It’s actually really interesting how well they’re managing this and it’s a platform for others.
It’s about $1.5B in cuts called “optimization and efficiencies” and $3.5B in increased state funding and $500M in taxes. The vast majority is on state aid and cuts, but the entire discourse is on the second-home tax.
It relies HEAVILY on one-time delays to mandatory classroom sizes, pension deferments, and state support. But it’s a win now and it’s what he needed.
Absolute political masterstroke in messaging.
TimothyMimeslayer on
Now he has eaten his vegetables, he can work on getting dessert.
Jeremisio on
Can’t wait to see how people from NJ on Nextdoor describe how this will DESTROY the city.
TheBatemanFlex on
“Why having a balanced budget is not always a good thing”
-News outlets
yourlittlebirdie on
I don’t think I’ve ever wanted a politician to succeed more than Mamdani. If his term is successful, I really think it can be a model across the country to show what’s possible if we actually take action on bold ideas.
And on the flip side, I know there are a LOT of people actively hoping and working to make him fail, for the same exact reason.
Blow_Me_Gov_Pigs on
Suck it Eric Adams and billionaires.
We’re taking this city back and we’re going to force you to pay what you owe.
Sensitive-Flamingo84 on
Truly great news for many reasons, great work Mamdani, I hope many future politicians can be mentored by you
Severus-Snape-DaGod on
They’re already villainizing him on certain news outlets. Rent control, taxing luxury second homes, and universal child care is evil.
SellaraAB on
No I’ve been assured by this sub that we have to elect moderate liberals and that change of this sort must happen over generations.
StormOk7544 on
What are the pension deferments?
Environmental-Arm365 on
It’s amazing what good you can accomplish when you’re serving the interests of constituents instead of a few billionaire parasites.
RioRancher on
Billionaires hate this one trick
faith_apnea on
He didn’t even stop to consider all of the unlined pockets of the city’s crooked businessmen and politicians!
Tadwinnagin on
And somehow the republicans are thought of as the people responsible with a budget, and my entire life I have seen them do nothing but explode the deficit.
igpila on
I thought the left was fiscally irresponsible 😨
spazz720 on
Delaying funding pensions is quite the risk though. If the city cannot shore up this gap it can lead to a larger shortfall in the future as it raises costs l.
soccermaster57 on
Notice how nobody in rCons is celebrating reducing a deficit.
whooo_me on
Damned Commie. How dare he stop losing so much of OUR money!!! [angry red face]
MachiavelliSJ on
I havent been following that closely, but read article. Why did Albany give NYC so much money?
qchisq on
He did it by delaying pension payments and getting a bailout from the state government. Like, I am not saying that Cuomo or Lander or Adams would be better, but this is almost as bad as saying Milei solved Argentinas economy by doing a currency swap with Trump
JackBurton___Me on
It’s amazing how only the left seems to be able to balance a budget and the so-called “fiscally conservative” right blows it up
blackfocal on
Man I have some friends that said he was going to run NYC into the ground the night he got elected. I really wish I could go back to them now and see how far they are going to move the goal posts.
healywylie on
Could we get some competent people in other higher offices?
nr1988 on
This is why both sides are scared of him. Obviously NYC is a unique beast, but certainly some of these same issues and solutions could be found in other cities? They simply don’t want to do it and stir the pot, but they’re scared that we will now expect the same kind of action from other leaders now that it’s been proven more than possible. And we should expect it.
chpbnvic on
The evil left at it again!
DBE113301 on
“But the billionaires will leave!!” To quote Curly Bill Brocius, “Well…bye.”
jayfeather31 on
I know this is absolutely the wrong way to look at this, but I honestly can’t not feel some sort of smug satisfaction at seeing a leftist taking power and proving moderate liberals and centrists wrong.
Is it petty? Probably.
But after being told to Vote Blue No Matter Who, and hearing argument after argument about how the Democrats need to tack to the center, this feels good.
poo_pon_shoo on
The democratic establishment needs to start LOUDLY embracing socialist policies and they need to start doing it yesterday. If the democrats were serious about winning they would be screaming this from the rooftops everyday. This is an unbelievable win, and proof that progressive leftist policy works! Amazing accomplishment from Zohran and everyone involved.
rysker6 on
MAGA are not okay right now
Wayofchinchilla on
Praised by who? Is this the same Democratic party that turn their back on him for winning?
hammer326 on
Eager to hear from Daryl the owner of a machine shop still not profitable after 20 years, who’d be working at tractor supply if not for a PPP loan six years ago, tell us how THE STATE BAILED OUT MAMDANI RAH RAH SOMETHING SOMETHING SOCIALISM.
fistofthefuture on
Trump: “1 billion here, 1 billion there, who gives a shit. Anyway.. what are we talking about again?”
Public: Lol he’s such a goon. Whatever it’s fine.
Mamdani: “I balanced the budget”
Public: Hang on a second let’s look at this with excruciating detail and ignore all caveats from his office around the details.
TheSyde on
Damn you Democrats
JesusShaves_ on
Almost as if taxing the ultra wealthy actually works for our collective good.
RedditReader4031 on
The $4 billion from the state is mostly composed of the delay of $2.3 billion in required pension contributions by the city. This is the very definition of kicking the can down the road. It’s a short term fix with long term impact.
The loss of pension fund earnings on that $2.3 billion will have to be made up by the city when it’s due in 2037. Other jurisdictions which have done this have always come to regret it when those large amounts eventually must be paid.
Giuliani tried such a scheme in 2000 to improve his image (ability to provide a lot of city services without raising taxes) when he began his Senate campaign. He proposed deferring the payments for ten years, proposing that high stock market returns would fund all or most of the lost earnings.
That was a risky strategy and it failed. The attack on 9/11 caused a loss of earnings by the pensions which the city had to make up during the Bloomberg administration. That need to catch up led to a lot of cuts in city programs.
Slow-haste-26 on
Remember when the established Democrats shunned him during his campaign, then after he was elected. Guess its because he actually cares for people and dosnt just talk about it
woody60707 on
Deferring pension payments is nothing but trading long-term debt for short term zero deficit spending. -Chicago.
39 Comments
Damn socialists
Good work young man
It’s actually really interesting how well they’re managing this and it’s a platform for others.
It’s about $1.5B in cuts called “optimization and efficiencies” and $3.5B in increased state funding and $500M in taxes. The vast majority is on state aid and cuts, but the entire discourse is on the second-home tax.
It relies HEAVILY on one-time delays to mandatory classroom sizes, pension deferments, and state support. But it’s a win now and it’s what he needed.
Absolute political masterstroke in messaging.
Now he has eaten his vegetables, he can work on getting dessert.
Can’t wait to see how people from NJ on Nextdoor describe how this will DESTROY the city.
“Why having a balanced budget is not always a good thing”
-News outlets
I don’t think I’ve ever wanted a politician to succeed more than Mamdani. If his term is successful, I really think it can be a model across the country to show what’s possible if we actually take action on bold ideas.
And on the flip side, I know there are a LOT of people actively hoping and working to make him fail, for the same exact reason.
Suck it Eric Adams and billionaires.
We’re taking this city back and we’re going to force you to pay what you owe.
Truly great news for many reasons, great work Mamdani, I hope many future politicians can be mentored by you
They’re already villainizing him on certain news outlets. Rent control, taxing luxury second homes, and universal child care is evil.
No I’ve been assured by this sub that we have to elect moderate liberals and that change of this sort must happen over generations.
What are the pension deferments?
It’s amazing what good you can accomplish when you’re serving the interests of constituents instead of a few billionaire parasites.
Billionaires hate this one trick
He didn’t even stop to consider all of the unlined pockets of the city’s crooked businessmen and politicians!
And somehow the republicans are thought of as the people responsible with a budget, and my entire life I have seen them do nothing but explode the deficit.
I thought the left was fiscally irresponsible 😨
Delaying funding pensions is quite the risk though. If the city cannot shore up this gap it can lead to a larger shortfall in the future as it raises costs l.
Notice how nobody in rCons is celebrating reducing a deficit.
Damned Commie. How dare he stop losing so much of OUR money!!! [angry red face]
I havent been following that closely, but read article. Why did Albany give NYC so much money?
He did it by delaying pension payments and getting a bailout from the state government. Like, I am not saying that Cuomo or Lander or Adams would be better, but this is almost as bad as saying Milei solved Argentinas economy by doing a currency swap with Trump
It’s amazing how only the left seems to be able to balance a budget and the so-called “fiscally conservative” right blows it up
Man I have some friends that said he was going to run NYC into the ground the night he got elected. I really wish I could go back to them now and see how far they are going to move the goal posts.
Could we get some competent people in other higher offices?
This is why both sides are scared of him. Obviously NYC is a unique beast, but certainly some of these same issues and solutions could be found in other cities? They simply don’t want to do it and stir the pot, but they’re scared that we will now expect the same kind of action from other leaders now that it’s been proven more than possible. And we should expect it.
The evil left at it again!
“But the billionaires will leave!!” To quote Curly Bill Brocius, “Well…bye.”
I know this is absolutely the wrong way to look at this, but I honestly can’t not feel some sort of smug satisfaction at seeing a leftist taking power and proving moderate liberals and centrists wrong.
Is it petty? Probably.
But after being told to Vote Blue No Matter Who, and hearing argument after argument about how the Democrats need to tack to the center, this feels good.
The democratic establishment needs to start LOUDLY embracing socialist policies and they need to start doing it yesterday. If the democrats were serious about winning they would be screaming this from the rooftops everyday. This is an unbelievable win, and proof that progressive leftist policy works! Amazing accomplishment from Zohran and everyone involved.
MAGA are not okay right now
Praised by who? Is this the same Democratic party that turn their back on him for winning?
Eager to hear from Daryl the owner of a machine shop still not profitable after 20 years, who’d be working at tractor supply if not for a PPP loan six years ago, tell us how THE STATE BAILED OUT MAMDANI RAH RAH SOMETHING SOMETHING SOCIALISM.
Trump: “1 billion here, 1 billion there, who gives a shit. Anyway.. what are we talking about again?”
Public: Lol he’s such a goon. Whatever it’s fine.
Mamdani: “I balanced the budget”
Public: Hang on a second let’s look at this with excruciating detail and ignore all caveats from his office around the details.
Damn you Democrats
Almost as if taxing the ultra wealthy actually works for our collective good.
The $4 billion from the state is mostly composed of the delay of $2.3 billion in required pension contributions by the city. This is the very definition of kicking the can down the road. It’s a short term fix with long term impact.
The loss of pension fund earnings on that $2.3 billion will have to be made up by the city when it’s due in 2037. Other jurisdictions which have done this have always come to regret it when those large amounts eventually must be paid.
Giuliani tried such a scheme in 2000 to improve his image (ability to provide a lot of city services without raising taxes) when he began his Senate campaign. He proposed deferring the payments for ten years, proposing that high stock market returns would fund all or most of the lost earnings.
That was a risky strategy and it failed. The attack on 9/11 caused a loss of earnings by the pensions which the city had to make up during the Bloomberg administration. That need to catch up led to a lot of cuts in city programs.
Remember when the established Democrats shunned him during his campaign, then after he was elected. Guess its because he actually cares for people and dosnt just talk about it
Deferring pension payments is nothing but trading long-term debt for short term zero deficit spending. -Chicago.