The phrase in this post’s title comes from Margaret Thatcher:
“Socialist governments traditionally do make a financial mess. They always run out of other people’s money.”
[Often quoted as ‘the problem with socialism is that eventually you run out of other people’s money’ [from an] interview, This Week Thames TV, 5 February 1976]
The socialist solution? Why, just tax the rich more; it’s simple. Except that it’s not, because rich people can leave (unless you simply take their stuff before they can do that, or kill them and take their stuff). New York has long both attracted rich people and made people wealthy, but most of them don’t want to be bled dry financially and many if not most have multiple residences already and can leave quite easily with hardly a hiccup in their lifestyles.
What’s more, they’re already paying the lion’s share of the taxes. From Mamdani’s inaugural address:
“Together, we will tell a new story of our city,” Zohran Mamdani said in his inauguration speech Thursday.
“This will not be a tale of one city, governed only by the 1 percent. Nor will it be a tale of two cities, the rich versus the poor.”
It will be a tale of the poor – or the less rich – versus the very rich.
The facts Mamdani leaves out:
The top 1% of earners pay 46% of the city’s budget — a budget, by the way, that at $116 billion equals that of the spending for the entire state of Florida.
Impressive. Is it an inexhaustible spigot, or is it almost tapped out? How much do the mega-rich love living in NYC, and how many will have reached the point of leavetaking and no return?
More from Mamdani:
We will govern expansively and audaciously …
In other words, whatever moderation Mamdani may have shown at times on the campaign trail – and he didn’t show a whole lot – that’s over. Of course, Albany might act as a check on him, but I wouldn’t count on it. The warm and fuzzy collective has arrived:
We will replace the frigidity of rugged individualism with the warmth of collectivism.
His first step in doling out that warm collective embrace has been to undo all of Mayor Adams’ executive orders of the last 15 months, including those that combat anti-Semitism. But hey, “Where else [but in NY] could a Muslim kid like me grow up eating bagels and lox every Sunday?” The answer: probably anywhere in the US or Israel or even most of Europe, if they cared to do so – although I must admit that, at least until now, New York bagels have been superior.
NOTE: Why care about Mamdani and New York? As I’ve explained before, it’s my hometown and I still know plenty of people there. But it’s also a shocking example of what may or may not become a trend in blue cities – even blue cities in red states. You might say that they’ll learn from their errors. I wouldn’t bet on it.
