Mayor Bloomberg, fiscal hawk/social liberal, has got one part of his split political personality into a tizzy over Obama's plan to raid Wall Street:
"If you want to see what happens to a city when their major industry fails, just take a look at Detroit . . . I'm very concerned that we don't drive business overseas . . . I certainly hope that our legislators in Washington will fight to protect our industry here. I certainly expect them to."
-- Mayor Bloomberg, commenting yesterday on President Obama's plan to tax banks, many of which are major contributors to New York City's economy
He's right, of course. But is shows why its so hard to make sense with a bipolar disorder. The very social welfare programs that Mayor Mike and Barry O champion need to be paid for by someone, and who better than the all-time classic bad guys, the "Wall Street Fat Cats and their Bankers"?
But New York City depends on the tax revenue from these firms - and their employees - to balance their own budget, and pay for their own social welfare program (such as eliminating trans-fats). Should Obama lower the banking industry's profits, and curtail the wages of their employees, there is much, much less taxable income for the city and state of New York to rake off.
Simply put, between the additional obligation that Obama's health care reform will place on the state ($1 billion plus), and with the "off-the-top" rake-offs that Obama plans to take off the city's/state's biggest taxpayers, New York will be faced with bankruptcy in about a decade. Expect a collapse of the social system a la the 1970's to follow in short order.
But as we posted yesterday, New Yorkers aren't as smart and tough as everybody thinks...
UPDATE: I see JWF posted on this as well; he points out that Chuck Shumer, never one to place his own ambition behind anything, including the health and well-being of the millions of people who he represents, supports the destruction of New York. See above about not being all that samrt, and whatnot...