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NYC’s $105B Budget Barely Nods at Soaring Inflation despite Boost in Reserves

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NYC’s $105B Budget Barely Nods at Soaring Inflation despite Boost in Reserves

New York Post June 12, 2022
EconomicsBudget

Just like his predecessor Bill de Blasio, Mayor Eric Adams pushed the city budget to more than $100 billion while more residents leave the Big Apple.

No city budget is inflation-proof. But in the $104.9 billion budget deal he made with the City Council last Friday, Mayor Eric Adams is making the budget slightly more inflation-resistant, with higher rainy-day reserves. That’s better than nothing.

But the numbers nevertheless show the scale of the catastrophe that’s about to hit the city, as the cost of day-to-day living soars nationwide.

Adams is a unique modern mayor, in that he has no signature big-ticket spending item. By contrast, Bill de Blasio had pre-K; Mike Bloomberg lavished new funds on the Department of Education; Rudy Giuliani and David Dinkins spent big on cops; Ed Koch poured rebuilding funds into the South Bronx.

Continue reading the entire piece here at The New York Post

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Nicole Gelinas is a senior fellow at the Manhattan Institute and contributing editor at City Journal. Follow her on Twitter here.

Photo by Zerbor/iStock

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