Progressives cheer as Mamdani robs the future to waste money in the present

Zohran Mamdani was praised for balancing New York City’s $125 billion budget while increasing spending. Supporters credited the mayor with eliminating a large deficit. Critics argued the result depends on pension accounting rather than immediate fiscal restraint. New York City had promised larger pensions than the funds set aside during employees’ working years. After the Great Recession, retirees lived longer and investments produced weaker returns, worsening pension shortfalls. Albany also retroactively increased pension benefits, adding new liabilities. The city then scheduled repayment of the pension debt with interest over 22 years into the early 2030s, effectively pushing costs to future taxpayers.

"Sen. Bernie Sanders acclaimed the new mayor for confronting "a huge budget deficit" and bringing it "down to zero," while still boosting spending. "This Man is a LEGEND," gushed Mamdani superfan Ryan Rozbiani on X. "Something that nobody else could do," marveled lefty influencer Suzie Rizzio."

"Funny how these progressives don't acknowledge how Mamdani is doing it: By burdening future taxpayers with pension costs he's refusing to pay now. So much for being the party of the working man. Mamdani has spent his career bemoaning "austerity," a label reflexively applied to almost any effort to constrain the growth of government spending."

"The mayor doesn't want to be accused, by public employee unions or his fellow Democratic socialists, of practicing austerity - so instead he's using a feature in the way New York City pays for pensions to make the next mayor do it instead. New York City, like many public employers, for years promised bigger pensions than the funds set aside while employees were working would cover."

"So New York City kicked the can down the road, devising a plan to pay off this newfound pension debt, with interest, over 22 years - into the early 2030s. Rather tha"

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