Mayor Bill de Blasio’s mid-year budget update is due in the next two weeks, but we don’t have to wait in suspense: The mayor demands that President-Elect Biden deliver the dough. But what do the election results really say about the prospects of a full-on bailout for Gotham and New York state?
On Election Eve, the mayor presented his budget plan to NY1. “If Joe Biden’s elected president, the most likely time for a major stimulus is February,” he said. “The second we have that, New York City’s in a position to address a whole host of issues, avert layoffs, but also to do a lot of positive things.”
Biden isn’t ignoring New York: His transition team includes city Department of Transportation Commissioner Polly Trottenberg and planner Marisa Lago. But it doesn’t include any state or city budget official.
How much will the new president go out of his way to help us, though? Leave aside the fact that a divided Congress — no matter which party wins the Senate — won’t give him room for a multi-trillion-dollar stimulus. Biden owes his victory to five states — and he needs to keep them onside to win re-election. Two of them, Arizona and Georgia, are growth states with little patience for the government pay and benefits that places like New York offer and the high taxes that go along with them. Many of their newer residents fled these taxes.
The other three — Michigan, Pennsylvania and Wisconsin — have their own experiences with fiscal and economic crises over the past decade. In no case did any state receive a full bailout, no strings attached. In each state, self-help and adjustment were the biggest factors in recovery.
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