The Debt Monkey on New York’s Back

In From the Desk Of by Hal PetersonLeave a Comment

As reported by Nicole Gelinas, a contributing editor to the Manhattan Institute’s City Journal, on both on both the Federal and State level, our economy has powered itself for decades on cheap credit. If that ends, and early signs indicate it might, one part of the economy (in particular) will suffer: ours. New York state and the city depend on easy borrowing with state public authority debt along increasing by 17% since 2008. She also writes that if President elect Donald Trump’s trillion-dollar infrastructure plans materialize, state and local governments will have to borrow a lot more to pay their fair share. She concludes “New York politicians have consoled themselves over the Trump win by thinking it’s at least good for their roads, bridges, trains etc. But their own reliance on debt, even as the rest of the country is cutting back, might present concerns that will be hard to overcome.”


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