The mayor's upcoming budget presentation is crucial as New York City faces economic threats from the Trump administration. The preliminary budget failed to address the mounting financial challenges linked to tariffs, immigration policies, and tourism declines. A decrease in international visitors jeopardizes essential industries, risking jobs and tax revenue. Additionally, small businesses are facing increased costs and investment hesitancy due to supply chain issues. Furthermore, federal funding cuts are affecting vital services, emphasizing the need for a resilient budget to navigate these adversities.
In just a few days, the mayor will present his executive budget for the coming fiscal year. It must prepare us for the storm ahead-something his preliminary budget proposal, released in January, unfortunately failed to do.
Trump's chaotic policies-on tariffs, immigration, and the rule of law-are rattling the global economy and hitting New York City especially hard.
Few cities are as exposed to global trends as New York. From Wall Street to Broadway, from hotel workers to food vendors, our economy depends on international engagement-and Trump is actively unraveling it.
Businesses here are already pausing investment, faced with skyrocketing prices for everything from steel to avocados.
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