Today’s Headlines

  • Trump Budget Would Ax Capital Funding for NYC Subway and Bus Projects (Post)
  • MTA Budget for Signal Repairs Is Declining, Projects Years Behind Schedule (AMNYPost, News)
  • Cuomo’s Transit Solution: Get More People Driving Into Manhattan (Voice)
  • Congestion Pricing Killer Richard Brodsky Has Thoughts on Fixing the MTA (News)
  • Judge Rules Uber Drivers Are Employees Entitled to Benefits (PoliticoAMNY)
  • Scenes From de Blasio’s Placard “Crackdown” (Post)
  • NYPD to Reduce Criminal Summonsing for Low-Level Public Offenses (NYT)
  • Daily News Speaks With Grieving Family of Bronx Man Killed by Hit-and-Run TLC Driver
  • Motorist Seriously Injures Man Riding Bike in Stapleton — “No Criminality Suspected” (Advance)
  • Driver Charged After Allegedly Ramming 2 People on Great Kills Sidewalk (Advance)
  • If NYPD Is Forced to Reveal Info on X-Raying New Yorkers at Will, Terrorists Win (News)

More headlines at Streetsblog USA

  • Larry Littlefield

    “An official in Trump’s Office of Management Budget said New York City would actually benefit greatly from the president’s plan because of the overall economic growth he intends to deliver.”

    By paying for tax cuts with debt, other than a few symbolic cuts in spending on and benefits for the poor and urban areas, Trump plans to continue inflating corporate and Wall Street profits by having workers spend more despite being paid less — until the whole economy collapses. Hopefully, according to plan, after his generation has passed on.

    The same phony growth we’ve had, delivered by the former casino magnate.

    https://larrylittlefield.wordpress.com/2017/04/25/generation-greeds-last-economic-orgy-federal-reserve-z1-debt-data-for-2016-rising-housing-prices-census-bureau-data-on-worse-off-young-adults-falling-life-expectancy-etc/

    It’s not just Donald Trump or even just the Republicans, and its not just now. It’s 35 years of self-dealing and future selling by Generation Greed.

    From Brodsky: “Cuomo and de Blasio should pledge funds sufficient to get the MTA to a “state of good repair.” Get on the same page, Mr. Mayor and Mr. Governor. Don’t try to run the MTA. Fund it.”

    Brodsky’s pension income is exempt from state and city income taxes, and he certainly isn’t paying fares. Brodsky is demanding that Cuomo and DeBlasio get on with sticking younger generations with the bill his generation was unwilling to pay, plus their own bills. But how are we going to get back the $20-billion plus that Brodsky’s generation didn’t pay in taxes, fares and tolls, now MTA debt?

  • HamTech87

    It is baffling that Brodsky, who clearly doesn’t believe in democratic institutions that hold elected officials accountable, would work at a thinktank called “Demos”.

  • Larry Littlefield

    That’s just it. The progressives aren’t really progressives, and the pro free market conservatives aren’t really pro free market conservatives.

    Their only argument is over the division of the spoils and allocation of the pain among those coming after.

    And they’ve managed to keep the whole generational equity thing from becoming widely considered and publicized. You bring it up, and you are just a pawn of the other side. That’s what they all say about me.

    The “costs nothing” argument Trump is set to make again about tax cuts for the rich is identical to the “costs nothing” assertion about all the retroactive increases in public employee pensions.

    And they are still shameless. All of them.

  • qrt145

    Think tanks are almost always named ironically IMHO.

  • Maggie

    In no way am I defending our lunatic cheeto in chief here, but I think that _judicious_ use of debt, especially on infrastructure, is economically justified. Since debt intrinsically involves a promise to repay funds down the road, in future months or years, maybe generational battles should be less of the question. Instead, what is the payback for the use of debt today? How certain is it and who does it accrue to?

    Paying for tax cuts for the rich with debt, given the US government’s current debt-to-GDP level and Congressional dysfunction on the debt ceiling whenever it comes around, is the sort of idea that would get POTUS laughed out of the room. It’s sheer insanity. I guess it’s exactly what to expect from the genius who’s run six businesses into the ground.

  • Larry Littlefield

    Using debt to fund a one-time expenditure with ongoing benefits and increased revenues (such as system expansions) is one thing.

    Using debt to pay for ongoing expenses such as maintenance and ongoing normal replacement is another. At some point all the money is going to debt service, and maintenance and replacement slows and stops.

    That’s what happened at the MTA. Since we now have $37 billion in debt and all the money is going to debt service, can we stop investing because the system is “finished” with us getting benefits down the road? NO. Because those were ongoing expenses.

    Generation Greed robbed us.

    “Paying for tax cuts for the rich with debt, given the US government’s current debt-to-GDP level and Congressional dysfunction on the debt ceiling whenever it comes around, is the sort of idea that would get POTUS laughed out of the room.”

    Or re-elected by their generation.

    https://larrylittlefield.files.wordpress.com/2017/04/totalnonfindebt.jpg

  • Vooch

    we have waaaay too much government debt. If we need to raise funds, then sell some government assets.

    NYC has plenty of assets to sell which could generate billions

  • Maggie

    Sorry, are you distinguishing total debt from government debt? This is the ratio I was thinking of. https://fred.stlouisfed.org/series/gfdegdq188S. Federal debt to US GDP.

    Absolutely, paying for ongoing operations with debt is ill-advised. I still disagree with the generational lens. I’m gen X so right down the middle, and there is lots of greed in every single demographic cohort. I worry that trashing any one generation is less productive.

  • Larry Littlefield

    Might reduce the level of entitlement, and perhaps make it less likely they’ll grab even more. At the very least that entitlement needs to be challenged. The debt was shifted to the government’s balance sheet in the recession.

    https://larrylittlefield.files.wordpress.com/2017/04/debtbysector.jpg

    Not even including all the contingent liabilities, underfunded federal old age benefits, etc.

  • AMH

    Brodsky is right on about needing to get behind unsexy subway maintenance instead of wasting money on flashy BS. It’s a shame he won’t get behind MoveNY to fund more of that maintenance.