New York is on the brink of financial collapse

The Big Apple is currently facing a $ 9 billion budget deficit and is struggling to get its economy going. For the New York Times, some observers even fear a collapse in the city’s finances comparable to that which took place in the 1970s.

From the observatory on the 102nd floor of the Empire State Building, visitors who come to enjoy the breathtaking views of New York are rare, reports the New York Times. Result, the value of the company that owns the iconic skyscraper “Has fallen by some 50% since the start of the year”.

More than any other major city in the world, New York has indeed had to contend with “To the double devastation caused by the pandemic”, observes the New York daily. The virus killed 24,000 people there and robbed the city of hundreds of thousands of jobs and billions of dollars in tax revenue. “And, although she was successful in containing the spread of Covid-19, she was unable to contain the economic crisis that was plaguing her.”

Tourism, culture, retail: most New York economic indicators are in the red. With an unemployment rate of 16%, job seekers are twice as numerous in New York as in the rest of the country. Tax-related revenue


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