To his credit, Goodwin captures some important parts of this: "A half-done image also haunts the mayor's fiscal stewardship. He enjoyed soaring revenue growth, because of the economy and tax hikes, but spent it all, and then some. Now there is reason to hope that is where he intends to focus. His State of the City Address was noteworthy because of his vow to defuse the ticking pension bomb.
"I will not sign a contract with salary increases unless they are accompanied by reforms in benefit packages," he said. Bloomberg made similar vows in the past, saying he would not grant raises unless unions paid for them with concessions. He blinked and got only token givebacks in exchange for pay hikes that often topped 4 percent a year, and a whopping total of 43 percent for teachers."
Exactly why we have said that Bloomberg's problems devolve from the growing realization that the mayor's image has been sold to them like a bill of goods-and like the Master of the House that he is: "...Cunning little brain, regular Voltaire. Thinks he's quite a lover but there's not much there." Yes, quite a cruel trick of nature.
But Goodwin isn't through with Bloomberg-and goes on to make an additional point about the fraudulent image that the mayor has foisted upon us about his superior fiscal expertise. This time it's the capital budget deficit: "The cost of capital projects is another danger zone, and this one is largely Bloomberg's doing. When he took office, debt service cost $3 billion a year. It's now $5.4 billion, even with low interest rates, and could hit $7 billion in three years. The city now carries a record $69.5 billion in debt. Although the mayor ordered three cuts to the capital budget since 2008, actual spending continues to rise, according to a
Citizens Budget Commission report that faults his "failure to impose fiscal austerity on the infrastructure agenda."
In the face of this profligacy, what does the mayor do? He spends millions on those bike lanes that everyone loves, and continues with his extravagant legacy project at Willets Point-a development that is built on absconding with the property of scores of small land owners, and the use of
deceptive traffic studies that make the bike lane oversight resemble the work of Diogenes. The cost of Willets Point will run into the billions
without any real clear idea that the city has the ability to, at least under its current fiscal straights, see the project through to fruition.
In the end, what the current scandals have done is to help remove the blindfolds from some of our previously enamored cognoscenti-Goodwin excluded since he has been on the mayor's case a good deal before all of the current mess unfolded. But in the blink of an eye-and the speed of the reversal is an indication of the ersatz quality of the original assessment-the mayor's claim to a out sized legacy has been torn asunder.
Goodwin deserves-and gets-the last word: "This is not how it was supposed to be in Year 10. When he moved to change the term-limits law, Bloomberg pitched himself as the man to guide Gotham through the fiscal storm. "We may well be on the verge of a meltdown," he said in 2008. Fortunately, meltdown fears have passed. But it would be a major mark against him, and tragic for New York, if the man who claimed to know the buck sails off into the sunset on a tide of red ink."
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