New York Mayor Says "Wealth in Wrong Hands", So, We'll Take It

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NYC Mayor Bill de Blasio used his sixth State of the City speech to propose wealth confiscation.

Please consider Mayor de Blasio Says Wealth Is ‘in the Wrong Hands'.

Mayor Bill de Blasio used his sixth State of the City speech to present his tenure in New York City and his promises of things to come as the alternative.

“Here’s the truth, brothers and sisters, there’s plenty of money in the world. Plenty of money in this city,” the mayor said, flanked by screens with graphs of productivity outpacing compensation. “It’s just in the wrong hands!”

He cast himself as an aspiring Robin Hood — aiming to take from the rich and give to the poor — even as he has thus far been unsuccessful in his many attempts to raise taxes on high earners.

New York is the “safest big city in America,” the mayor said. With Washington showing no interest in creating Medicare for all, “New York City will lead the way,” Mr. de Blasio said in announcing his health care initiative.

The speech concluded: “Those goals are not utopian or unreachable. They are achievable.”

Not Utopian Indeed

Socialism is never utopian. It simply does not work. The more extreme the efforts, the quicker the failure. That is the proven track record.

But it never stops people from trying.

Indeed, promises of "free" healthcare, food, shelter, phones, have an allure. This kind of nonsense is after all what got Mayor Bill de Blasio elected, complete with a $225,000 salary.

Minting Millionaires

Need help getting elected? Just Mint Millionaires.

Despite his promise to reform to pay and perquisites, Mayor Bill De Blasio showered the city workforce with billions of dollars in overtime and extra pay. Last year alone, this amounted to $3.2 billion.

The De Blasio administration is minting millionaires. City employees routinely earned $1 million in wages every four to six years. This is a serious trend at the Department of Corrections, an agency employing 66 of the 100 highest overtime earners across the city last year.

The city’s pay and overtime systems are so broken that some employees worked 100-hour weeks for the entire year. That means these employees worked 13 hours every day for 365 days, including holidays and weekends without taking a single day off for vacation or sick leave.

  • Daniel Cherenfant, a community associate at the Department of Buildings, worked 2,736 hours of overtime last year on top of 2,000 hours of regular work. This means Cherenfant worked the equivalent of 13 hour days every day of the year.
  • Mohammed Uddin, a motor vehicle operator at Administration for Children’s Services (ACS), worked 2,459 hours of overtime – the equivalent of 12.2 hours each day of the year when added to regular hours.
  • Tyrone Watkins, a custodian at ACS, cleaned off 2,420 hours of overtime – the equivalent of 12.1 hours each day of the year when added to regular hours.
  • These examples give new meaning to New York City’s nickname as “the city that never sleeps.”

Dedicated Civil Servants

These dedicated civil servants no doubt do work tirelessly at one thing: Getting out the vote for Mayor de Blasi.

But much of what de Blasi wants to do requires assistance from the state government in Albany. His programs clearly do not "pay for themselves".

Democrats in Control

Not to worry, for the first time in decades, Democrats are in Complete Control of NY State.

Gov. Andrew M. Cuomo and the Democratic Party seized complete control of the New York State government, decisively evicting Republicans from running the State Senate, which they have controlled for all but three years since World War II.

“My great frustration has been the inability to pass progressive measures that would have made a significant positive difference for the state and, as governor, bearing the burden of the failure of their passage,” Mr. Cuomo said in an interview on Wednesday. “The Democratic Senate will liberate me from that frustration.”

There is already chatter about legalizing recreational marijuana; investing more in the crumbling subways; addressing climate change; and installing an early voting system for the first time, all ideas that the governor has previously offered differing degrees of support for.

And after a tumultuous primary season in which liberal challengers ousted seven more moderate Democratic state senators, the virtual Holy Grail of current progressive thought seems within reach: a state-run universal health care system. Mr. Cuomo stopped short of fully embracing the proposal, saying it “has merit.”

If you have wealth in New York, they have pledged to take it. And they will. Get out.

Mike "Mish" Shedlock

Comments (42)
No. 1-17
gregggg
gregggg

Let's start with defining "progressive". I'm sure there'll be a bunch of stumbling to fioll the day's time.

shamrock
shamrock

I'm sure there was no overtime fraud or sleeping on the job committed.

abend237-04
abend237-04

Blasio is like the guy always hanging around in the break room, grousing about how screwed up management is. Yeah, the one who couldn't manage the 3rd shift cleaning ladies. They put him in the break room making coffee. Yep, that's why you can't drink it now.

ML1
ML1

IF illegal immigration was stopped wages would rise for working class and lower middle class and many more Americans would get jobs.

IF illegal immigrants currently in USA (up to 29.5 million illegals currently according to MIT-Yale study out recently) were deported back to their home countries wages would rise massively for working class and middle class and tens of millions of Americans would get jobs.

Instead of supporting either of those things De Blasio wants to confiscate wealth for government after he just recently promised illegal immigrants FREE healthcare in New York.

Democrats are getting crazier by the day.

Ocazio-Cortez 70% tax rate is also no longer enough and some Democrats are talking about 90% tax rates...

WildBull
WildBull

The allure of free $#!T is unstoppable.

BoneIdle
BoneIdle

During the 1970's the top tax rate in the U.K. was over 80%. in 1976 the U.K. government was in such a financial crisis that the largest loan ever made up until that time was given to them from the IMF. Years of bumbling socialistic government policies had bought the U.K. to it's knees. High net worth and earning individuals simply relocated to tax havens. The Beatles being one example. Ringo Starr couldn't go to the U.K. for years

Enter Maggie Thatcher to the rescue.

stillCJ
stillCJ

Editor

I wonder where Wall St is going to move to?

met68
met68

All we need is a 100% tax on all forms of inheritance. Anything else is just another form of modern-day feudalism, where de facto nothing has changed from how the feudal lords ruled over the plebs.

Anybody should be able to earn and keep as much money as they can from legitimate work during their lifetimes, but once a person dies, that money must not go to the heirs, as this is ethically wrong, just as inheriting a feudal title which bestows power is ethically wrong. It is an unearned privilege and at least since the French revolution we should all agree, that such unearned privileges do not belong in a just and fair society where only merit should determine power and privileges.

States can administer estates (including any private companies) just as well as any private person can, see the sovereign wealth funds of some of the richest nations on earth. And finally, a 100% inheritance tax infringes no property rights (as a dead person has no more legal rights, nor obviously obligations). Just imagine a world, where no more real estate, castles, paintings, companies etc. would be able to be passed-on to the heirs and think about what that would do to the prices/ values of such assets...

2banana
2banana

de Blasio has gone full retard socialist. His subjects deserve everything that is coming to them.

Plank #1 of the Communist Manifesto: Abolition of private property in land and application of all rents of land to public purpose.

++++

Bill de Blasio: 'We Will Seize Their Buildings...'

Fresh off proposing yesterday that private employers be required to provide their workers with 10 days of paid vacation, New York City Mayor Bill de Blasio set his sights on a new target: property owners.

During his State of the City Address, delivered Thursday, de Blasio warned that the city will take action against landlord abuse, even if that means seizing private property.

"When a landlord tries to push out a tenant by making their home unlivable, a team of inspectors and law enforcement agents will be on the ground in time to stop it," the mayor said. If fines and penalties don't do the trick, then "we will seize their buildings, and we will put them in the hands of a community nonprofit that will treat tenants with the respect they deserve," he added.

But surely city officials won't have the time to find and punish each one of the city's bad landlords, right? Wrong. That's because de Blasio is creating a new agency devoted solely to landlord abuse: the Mayor's Office to Protect Tenants.

As the New York Daily News notes, the city already has an Office of Tenant Advocate. However, it has not yet been funded, according to the Progressive Caucus of the New York City Council.

thimk
thimk

civil asset forfeiture at a new level .

pgp
pgp

There's some perspective missing here. Socialism has such a broad interpretation as to make the word meaningless. If a government's responsibility is to protect people from exploitation then socialism currently does it best (relatively speaking) - live in northern Europe for a couple of years and see for yourself.

Similarly the word "wealth" is just as ambiguous. It seems unnecessary to be able to own a 747 or buy a presidency!! A 99% tax on personal assets exceeding $20million, for example, doesn't seem unreasonable. Such a tax is hardly likely to affect peoples' desire to strive. Applying wealth limits to companies would additionally curb monopoly and promote competition or opportunity by forcibly splitting market share.

It seems unlikely that GE, Monsanto, IBM or Apple and so on have made the world a better place in their drive to monopolize their respective markets. The idea that greed-is-good and that free (exploitative) capitalism will magically self-correct based on the choices consumers are allowed to make, is clearly built on bullshit rhetoric sold to the US masses for a century. The evidence of its failure is clear.

Look around, at the state of the environment, the declining insect populations, the declining zooplankton in our oceans, the species extinction the declining fresh water, atmospheric pollution, particulate plastics, lead poisoning, sugar addiction and so on... these are not the signs of success from capitalism, they are the consequences of governments, prone to corruption, who have failed to protect their electorates and ignored their "socialist" responsibilities.

Sechel
Sechel

De Blasio is making a moral judgment not an economic one. The mayor should not be concerned about this. He should be concerned with the infrastructure in New York to make sure its conducive to a strong economic environment and not righting a perceived social wrong. Build good infrastructure so companies will want to invest and he'd solve the problem he wants to solve in a positive way. Punishing business owners will only discourage private sector growth not encourage it.

Six000mileyear
Six000mileyear

Let's start an office pool: Which professional sports team will be the first to leave NY State? Which professional sports team from NY State will be the first to go bankrupt? When / Where will Goldman Sachs re-incorporate its offices outside of NY? When / Where will Pepsi re-incorporate its offices outside of NY? When will IBM file for bankruptcy? When will the next Trump business declare bankruptcy?

As you can see, there is a LOT of money supporting the existing socialism utopian experiment that can vanish quickly.

BillSanDiego
BillSanDiego

People like de Blasio adore athletes who drag down salaries of $57 million per year. They despise executives, who have vastly greater responsibility and have trained longer for the position, who earn $18 million per year. Stupid.

Snow_Dog
Snow_Dog

“Mohammed Uddin, a motor vehicle operator at Administration for Children’s Services (ACS), worked 2,459 hours of overtime – the equivalent of 12.2 hours each day of the year when added to regular hours.”

Yes, but it’s clearly evident that Mohammed was only doing it “for the children”.

Bless his heart!

TechDude
TechDude

I give NYC ten to fifteen years before it has another late-70s-style fiscal meltdown.

McGardner
McGardner

@met68 You’ve just outlined the bloodthirsty progressive playbook. Private property will have no value apart from it’s utility during one’s own lifetime. But if the state owns all the property after one generation, there is no market value, as there is no market.