New York City is known as the "City That Never Sleeps".
It might also be the city that cannot pay its bills.
The Big Apple finds itself in a situation where, due to high taxes, wealthy individuals are leaving. They are moving to lower tax states. The city also finds itself with an expanding budget, one that is out pacing the spending cuts put in by both the Mayor and the State.
A large pension onus is going to be hitting at the same time as tax revenues could be falling. The next recession, which hits the financial sector hard, could mean a tax base that shrinks rapidly. This could set off a situation where creditors are forced to hold off getting paid as the city enters bankruptcy protection.
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