OPINION:
Zohran Mamdani’s socialist proposals for the governance of New York City bring to mind the Big Apple’s fiscal crisis of the 1970s. The Democratic regime was handing out freebies to just about anyone who wanted them without any contemplation of the consequences.
Then, New York City was the financial capital of the United States, with the New York Stock Exchange as well as many banks and other institutions, as well as a cultural center. Now, the New York City economy, defined as the services rendered and goods produced, has morphed into a different structure. Many corporate and high-income taxpayers have fled, and the NYSE is no longer the center of financial activity that it was a half century ago.
Finally, the American cultural scene has shifted to multiple parts of the nation.
In short, New York City is now just another apple in the economic and cultural orchard. Mr. Mamdani and his regime will learn the truism of Margaret Thatcher’s quip: “The problem with socialism is that you eventually run out of other people’s money.”
MIKE MCADOO
San Francisco, California
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