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Mike Bloomberg on Budget & Economy

Mayor of New York City (Independent)


2008: Wall Street executives deserve bonuses

Bloomberg brought a social conscience to his good fortune, always feeling a responsibility for the less privileged. But his great wealth and Wall Street training also narrowed his vision. Try as he occasionally does to be Everyman, he looks upon life through upper-class lenses.

Though he made a show as mayor of riding the subways, he insisted during the great recession of 2008-2009 that the failed and irresponsible Wall Street executives deserved their extravagant bonuses. And he could startle a Brooklyn audience of recession-struck Caribbean immigrants by asking, to illustrate a bureaucratic problem, how many of them played golf.

Source: Bloomberg: Money, Power, Politics, by Joyce Purnick, p.193 , Sep 28, 2010

Turned NYC’s $5 billion deficit into a $4 billion surplus

Today, New York City’s economy is stronger than ever. We’ve turned a $5 billion deficit into a $4 billion surplus. We drove annual unemployment last year to an all-time low, and our bond rating has climbed to an all-time high--Double AA. The income tax hikes have been rolled back. The property tax hikes have been offset through $400 rebates for homeowners. But we’re not just using the surplus to cut taxes--we’re also saving for the future.
Source: Speech at “Ceasefire! Bridging The Political Divide” meeting , Jun 18, 2007

Balanced $6B deficit with higher property taxes

When he took office, Bloomberg faced a city-budget deficit of $6 billion. He balanced the budget through higher property taxes and cuts to city agencies, spread equally with the exception of the Police and Fire Departments. After Mayor Bloomberg tried to slash the budgets of dozens of arts groups, Citizen Bloomberg sent checks to many of the affected organizations. “It’s not as if they get cut from one place and get added to the other,” a spokesperson says. “He doesn’t mix up private philanthropy with the city’s budget.”

But the practice seems to contain elements of guilt and strategy. The effect of Bloomberg’s personal largesse has been to shield him from being seen as a heartless budget-cutter, to buy off dissent. He also avoids angering friends who sit on cultural boards and the museum-going public whose votes he needs: See, I’m not really a Republican.

Source: Chris Smith, New York Magazine , Oct 3, 2005

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Other big-city mayors on Budget & Economy: Mike Bloomberg on other issues:

Mike Bloomberg (I,New York City)
Cory Booker (D,Newark,NJ)
Julian Castro (D,San Antonio,TX)
Rahm Emanuel (D,Chicago)
Phil Gordon (D,Phoenix)
Tom Menino (D,Boston)
Michael Nutter (D,Philadelphia)
Annise Parker (D,Houston)
Mike Rawlings (D,Dallas)
Jerry Sanders (R,San Diego)
Antonio Villaraigosa (D,Los Angeles)

Former Mayors:
Rocky Anderson (I,Salt Lake City)
Tom Barrett (D,Milwaukee,WI)
Jerry Brown (D,Oakland,CA)
Rudy Giuliani (R,New York City)
Dennis Kucinch (D,Cleveland,OH)
Sarah Palin (R,Wasilla,AK)
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Page last updated: Mar 16, 2014