex, that was pretty much the exact opposite of Mamdani’s utopia.
Rewrite the comment farmer, you really have to stop writing “making common sense”, just “making sense”. Ya see, flows better and is grammatically accurate.
Now IIRC, is that an insider MAGA joke? I’m not privy to MAGA memos.
Are you a NYC real estate magnet? No. So NYC makes it lose money? Got facts?
And why would anyone abandon a NYC rental property if its losing money?
No need to answer.
Magnate, not magnet. This is the standard of trolling today.
yup, the same idiot trolled me yesterday. They are trying to ruin Turley’s blog, but it backfires on them.
as JT might say: “Res ipsa loquitur”
There were 1600 property takeovers by NYC in 2025 – up 8% and the highest since 2010.
We have yet to see what the rate will be under Mamdani.
Not to worry for Mamdani The Commie! His Comrade in Theft Hochul will ensure the peasantry of NY State help cover the Freebies for his NYC CHAZ! Those wealthy (anybody not on welfare) NY State serfs need to pay over as much as it takes to ensure President AOC’s future VP can deliver on his Nirvana Promises. Why should NYC residents actually pay for the things they benefit from when you have OTHER SUCKERS TO MILK! HAHA!!!
He’s DSA, not commie.
There is nothing democratic about socialism, with the exception that the majority can, and will eventually, vote to confiscate the wealth of a minority.
Socialism and democracy are closely linked in theory, as many socialists view socialism as a form of economic democracy. As do conservatives.
Fact is, everyone under capitalism and socialism votes from a list of representatives who have not been previously vetted and chosen by the voters, the DNC and RNC come to mind. The DSC has just one person who vets the party candidates.
I understood what you meant.
In a quote from an editorial I’m currently reading, ‘The Washington Post editorial board claimed on Wednesday that New York City Mayor Zohran Mamdani’s threat of a “painful” property tax hike was an “admission” that the city has a spending problem.’
The WP Editorial Board wrote, “Socialist utopia is expensive, but the new mayor didn’t exactly inherit a frugal city, Mamdani is proposing a $127 billion budget, up $5 billion from last year. That’s a city budget bigger than the state budgets of 47 states. Even the state government of Florida (population 23 million) spends less than New York City’s. And the state still managed to attract hundreds of thousands of New Yorkers in recent years.” They then continued, “The reality is that Americans may like the idea of ‘free’ stuff — it’s how socialists win elections — but they are less excited about having to pay for it.”
Whodathunkit, the Post is saying that Socialism is EXPENSIVE?
It’s almost like this was predicted. Oh, wait, it WAS! Alexis de Tocqueville once said, “The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.” Mamdani may not be a member of Congress, but he is following the Democrats in Congress example. If you think things are expensive now, wait until they are “Free”! As the saying goes!
As Argentina president Javier Miles said about leftist values, “” Envy, hatred, resentment, unequal treatment under the law, and violence. Socialism is a violent, murderous and impoverishing philosophy. These are the chacteristics of socialism. ”
And, how right he is. It can also be added that Mamdani, like the murderous Lenin, is one of the privileged “socialists”, raised in wealth, and who never had to work at a real job a day in his life, and therefore developed his warped and convoluted philosophy of socialist oppression supported by his parents money, ” other people’s money”.
The big socialist cities are going to experience what the small Midwest factory towns have experienced largely because of unions – say goodbye to the glory days.
Now that the dem destruction wave has finished, now comes the socialist wave of death and destruction. Socialist could turn NYC into a Disney Mecca.
The 9.5% property tax hike is a “blanket” measure affecting over 3 million homes and 100,000 commercial buildings. For a median NYC home ($800,000), this adds roughly $1,100 to $1,200 annually. For ultra-luxury properties, while the dollar amount is higher, it is often considered secondary to the proposed 5.88% city income tax rate (up from 3.88%), which would cost a $1 million earner an additional $20,000 annually.
For wealthy and ultra-wealthy earners in New York City, a 9.5% property tax increase—proposed in February 2026 as a “last resort” budget measure—is generally viewed more as a broad political and middle-class burden than a primary driver of flight for the ultra-rich. While the increase is significant, the ultra-wealthy are often more sensitive to the personal income tax (PIT), which Mayor Zohran Mamdani has proposed raising by two percentage points (a ~51% increase in the city portion) as his preferred alternative.
Mayor Mamdani’s property tax increase is not certain, it’s a last resort plan. It’s not even guaranteed to be passed yet.
Mayor Mamdani has explicitly stated that he will only move forward with the property tax hike if Governor Kathy Hochul and the state legislature refuse his primary “Path A”: a two-percentage-point increase on personal income taxes for millionaires and a 4% corporate tax hike. Governor Hochul has already voiced her opposition, stating she does not believe a property tax increase is necessary.
This is basically the same strategy Trump uses to negotiate a better deal. It’s a threat, because raising property taxes in NYC does not require NY state’s legislature to pass. Turley as always, “neglected” to mention this particulate tidbit of important information.
X, I almost never read your comments because they are always contrarian garbage, but I decided to read this today because what Mamdani is trying to do financially to NY and his blatant anti-Semitism make it like watching a train wreck. Well after reading your comment I realized that you just use AI to come up with this claptrap. Folks read the first two paragraphs of this comment with the realization that this is AI and you will agree.
And he doesn’t like dogs too.
HullBobby,
There is some anony who keeps posting AI output. I do not care what AI thinks. I want to read real comments by real people. If what you say is true, and I am more inclined to believe it is, then of course just scroll past X/AI. Not worth reading.
The face of MAGA ignorance and stupidity makes his daily appearance. You go MAGA!
Oh, go on, tell us. To what “ignorance” do you refer?
Who is the more ignorant and stupid: The fool or the person who listens/reads what the fool says?
Just scroll past. Not worth reading the fool’s comment.
I almost always do Upstate, but for some reason I decided to read this one comment of his and it will be my last.
No it won’t. You have already read my other posts.
you can tell that georgie likes to pretend all his comments are of his own creation. Then when he tries to paraphrase or rewrite (to avoid plagiarism, he screws up so badly it’s laughable. Go back and read the second paragraph from the bottom. georgie tries to explain that Plan A is “a two-percentage-point increase on personal income taxes for millionaires and a 4% corporate tax hike” Then georgie says Hochul is against it because, “she does not believe a property tax increase is necessary.”
what a clown.
Hullbobby, you didn’t disagree with it though did you?
Blaming it on AI does not change the fact that it is still true. The property tax is indeed a last resort. What you failed to see is that it is NOT Mamdani’s preferred approach. He wants a personal income tax applied to the millionaires and ultra billionaires and corporate taxes increased by 4%. The 2% PIT increase is doable but that requires NY lawmakers to pass legislation. Using the threat of a property tax hike as a negotiating tactic because he has the power to raise property taxes without the NY state assembly and the Governor.
Throwing in a gratuitous accusation of anti-semitism towards Mamdani serves no purpose but to show your clear animosity towards the Mayor.
You always read my posts Hullbobby. It’s obvious.
“The property tax is indeed a last resort.”
Correct, but the only other alternative Mamdani has considered is not possible, so in reality raising property taxes is his last and FIRST resort.
Of course if Hochul and NYS dems decide to reverse their decision to tell Mamdani to “pound sand”
We could see a Republican Government in 2027 and maybe even State House.
What Mamdani has NOT considered is real cuts to spending.
Mamdani made lost of promises to get elected that he can not keep.
Most of which were completely impossible to begin with.
Even with his current budget – and the backlash it is caused he still can only deliver on a tiny portion of his promises.
“the problem with socialism is that you eventually run out of other people’s money,” highlighting the unsustainable nature of government handouts and the burden they place on taxpayers. Her views emphasized the importance of self-reliance and the dangers of excessive government intervention in the economy.
Margaret Thatcher
Unfortunately we forget the messes that socialists made in the past.
Those who cannot learn from history are doomed to repeat it.
Mamdani is a huge win for Republicans.
But the residents of NYC brought this on themselves.
GSX is an idiot, whether posting his own or AI. He can’t think.
I know a bit about NYC. I lived there continuing to do so in small doses, and though I maintain a home in NYC, I am homesteaded in Florida. It is easy. Buy a home and stay out of NYC for half the year, or if you live out of the state and go to NYC every day, leave before midnight.
Xlax thinks people don’t leave because the increases are relatively small, but cumulatively they add up. But many things are weighed into the mix. No estate taxes. Xlax talks about millionaires, but forgets about that biggie. People leave Florida for lower property costs and taxes. People are not static. They move, and when friends move, that incentivizes more to move. I see it in my NYC home and see my friends moving elsewhere, to Florida, and sometimes from Florida to the southern states near Florida. Xlax misses all this because he is blind, deaf, and ….
I am glad you are admitting Trump starts negotiations with an unrealistic first offer to negotiate down to what he wants.
Can we expect that you will retain that knowledge next time there are Rants about Trump going to war with Denmark over Greenland ?
Regardless, there is still a differences. Trump “threatens” other countries, not the american people.
Mamdani is threatening NYC residents with higher taxes.
He is actually threatening them with that NO MATTER WHAT.
Either he gets higher taxes ONE WAY, or he gets them THE OTHER.
While there is little hope of NYC, NYS like a number of other states is slowly turning red.
Ohio flipped first,
But NY, PA, MI, and MN – even at the extremes NJ and IL are slowly turning Red.
NY is probably a decade from being swing states. But Republicans are outregistering democrats and have been for some time, and elections are getting closer with each cycle.
Europeans tried this idiotic “Tax the rich” nonsense – and their best brightest and most successful moved to the US.
There is EVERYTHING about ‘each according to his ability, to each according to his need’, that the low information voters who supported him will have to learn through experience. Marx, Lenin, and Engels would be most pleased.
Under Biden and the Democrats their last 4 years, they Printed $6000 a PERSON per YEAR of Federal Debt! That is over 20% of Household INCOME
A family of 4 on average OWES $500,000 of Federal Debt!
$100’s of Billions have been given to illegals and foreigners!
We are OUT OF MONEY!
GOP better start RADICAL destruction of the Federal DEBT serpent and the ENDING of rewarding FAILURE!
RADICAL destruction you say? Not under Trump. he upped the budget limits by $9 T through 2029.
Ah, the predictability. Turley has a new useful distraction, New York city’s new mayor. Every time a democrat suggests or raises the prospect of raising taxes because… sometimes that what is needed to support a growing city, new infrastructure, and fix ongoing problems deferred by previous administrations.
The whole “tax flight” argument has been around or years and yet NYC and other high tax cities still retain their wealthy residents. Turley likes to cite U-haul statistics to show how billionaires and the ultra wealthy are leaving high tax states. Since when do these types of people use U-hauls to move their massive accumulation of exotic furniture, expensive art, vehicles, etc.?
They don’t use U-hauls. Come on. More likely they use very specialized movers involving tractor trailers and loads of people to move perhaps one, two, or three homes within a state.
Following New York’s 2021 tax increase on joint filers earning over $2.16 million, the Fiscal Policy Institute found “no statistically significant evidence” of tax-motivated migration.
While thousands of individuals did move to low-tax states like Florida between 2018 and 2022, recent studies show that most wealthy residents who leave New York City actually move to other high-tax states like New Jersey, Connecticut, or California.
According to tax lawyers and sociologists advising New York’s upper echelon in 2025 and 2026, the “exit” is rarely as simple as it appears.
Wealthy individuals are deeply integrated into the city through family, specialized medical networks, elite social circles, and children’s schools. High-income households move at roughly half the rate of the general population—about 2.4% annually compared to 4.5% for low-wage workers. Because they have a lot more to consider when moving than the majority of lower wage workers.
New York state tax collectors are “extremely aggressive” in chasing those who claim to have moved. Establishing a new “domicile” requires more than just spending 184 days away; it often involves severing almost all physical and social ties to New York, which many are unwilling to do. Then there’s the whole point of why NYC exists. It’s the country’s major financial hub where important connections and business is done. New York remains a global hub for media, finance, and talent. For many high earners, the opportunities and networks provided by the city far outweigh the difference in tax rates because they can afford it.
Ah, the predictability…. ole George raking his brainless head in search of ..
Funny how he never sources or cites the lies he posts.
Yeah, George hates sources and citations. Interferes with the lies and propaganda.
Please explain why NY is losing representatives while Florida is gaining them??? Please explain why FL, TX and other red states aren’t in the bind that CA, NY, MA and IL are. Before you mention the weather please remember that CA leads the race to the bottom.
The census hasn’t been done. Losing reps.? Don’t think so. Its just rightist propaganda. Midterm to the dems. Watch the fireworks pal. Then 2028. Hello Karl Marx. You’re toast.
Hullbobby, I thought you didn’t read my posts?
TX, is having trouble keeping its Senate majority. Seems James Talarico and Crockett are putting Texas in a bind. It seems Texas is getting tired of the Republican corruption and pointless culture war issues.
Florida has its own issues with the country’s highest home insurance rates and insurers leaving.
As of 2025–2026, Florida homeowners pay the highest average annual rates in the U.S., reaching nearly $11,000 for some properties—more than triple the national average. For ultra-wealthy owners of coastal properties, insurance is no longer just a “nuisance” but a factor derailing high-end real estate deals. Some owners pay more for insurance and property taxes than their monthly mortgage interest.
Property taxes in Florida rose 47.5% between 2019 and 2024, often nearly doubling for those who moved from high-tax states like California or New York.
Because taxes are calculated based on selling prices, the recent housing boom has caused assessed values to soar for new buyers, eliminating much of the expected savings from the lack of state income tax. So Florida is attractive at first, until the realization that property taxes and insurance premiums wipe out any benefit of no income taxes.
Trump still owns property in NYC and I bet he still pays taxes there. Trump tower still has his name on it. Right?
right? right? right? n’est pas?
Hullbobby,
“While Miami still pulls high-income job seekers, overall net migration to Florida has plunged 93% from its 2022 peak as of February 2026. Many who leave are relocating to “tax-neutral” or lower-cost states like Georgia, North Carolina, and Tennessee, seeking more stable housing and insurance markets”
https://www.atlasvanlines.com/blog/6-reasons-why-people-are-leaving-florida#:~:text=One%20of%20the%20primary%20reasons,and%20restrictions%20of%20home%20insurance.
https://www.realtor.com/news/trends/floridas-migration-plummets-93-in-3-years-but-miami-still-draws-interstate-job-movers/
Hullbobby,
Texas?
It seems to have the same problem Florida has and then some.
Texas has the 9th highest property tax rates in the U.S.. The average effective rate is approximately 1.5% to 1.9%, significantly higher than California’s average of 0.7%.
Unlike California’s Proposition 13, which caps annual assessment increases at 2%, Texas properties are reassessed regularly based on current market trends. This can lead to substantial year-over-year jumps in tax bills.
Home insurance? Hold on to your knickers.
Texas ranks 3rd nationally for the highest homeowners insurance premiums. Average premiums surged by over 55% between 2019 and 2024 due to severe weather risks like hail, wind, and wildfires.
Many homeowners are paying record rates only to face a high number of rejected claims—nearly half of all claims in Texas are currently denied. Yikes!
As private insurers pull back or raise rates, more Texans are being forced into “insurers of last resort” like the Texas FAIR Plan, which saw policy counts double between 2022 and 2024.
For once, just once, X, your may be correctly on to something. Yes, the ultra-wealthy do not use U-Hauls when they move; working-class folks do. If the U-Haul out-migration statistics are valid, the loss of population from the high tax states will be reflected in a reduction in congressional districts in the 2030 census. Yes, these working class folks do not pay in taxes anywhere near what the billionaires do however, I wonder what the cumulative loss of state, city, and sales tax revenue would be for the states from which they leave. Billionaire or not, the smart ones realize that it’s best to get out while one can, and before any wealth and/or exit taxes are enacted.
Vincente,
Does it really matter if it is billionaires if people who have the means are leaving en mass from these states? The ones using U-Haul may not be billionaires, but they are still higher income to middle class who are tired of high taxes, high cost of living, unfriendly to businesses regulations, crime. They are the ones, along with billionaires who are leaving. This trend continues, then yes, those states losing upper class, middle class taxpayers, then it will affect Congressional seats.
https://thehill.com/homenews/nexstar_media_wire/5674558-movers-relocated-to-these-states-the-most-in-2025-u-haul-report-suggests/
https://nypost.com/2026/01/08/real-estate/tech-titans-leaving-california-for-florida-over-billionaire-tax/
RE the “Billionaires’ Tax”. A quick dive into the “data” used to sell the income tax in the first place will show that the original Federal income tax only applied to around 300,000 families. Today, over 150,000,000 individual income tax returns are filed. How long do you think that it will take for the “Billionaires’ Tax” to reach into the pockets of the majority of income tax paying individuals and families, 10 years, 20 years?
First – property taxes are almost the worst possible way to pay for government.
DeSantis appears to be serious about getting rid of them in Florida.
We should get rid of them everywhere.
Next, any tax that is either on production or consumption (not both) should NEVER need to be raised.
Revenue will increase as standard of living rises.
That BTW is the only hope the US has for dealing with the national debt.
Reinhardt and Roggoff found long ago that Growth stagnates as the debt burden of a country increases.
Debt burdens over 80% of GDP appeared to nearly stop growth entirely.
The US is the only country that SO FAR has avoided that. While real growth was abysmal under Obama and Biden,
it was over 3% for Trumps first 3 years, is over 3% in 2025 and there are indications it may exceed 5% in 2026.
That would be unheard of with the US debt burdern.
Regardless, with government spending SOMEWHAT constrained – deficits are declining under Trump but only a small amount,
and GDP rising – we can Grow out of our Debt crisis.
While I want a balanced budget amendment, nations can constantly borrow money – so long as the rate of growth is significantly higher than the rate of government growth. That is still harmful to the people – but people do not tend to notice that their standard of living could grow even faster.
“The whole “tax flight” argument has been around or years and yet NYC and other high tax cities still retain their wealthy residents.”
They do, but that does not alter the fact that Capital flight” is real. It has been happening in NY for some time. It devastated Europe until Europe changed its tax polices – while still high tax countries., it is the middle class that pays for government in Europe and the wealthy pay taxes comparable to the middle class.
Further it happens in the US. CA and NY have lost billions in taxes from capital flight.
While they are not going bankrupt. It is harder and harder to meet budgets – as we see with Mamdani,
and it is especially harder to pay for more left wing nonsense funded by other peoples money.
The financial services sector in TX is larger than NYC now, and shortly TX will open a stock exchange.
FL is also becoming a major financial services hub.
NYC is able to “maintain” for the moment – but it is not growing. In some cases it is shrinking.
The Nasdaq opened in NYC – future exchanges will not.
That is a loss to NYC in presige, jobs and taxes.
U-Haul statitics tell you nothing about capital flight.
But they do tell you about the middle class.
If you do not beleive Billionaire taxes will result in capital flight – go ahead and test that.
Hochul is gun shy, I am sure she already KNOWS how much tax base she has lost.
You are correct that many of us – and particularly the wealthy find it difficult to pull up stakes and move elsewhere.
Capital flight is rarely sudden.
It is more common among the newly wealthy – CA has more significant problems than NY,
as Tech Billionaires tend to be younger and less attached.
With “old money” the migration tends to take generations.
Parents do not move – their heirs do.
Wealthy immigrants also move rapidly.
Further there are other ways to “move”
Trump has homes in NY, NJ, FL. He has not “moved”.
But he has changed his primary residence and where he pays taxes.
It is unlikely that Billionaires in NYC will abandon their homes in NYC.
They will just declare one of their other homes as their primary residence.
“In making the case that taxes matter, the CBC points to studies of millionaires. The number of millionaires in New York is growing, but less than elsewhere in the country, so New York’s relative share of millionaires is declining. The same is true in the finance sector, where employment is near a record, but the city’s share of that employment is at an all-time low.”
No matter what – NYC loses – it will have less money than it would otherwise.
GUTLESS Republicans NEED TO END Federal Aid to Cities, States, Non-profits and colleges
Outlaw public unions
Because currently the WORSE Democrats make it….the MORE Federal Money they get!
Lets find out what happens when they aren’t REWARDED FOR FAILURE!
Why would anyone want to bail out NYC. This is not 9/11 when NYC was still sane. The voters of New York City voted for this. They should now get to reap the bitter fruits of that decision. NYC’s impact on the world of finance shrinks even as we write. The financial landscape of the US is now multipolar. Rather than seek a bailout maybe the voters should demand cost cutting and improved efficiency. Failing that, move!
Why? Why would anyone not want to bail out NYC? Are you some sort of sadist? You don’t like them, so let them wither and die.
No, make ANY federal aid to NYC conditional. NYC must completely change it fiscal and governing philosophies. The people of NYC elected this idiot mayor. Fine. But there is ABSOLUTELY no reason for the rest of the country to pay for his socialist lunacy.
You “bail” out a city or state when they are hit with a natural disaster or a terrorist attack, not from the policies they voted for. Why would the people of FL pay for NYC to have free buses or grocery stores? Think for a change.
So blame the millions who DID NOT vote Mamdani? Let them die. They deserve it. That’s shows solid Christian values.
You seem rather obsessed with the idea that HullBobby, GEB or I would want NYC Americans to die. Where did anyone say that? And why would these people die? Could it be of possible gross negligence, incompetence of Mamdani and his questionable policies?
Hullbobby,
FY 2024, New York generated 7.6% ($385 billion) of all federal revenue, while Florida generated 6.4% ($324 billion), despite Florida having a significantly larger population.
Florida and Texas have historically been net recipients or had a “positive” balance of payments, receiving more in federal spending (such as Social Security and Medicare for its large elderly population) than their residents pay in federal taxes.
Over the last decade, New York has frequently ranked as the #1 donor state in total dollars, contributing a cumulative $166.2 billion more than it received between 2015 and 2020.
If anyone needs a “bailout” it’s Florida or any of the southern Republican states with the poorest populations which are red states. Crazy huh? Weren’t those states’s representatives using Biden’s signature policy infrastructure to tout improvements and new fed dollars supporting their state? The same ones who voted against it? Double crazy! Wow.
“Over the last decade, New York has frequently ranked as the #1 donor state in total dollars”
NY: $1 → $1.06 (net gain)
FL: $1 → $0.86 (net loss)
Fl. is a net cxntributer, and NY a net recipient. In these terms, Fl taxes support NY.
GEB is correct. The voters of NYC voted for this. They made their bed, now they have to lay in it. It is not like there were no one warning them of a real possible crisis or that his policies just might fail. The rest of the country should not be held responsible for their poor choices.
So those who didn’t vote have to be exterminated for MAGA’s sake. About 80% did not vote. Let them rot in hell eh? Gotta love MAGAots.
Zohran Mamdani received 1,114,184 votes in the 2025 New York City mayoral election, which accounted for 50.78% of the total votes cast. Out of 5,103,941 registered voters in NYC, approximately 2,218,647 voters (about 43.47% turnout) participated in the election.
No one said anything about anyone being “exterminated.” It is every responsible American citizen to do their civic duty and vote. If a person does not vote, do they really have a legit argument to complain when those who did and voted for this, those policies then impact them all?
No, more like not preventing unassisted suicide.
New York City was bailed out 50+ years ago. Remember the MAC Bonds?
On this blog the commenters brutally attack liberals as moron, devils, evil, sick, heartless. And here we see this guy hoping that a Muslim fails at his job and wishes the death of millions of American citizens in NYC because of his politics. Unbelievable huh?
GEB said no such thing as hoping Mamdani to fail and most certainly did not wish for the death of millions of NYC Americans. That is just you projecting. One does not need a college degree to see what Mamdani campaigned on was not possible without increase taxes that drive the wealthy out of the state. Mamdani is writing checks for socialist programs, that his body cannot cash. It is quite telling when even the Democrat governor and state legislation are both balking at his ideas.
“Why would anyone want to bail out NYC.”. Um… no such thing you say? Projecting you say? Try a mirror.
Correct. Why should the rest of us be held responsible for others mistakes?
If you go to your toolbox, pull out a 9lbs sledge hammer, go to your table, place one hand on the table and then proceed to hit your own hand with the sledge hammer five times as hard as you can, why should I be held responsible paying for your medical bills?
^^^^this is X, afraid to identify himself to avoid backlash
All good points, GEB! It’s definitely a precarious situation. Unfortunately, many New Yorkers do not remember that it was approximately fifty years ago (1975) that New York City was on the brink of bankruptcy. New York State stepped in and created the Municipal Assistance Corporation, a public-private corporation (MAC) which sold bonds (MAC Bonds) to fund city operations when traditional bond underwriting was not an option. MAC enabled the city to refinance existing debt obligations and issue new debt backed by certain earmarked revenues. However, it was not until 2008 that MAC ceased operations. New Yorkers seem to have lost the lesson.
Catherine Cassidy- 12:18 PM. I remember 1975 when NYC was going bust and they learned nothing from it. You get 2 generations down the road and they all forget. Too busy teaching crap and AOC economic theory instead of the fundamentals of running a city. We have a federal system. NYC voters chose poorly or failed to vote. That was their decision so now they need to deal with it. Maybe this time the state of NY might impose a balanced budget law on NYC and/or have a permanent legislative committee or Governor’s office monitor the shenanigans of the people who run the state’s largest asset. The fiscal malpractice involves The Whole state. The state needs to deal with it and make some changes. But that is their decision to make.
Sometimes the best and kindest thing you can do is let someone fail. Sounds like this is the time.
Appreciate all the nice comments of support.
Our mentally retarded politicians need to learn to cut spending. Corruption, kickbacks, nepotism, and political patronage are draining us. There are constellations of parasites orbiting around public spending. They perform no useful function for society. Government spending has been used to make employment numbers look better but with no associated productivity it is nothing but a theater of lies.
We need to be makers and builders. We should never export raw materials, only finished goods. We should not damage and deplete our lands simply to export food. We need to halt immigration until all of the illegals are deported. We need to halt H1-B and F1 programs and get our systems to adjust to that new normal. Let those useless, government funded NGO employees and excess DEI university employees to pick fruit.
Mentally retarded huh? How is then that they all get elected?
I have a new nickname for NYC’s Mayor:
Zohran the Moron!
I prefer Madmani
I prefer Zofran Mandami. Zofran is a medication used to treat nausea and vomiting, especially that resulting from cancer chemotherapy. Every time I see his face, the face of the socialist cancer on NYC, I feel like I’m going to vomit.
@Vincente
What is the coating they put on over the counter stuff to induce vomiting so you can’t overdose, is that the same? That would be his comprised-of-literal-children-who-have-never-had-jobs cabinet. Basically, given the governor, New York just makes a person want to throw up, however you slice it. They are clowns, and we all think they are clowns.
Again, the same is happening in Seattle, and of course, Virginia. DC has always been a lost cause in that regard. Let’s allow these blue nepotistic states that seem to have missed the elections of 2024, where virtually the entire country voted against them, be object lessons. And carry that into the midterms.
But meanwhile, ‘Sure, beta, I’m sure you’ll do great in your position as president of the student council when we maneuvered you into becoming mayor, because those are basically the same.’, – their parents (in this useless twit’s case, Mahmood Mamdani, Columbia professor, and Mom Mira Nair, Bollywood icon; such an organic and natural working class upbringing) who are so out of touch with the normality of daily life anywhere, they think this perfectly acceptable and proper, though to be fair, India is still a caste society and this is just how the people on the right side of tracks think.
I previously honestly didn’t think Trump was the kind of person I’d invite to a barbecue even though I voted for him, in all sincerity, his personality repelled me; after 2024 that changed. I would invite him and ask that the Mamdanis be kept out. And lest you think I’m a ‘racist’, my wife’s origins are in Desi culture. I would be surprised if your average leftist even knows what that means without googling.
I have a new nickname for anon: SF.
Some view Mamdani’s latest ultimatum, tax the rich or punish everyone, as a calculated gambit against Governor Kathy Hochul. Make no mistake, however: he is determined to secure that revenue. If that requires hiking property taxes for homeowners and, by extension, renters, he will do it. As a devoted socialist, he promised a populist utopia regardless of the misery it might cause. New Yorkers are now watching the standoff, waiting for the first blink.
A Dem in the WH or majority Dem Congress will bail out the pensions in NYC—who would have a choice? I would expect even R’s would have to. There are about 290K public employees, which politician would say “let them eat cake?”
And then they will be forced to bail out Ca. 1.5 trillion in unfunded, Illinois 100 Billion in unfunded and the other Democratic states. At some point, I hope the politicians as a result of the people will say no.
The editors added, “The reality is that Americans may like the idea of ‘free’ stuff — it’s how socialists win elections — but they are less excited about having to pay for it.”
Uh, if they are paying via taxation, it isn’t, ‘free’. It’s the ultimate grift, and just goes to show how financially and economically naive/dumb/spoiled young socialists are.
Seattle is in the same boat. Other states, take note now, not later.
Read that Washington State (Washington State House Bill 2034 has passed, transferring $4.5 billion from the Law Enforcement Officers’ and Firefighters’ Retirement System (LEOFF 1) and Mass. is now sniffing around ways to raid the states employees’ retirement funds (Gateway Pundit).
NYC is “too big to fail.” Prediction: Federal money will bail out the mayor, who will be hailed as a shining example of the warmth of socialism.
Interesting. Mamdani will wait until after the midterms to beg the congress. dems for a bailout. Pres. Trump could use that for leverage to dismantle Crazy City.
I pray you’re wrong
place Margaret Thatcher quote here
Article failed to mention he’s also going to drain the rainy day pension funds. They should also compare the current proposed budget to mayor Bloomberg’s
Failed? Why failed? Can’t put everything on one page. Next time, give Turley due credit.
Plenty of space to give us the rest of the story. Why not give us the totality this class warfare being initiated by this mayor
The Leftists are presenting you with a false choice. They are obscuring one of the fundamental anchors of the traditional Republicans: growing or expanding the Economy.
“The problem with socialism is that you eventually run out of other people’s money.” — Margaret Thatcher (1925–2013)
This highlights the unsustainable nature of government handouts funded by taxpayers. It reflects the importance of personal responsibility and the limitations and liabilities of state systems.