fiscal crisis

  When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible. How could the country’s largest metropolis fail? How could the capital of the financial world go bankrupt? Yet the city was indeed billions of dollars in the red, with no way to pay back its debts. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was unworkable. The city had to slash services, freeze wages, and fire thousands of workers, they insisted, or financial apocalypse would ensue.

In Fear City: New York's Fiscal Crisis and the Rise of Austerity Politics, historian Kim Phillips-Fein tells the remarkable story of the crisis that engulfed the city.

Imbolo Mbue’s debut novel is Behold the Dreamers. It chronicles a young Cameroonian couple making a new live in New York just as the great recession of the 2000s upends the economy. The novel explores marriage, immigration, class, race, and the trap-doors in the American Dream. 

10/3/13 - Panel

Oct 3, 2013

  Today's panelists are WAMC’s Alan Chartock, newsman Ray Graf and University at Albany Journalism Professor and Investigative Reporter, Rosemary Armao. Joe Donahue moderates.

Topics include:
Fiscal Crisis
Costs of Shutdown
Obamacare
Tom Clancy

New York Governor Andrew Cuomo
Office of New York Governor Andrew Cuomo

New York Governor Andrew Cuomo outlined his proposal for a new local government restructuring board to help financially distressed communities deal with long term budget problems.

Once America's capitalist dream town, Detroit is one of our country's greatest urban failures, having fallen the longest and the farthest. But the city's worst crisis yet has managed to do the unthinkable: turn the end of days into something of a laboratory for the future. Urban planners, land speculators, and utopian environmentalists have been drawn to Detroit's decaying, nothing-left-to-lose frontier.

NY, Local Governments Butt Heads over Next Crisis

Jun 27, 2012

The next government fiscal crisis is boiling over in counties and municipalities, and taxpayers again are catching the heat.  WAMC’s Tristan O’Neill reports…

New York's state Legislature chose not pass the urgent pleas of local governments including Rockland County, the City of Long Beach, Suffolk and Nassau counties, Buffalo and Newburgh during the 2012 legislative session that ended last week.

The local governments sought permission to spread debt payments or increase local sales taxes, among other measures.