Skip to content
Subscriber Only

NYC’s Good Times May Sour Like Detroit’s, Bloomberg Warns

New York Mayor Michael Bloomberg invoked Detroit’s bankruptcy to recall the most populous U.S. city’s own brush with insolvency and warn its residents that they shouldn’t take the current fiscal well-being for granted.

Bloomberg, 71, said his 12 years in office helped generate a “virtuous circle” in which spending on schools, public safety and cultural amenities led to population growth, business investment, job creation and tax revenue gains. It can easily be undone, he said in prepared remarks for a speech today in Brooklyn.