"The state Legislature wants to tax and spend its way to a recovery.
New York City has been the incubator for artistic, commercial and financial achievement. It has welcomed millions fleeing poverty and dictatorship around the world. It has never been in serious trouble until now.
The fiscal crisis of 1975 was a case simply of the city borrowing money to cover its operating expenses, accumulating a lot of debt when the banks stopped lending, and ultimately needed federal help to pay off its debt. Culture and commerce weren’t meaningfully affected."