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ThePlainTruth

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Loved it then, believe it now

The last time New York was close to bankruptcy was in 1975, when then-President Gerald Ford famously refused to bail out the city from its crippling debt
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BobBarney

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New York City could go BANKRUPT for the first time in more than 40 years if a recession hits as economists warn of inflated public sector spending and high taxes 

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New York City could be one recession away from bankruptcy, financial analysts are warning.

Experts say that the city’s high tax burden, its net out-migration, and skyrocketing public spending could result in New York’s first bankruptcy in more than 40 years.

‘The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform,’ economist Milton Ezrati told the New York Post.

‘New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.’

 
New York City could go bankrupt if a recession hit, financial analysts are warning
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