New York City requires GAAP budgeting. It cannot count borrowing as revenue, cannot hide liabilities through delayed payments and cannot treat one-time windfalls as recurring income. Its mayor cannot singlehandedly reroute city finances without professional scrutiny. Chicago has none of this.
NYC’s bankruptcy in the mid 70’s had some enduring lessons. We’re not there yet in Chicago.
Where's Mine ???
11 months ago
Great article. I guess big picture, Bergs saying NYC will be stuck with a failed socialist Mamdani while Chicago is stuck with a master $equity grifter$ Brando where only the public sector gets ahead due to our unique lack of government structure.
Chercher
11 months ago
It looks like Mamdani will be elected by promising all sorts of stuff like free childcare and free bus rides. Who doesn’t like free? Then when he gets in he will be hemmed in by NY’s system that prohibits monetary version of crash and grab (unlike Chicago), not to mention child care and transit workers who won’t want to work for free. Then he’ll throw his hands up, call everyone racist and say it’s Trumps’s fault.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
NYC’s bankruptcy in the mid 70’s had some enduring lessons. We’re not there yet in Chicago.
Great article. I guess big picture, Bergs saying NYC will be stuck with a failed socialist Mamdani while Chicago is stuck with a master $equity grifter$ Brando where only the public sector gets ahead due to our unique lack of government structure.
It looks like Mamdani will be elected by promising all sorts of stuff like free childcare and free bus rides. Who doesn’t like free? Then when he gets in he will be hemmed in by NY’s system that prohibits monetary version of crash and grab (unlike Chicago), not to mention child care and transit workers who won’t want to work for free. Then he’ll throw his hands up, call everyone racist and say it’s Trumps’s fault.