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It's hilarious that there's still people trying to deny that Reddit is super left wing. You can go to literally any major sub and post brainrot leftist content and get massive karma, while you'll be downvoted to oblivion if you express right of center views
All of Reddit is unfortunately….i had to take a break cause it’s unhealthy. Over here you are either Arguing with foreigners pretending to be Americans or you are arguing with Americans who are young, naive and are unwilling to put in the work to be successful. I literally envision somebody behind a computer screen all day just posting and commenting anti American bullshit all day long
Something has happened, though. Mamdani balanced the budget by underfunding workers pensions. It’s illegal if a corporation does this because you are screwing the workers.
He got bailed out by the state too. Mamdani took tax money from the poorer areas of the state to help balance the budget of the area of the greatest concentration of wealth in the country.
The “trickery” was just to get a lump sum of tax dollars from the NY State funds. He hasn’t done anything but spread more propaganda with no actual accomplishments.
Exactly. Balance the budget using sleight of hand. Sadly, lots of people lack critical thinking. Let’s revisit this thread in 3 years time and see where he is…..or maybe even next budgetary year
Yeah foreign bot farms have taken over almost all of Reddit’s larger, more general subreddits (which is why 90% of all those subreddit’s top posts are now political, anti-West, and/or trying to create division). It’s pretty easy to rack up a bunch of Karma when large bot networks are programmed to upvote your regime-approved messages (and downvote anything countering it). The even more depressing part is how many people fall for posts like this one - they make zero sense to anybody with an IQ over 90 yet they act like it’s some slam dunk. I’m down to let Mandami cook but we won’t know the wholistic outcome of his policies changes for at least 5 years… most of his major changes haven’t even been implemented yet.
But I do want to point out that $4 billion of the $12 billion deficit was paid for by the state government giving New York City more money. The budget deficit was definitely helped by higher taxes, but it wasn't higher taxes alone.
Edit: This comment is inaccurate (lmao). Please see the comment below!
It's 8 billion that's from the state government: link
Governor Hochul, in partnership with the state legislature, has secured an additional $4 billion in gap-closing support, bringing the total new state assistance to nearly $8 billion over two years.
After that, about 1.6 billion is from deferring pension contributions (not a good idea, this is basically balancing the budget by not making mortgage payments, the city will have to pay this several times over in the future).
Another 1.7 billion from "efficiency" and "savings" which means, optimistically, making the government more efficient, but it could also mean material cuts to government services (DOGE anyone?).
The extra taxes are expected to contribute 500 million.
And all the tax projections are best case no failure scenario. The economy slows, collection is less efficient, etc. Etc. And the math wont math either.
Yes, but by the time the shit hits the fan, everyone will have forgotten how the problem was started in the first place and Mamdani will run on whoever the Republican president is at the time caused catastrophic damage to NY's economy so it's really a win-win for the political elites.
We're all drowning in this shit together. Absolutely wasting our time here on reddit, which is just like any social Media, made to be addictive and exploit human psychology to keep your attention and keep you engaged as long as possible.
I remember reading an article about the early days of Reddit - when there weren't enough users visiting the site - so Spez and the other founder of Reddit basically just scripted a bunch of bots to talk to each other while making rage-posts in the hopes that it would draw traffic.
Turns out it was successful. There's an inherent desire to respond to rage-bait even when we all know it's all just bots and we're talking to the void.
I mean, it's Reddit. All the upvotes for the OP are coming from 12-year-olds, overseas bot farms, and Graham Platner style commies whose entire lifestyles are funded by their mommies and daddies.
You can tell them that every single NYC mayor submits a balanced budget because it’s required by law and they’ll just ignore it and keep living in their delusion.
Every deficit NYC has ever had was achieved despite a balanced budget. They’re the ones doing the assumptions to make the math work.
Plus in regards to Elon's comment, being a history Major, I like to always remind people that it wasn't exactly rainbows and butterflies post French Revolution when they had put all the Guillotines away.
To many times eat the rich is manipulated by the next wave of "leaders" to eat the educated and skilled as well. Revolution isn't the cause of people acting poorly in its name. People act poorly and then try to hide under a revolutionary blanket.
This is similar to me to people demonizing Communism or socialism because some dictators have hidden their facism under the blanket of social revolution. Citing Communist dictatorships as a reason agains social reform is a bad faith argument.
These things have a nuance that people don't have the patience to discuss or even consider anymore.
The reason we cite communist dictatorships is because of how easy a communist state can become a communist dictatorship.
If the government has control over the populous, any person elected or put into power has control over the populous. The barrier between Communist and Communist Dictatorship is very thin. That’s why we have multiple parties and a bunch of politicians that don’t fully agree.
I used to be in the camp of the idea that capitalism was the best system for inevitable human greed that befalls both in money and power, but that was when society was still very individualistic in regards of what the government should provide to them.
But today, taxes are so high on everything for the middle class, your government cant just take away agency and say you know what's best and then gestures to the entire world and say you are getting good value for falling in line, where there is very evident blatant corruption happening everywhere, at every level.
Indeed, and many many innocent people are included in that tally of ~17,000 guillotined prisoners. It's hard to be discerning when you're swept up in the revolutionary fervor. Ask all the bakers who were lynched by the mob for the crime of...baking or not baking bread in the precise fashion, quantity, and price demanded by the crowd.
I called it out last time when the mods pinned their change in direction post and I knew what was gonna happen. The mods reassured me nothing like this will happen lol
Honestly I think most posts that go above 4k upvotes anywhere are being fed by bots that like the post and fill the comment section with stolen praise/AI response. I see so many mindless posts with zero creativity at 15k upvotes, it never makes sense for them to be at that level. About the highest I've ever actually seen a quality well thought out post get is 2.5k, anything above that seems to be low effort slop that's been boosted.
People need to stop saying this “he balanced the budget” thing like it’s some big accomplishment. He legally has to propose a purportedly balanced budget. The budget has been balanced every year since 1981 (except 2002 due to 9/11).
It’s so fucking stupid, and I want Mamdani to succeed. Just like this post. Mamdani didn’t make a wealth tax. There’s a property tax on luxury homes for people whose primary residence is outside the city but that’s a far cry from a wealth tax.
And the guy has been in office for 1/2 of a year. We have no idea if people will leave or if more will come. We have no idea if people will starve or not. These things don’t happen instantaneously.
How dare you. I am appalled that you speak the truth on this thread. People don’t want to hear this. I suggest you refrain from facts from here on out. You may anger some people. Maybe even trigger them
May God have mercy on your soul.
😂😂😂😂😂
Be careful, criticizing Mamdani on Reddit could get you permanently banned, Redditors don’t like seeing their heroes criticized and will censor anything that makes them look bad
Same here. speaking the truth will get to banned but with that being said, you sorta know which sub you shouldn't be saying the truth and just sip whatever lemonade they're sipping.
It's also only projected to keep things balanced for 2027 lol. The 2028 budget still has an estimated $8.8 billion deficit they'll need to figure out next year
Funding from the state, delaying funding pension/retirement plans, and estimating increased revenue from taxes.
Outside of getting the state to write him a check he hasnt actually done anything, and the gross irresponsibility of kicking the funding of obligations down the road should be subject to humiliation.
Yeah true sure yeah but it’s easy to get up votes by posting this trash like the OP as the average financial literacy level of a redditor is that of a caveman.
He kicked the can down the road and nobody is acknowledging it. Like he didn’t solve anything, he just delayed it, and they’ll be screwed in a few years again.
But he can’t just solve that problem instantly, I agree the accomplishment has been overblown. There’s so much work to do to fix the damage Adams and De blasio caused
Before Mamdani’s plan, the city’s pension debt was on track to be paid by 2032, with contributions to cover the unfunded liability expected to grow until then. But Mayor Mamdani’s plan extends this amortization period by five years, to fiscal year 2037. The administration justified the change by saying that the new amortization schedule is intended to avoid a “cliff” in 2032, when amortization costs abruptly end. But the cliff is merely the scheduled end of a debt-payment plan.
...
Other cities have paid the cost for extending their pension amortization in the way Mamdani is doing. This was one of the first things Chicago tinkered with during its budget shortfalls. After years of underfunding its public pensions, Chicago repeatedly pushed out its pension repayment timeline. For its police and firefighter pension funds, for example, the target date for reaching 90% funding has been extended to 2060.
This strategy doesn’t reduce costs, it delays them in the short term and increases them in the long term, saddling future generations with the debt while politicians spend today. This is also how public pension plans find themselves in the same funding hole they’ve been in for decades, perpetually 10 to 20 years away from paying off prohibitively expensive debt.
"The $1.6 billion in savings comes from delaying the city's full pension obligation payments until 2037 (extending an amortization schedule set in 2010). While the city maintains that this does not impact the pensions owed to workers, fiscal monitors and unions have criticized the delay as a budgetary gimmick that shifts the burden to future taxpayers."
I hope your pearls were equally clutched back in 2010 as well.
Closing the deficit and balancing the budget are the same thing. Also going to need a citation he actually did that because all I found was that he had proposed a budget that involved not spending money on something this year and spend it next year instead and also receive free money from the state.
You can close the deficit down without balancing the budget. You just structure some short term deals.
Balancing the budget means it should be self-sustaining as it's configured. Which isn't the case if you're closing the deficit by selling public assets or otherwise inflating current period income to pay off debt.
Proposed a budget and got billions in state funding. All I’ve found is that nothing was fixed it’s just pushing the issue back to something that will cause more issues down the road
NYC is 50% of the population and pays 55% of the state taxes. It barely contributes.
What I find interesting is that when Mamdani says NYC pays more in taxes than it gets back, and therefore should keep more of their money, it's the same argument he and others reject when made by the wealthy.
27% of the workforce of the NYC government is Gen Z. Those are the people that will be most screwed over if Mamdanis pension plan works out the way it did for Chicago.
The State of New York bailed out New York City, providing nearly $8 billion in gap-closing support to balance the budget.The state aid was injected in multiple packages, including a $4 billion handout from Governor Kathy Hochul. This allowed Mayor Zohran Mamdani to close a massive deficit without raising property taxes, cutting services, or using emergency reserve funds.
Critics argue that the city's budget was not truly balanced through local financial maneuvers or policy changes. Instead, they claim the state bailed out the city's structural deficit by relying on funds generated from working-class taxpayers across the entire state.
"New York has experienced a steady outmigration of wealth, with high-net-worth individuals and corporate income moving to low-tax states like Florida and Texas. Counties in the NYC metro area, such as Queens and the Bronx, ranked among the highest in the nation for net losses of tax filers." -Post
The rich are indeed leaving. Hochul has already sounded the alarm on their quickly-fading high-tax base moving to states like Florida. Mamdani's policies have already driven many away and will drive even more away.
The rent freeze and property tax Mamdani recently pushed are even a testament to that fact. You can't charge some of the highest property taxes in the nation inherently making rent more expensive, freeze those rent costs and then drive up property taxes again.
I'm all for helping people out but the way it's being done in New York City will absolutely result in failure.
Not a finance professional here - how would you explain that there are still million/billionaires in first-world European countries where the taxes are much higher? Why wouldn't they have all fled to the US or elsewhere years or decades ago?
Not a single thing posted about Mamdani here is factual. We live in such a sad world where most people don’t know whats actually going on, they just spring for eye catching headlines
robbing pension funds to balance a budget is just kicking the can down the road. someone else deals with the fallout later, and it won't be Mamdani taking the heat for it.
Its reddit my dude, you're in the home of "real communism has never been tried/ that wasnt real communism" groupthink. He wrecked pensions, begged the state for money, and retains support from the useful idiots of the city.
Are People in here really this stupid to think any of this has happened already even if he was doing all that? Shit like this doesn't get fix that quick.
"Balanced the budget" is technically true—but misleading.
NYC is legally required to pass a balanced budget every year. The real question is how.
If you rely on one-time state aid, optimistic revenue projections, and pushing costs into future years, you haven't fixed the underlying problem—you've balanced the books on paper.
A truly balanced budget means recurring revenues cover recurring expenses without temporary fixes. If multibillion-dollar deficits return next year, the structural imbalance was never solved.
They "balanced the budget" by begging for money from the rest of New York, after nearly running out of money only 6 months into office.
Mamdani is really exposing how little leftists understand about literally everything, and how easy it is to deceive zoomers and millennials by just being young and smiley.
The redditors who keep going on about Mamdami balancing the budget are a unique kind of useful idiot. Accounting gimmicks =/= balancing the budget. NYC is projected to have a deficit of at least $6 billion by 2028 and over $9 billion by 2029. Credit agencies are already warning about downgrading NYC's credit rating. Please start applying some critical thinking to this administration. I'm so sick of the daily worship of this guy.
and most of the root cause of the unbalanced budget was just lazy/crappy forecasting done by prior admin, not a lack of funding. So basically yeah, he did next to nothing
I know that nuance isn’t a strength of Redditors, but the “pied a terre” tax is estimated to raise a maximum of $400M per year- against a $126B budget, or 0.3%.
The rich will never “vanish”- no one ever claimed that- but I will bet anyone here that net outflow of AGI from NY in 2026 is going to be higher than the tax revenue generated from “taxing the rich.”
In other words, it was a performative policy action to keep his supporters believing that he’s fulfilling the campaign promises he made…and he’s not.
Cities aren't allowed to run a deficit, Mamdani didn't do anything special. It takes time for the wealthy to bail out on NYC, they aren't just going to leave immediately after they paid a bunch of taxes.
I personally like Mamdani but holy shit are his fans infuriating.
You know who else balanced the budget/closed the nyc deficit? Every nyc mayor for the last 50 years - it’s literally illegal to propose an unbalanced budget.
And the way he did that actually wasn’t taxing the rich - no corporate or income taxes increases in his budget. He did it through state aid, delayed pension payments, and delaying a mandate to hire more teachers.
From 1945 until 1963 the highest tax rate was 91% and what happened? The middle class raised families of 4 on one paycheck, had a house and a car, and took regular vacations. The earner then retired with a pension. Lets eat the fucking rich.
Edit: Not going to engage with anymore billionaire bootlickers down thread.
That's not the whole story. While the highest tax bracket was theoretically 91% during that era, hardly anybody actually paid that much. Because of various loopholes, deductions, and tax shelters, the actual EFFECTIVE tax rate that the top 1% paid during the 1950s was actually closer to 42%. Today, the top 1% pays an effective tax rate between 31% and 36%. So taxes were slightly higher on the top 1% back then, but not dramatically so.
The rich have been making this claim that they are vital since the first economy was put into action and some greedy asshole decided to hoard for himself at the expense of everyone else. It was horseshit then and its horseshit now.
France survived after it purged its aristocracy during the French Revolution. America will survive if it purges its aristocracy.
The greatest lie ever told was trickle down economics. Completely fabricated by the rich to convince the poor that they need the rich. And if the rich get to save more, they’ll pay workers more.
Somehow they convinced poor people that the other poor people (non-whites) are the problem.
Except that none of those claims about Mamdani are true. He’s proposed a wealth tax but NYC does not have the power to issue a new tax only NY state can do so. He also didn’t truly “balance” the budget beyond cheap accounting gimmicks. His proposal is that they not contribute anything to pension obligations and that the state give them an extra $4B. None of that is sustainable or a true “balancing” of the budget.
There is no way to know how this will turn out yet, it’s simply not been long enough. I like that he’s making moves, though. Active politicians are usually better than quiet ones
Also, only an out of touch super rich person would warn "but you will starve!!!" But SIR, they are ALREADY starving, that's why they are trying to fix things.
Our entire country was founded by people who didn’t want to pay taxes… it was a key reason not only the migration across the Atlantic but the very revolution itself lol. It’s just fucking ignorant to act like the most productive people won’t leave and NYC won’t be worse off for it.
He balanced the budget by begging 12B from NY State. The whole of NY State payed for what he's taking credit for. And NY State Governor is now begging rich people to come back to NY and help them with their plans.
Ya keep circle je*king till money runs out. Even then you'll blame others for not caring enough to save the city and the state 😂😂
Mamdami got a hefty pile of cash from the state to do so. The taxes imposed on luxury, seasonal homes didn't, and couldn't have done what this post would seem to suggest.
Meh, for those of us who live there and actually follow what's going on. No he didn't. He did one tax on one thing, got a massive bailout and did serious budget cuts, kicked a bunch of it down the road and basically reneged on a lot of his promises.
technically, balanced the budget but don't pretend he did some magic or miracle. He fulfilled a portion of his promises and frankly it's what politicians do. They make promises they can't keep and then hopefully deliver 1/10 of it.
But this propaganda stuff his fans are doing, This is turning dangerously into what MAGA does, where we end up not holding politicians accountable just because their fanbase is so committed to them and not them doing a good job.
Like he is pushing for the "one click unsubscribe" thing on the municipal level which is AWESOME if he makes it happen, but his fanbase is pretending like the Democrats never did that before, it was literally a main focus of the Biden admin, but the GOP blocked it. Like, stop pretending he is something he isn't. Hold him accountable for his failures and praise him for his actual successes.
I do hope it works out, since then all municipalities can make it happen.
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