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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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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 


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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