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Fair City Budget

NEW YORK CITY BUDGET: MORE AUSTERITY OR SHARED PROSPERITY?

Since the Wall Street collapse, Mayor Bloomberg has been imposing European-style austerity on New York City through budget and service cuts for the 99%, while continuing tax giveaways, subsidies and special deals for the 1%.

Bloomberg’s record since the collapse:

  • -6500 teachers and aides – fired
  • -9400 childcare slots – cut
  • -33,500 afterschool slots – cut
  • -$320 million cut from human services and homeless services
  • -Child poverty and homelessness – all-time highs
  • -87% of Black & Latino students – not college-ready
  • -CUNY tuition – up * CUNY frontline resources – down

This year Bloomberg wants more cuts that will hit the majority of New Yorkers hard: another $181 million cut from the safety net, elimination of 42,000 more subsidized child care and after-school slots for low income New Yorkers, more tuition hikes at CUNY and more threats to close libraries and firehouses our communities depend on.

But “Mayor 1%” also wants to keep spending money on big companies and the very rich: keeping unearned subsidies rolling for big banks and real estate players, keeping hedge fund profits untaxed, keeping tax breaks for millionaires and billionaires.

Another NYC is possible – we can choose shared prosperity over more austerity.

With fair-share taxes on hedge funds and the wealthy, better management of Medicaid, housing and food stamp policies, contract cuts for big banks and an end to “job creation” subsidies for companies that don’t create jobs, we could have prosperity instead of austerity.

The May 12 Coalition, 99% New York and #AnotherNYC — groups we helped found and lead — have proposed over a billion dollars in revenue-raising alternatives that the City Council and Mayor Bloomberg could use to stop the cuts and pull our city out of austerity. Our key recommendations include:

  • -Reform the Unincorporated Business Tax to cover “carried interest” and cap benefits for millionaires
  • -Bill Medicaid for services delivered by the DOE
    Cut City contracts with big banks and financial services firms
  • -End economic development subsidies to companies that haven’t met job-creation targets
  • -Eliminate corporate tax loopholes benefiting banks, hedge funds and real estate firms
  • -Renegotiate interest rate swaps and financing deals that cost taxpayers millions

The Strong Economy for All Coalition supports a city that works for everyone — not just for the 1%.

It’s clear that there’s better way forward for New York City: stop the special deals and favoritism for the wealthy and powerful. Invest in our schools, communities, family supports and CUNY instead of cutting. Build shared prosperity that will benefit everyone, instead of continued austerity that hurts poor and working families and diminishes our future.