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SOCIALIST BACKFIRE: New York City On Verge Of Going Bankrupt For First Time In FOUR DECADES

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After decades of adopting and implementing socialist policies, New York City is on the verge of going bankrupt for the first time in nearly 40 years.

According to Breitbart, financial experts are predicting — and warning — that there are signs that the city is headed for a financial disaster.

The experts argue that many individuals and businesses leaving the city for lower tax areas coupled with city government spending being at an all-time high is also having a major effect on the Big Apple.

Making matters even worse, the last time New York City almost filed for bankruptcy was in 1975, when former President Gerald Ford was in office and would not give the city a bailout package to settle its massive debt.

Here’s more from the Breitbart report:

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