Mayor de Blasio Sets Out To Accelerate New York City's Decline
/When Bill de Blasio took office as the new Mayor of New York City back in 2014, many on the right looked at his policy prescriptions and predicted the rapid reversal of the City’s economic revival, potentially followed by rapid economic collapse. But not me! As I had originally written in this post of April 16, 2013, the consequence of bad — even disastrous — economic policy is not immediate economic collapse, but rather what I called “gradual relative decline.” That post looked particularly at Venezuela, then 15 years into the rule of Hugo Chavez, and far into the process of adopting over-the-top socialist policies that a Comsymp NYC Mayor could only dream about — everything from nationalization of most of the economy, to doubling the size of the state sector, to government deficit of 15% of GDP, and so forth. And yet, in its official (fraudulent) statistics, Venezuela was still showing economic growth, just not as fast as the growth in countries that allowed private enterprise to flourish.
But could de Blasio, through the magic of destructive progressive policies, actually turn New York City around from the strong growth that it was experiencing when he took office, and bring back the decline of the 1960s through 1993? . . .
Read More