Experts: NYC Could Go Bankrupt for First Time in 40 Years
New York City is headed for financial ruin and could go bankrupt for the first time in 40 years, financial experts say.
Financial experts predict that there are already signs the city is headed for financial disaster, as many individuals and businesses are leaving the city for lower tax areas and city government spending is at an all-time high.
The last time the city came close to filing for bankruptcy was in 1975 when former President Gerald Ford refused to give the city a bailout package to settle its debt. -- More...
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