You seem to be totally unaware of the difficult times working people, union members and the poor of New York had to endure because of Governor Carey, the Mayor of New York and Wall Street.
That was when the big banks demanded and won huge wage and benefits cuts by public employees and massive cuts in social programs that benefited the working class of New York City.
And you applaud that attack as something positive only because of political ignorance of that history on your part!
Read and learn the truth.
Here's just a few hard facts to enlighten you.
Beginning in 1975, a fiscal and political crisis left New York City without the resources to pay its operating expenses or the ability to borrow money from public credit markets, banks, or the federal government. This fiscal crisis was rooted in global economic changes (a worldwide recession and oil shortages); federal, state, and city fiscal and tax policies that failed to generate the resources needed to support growing demands for services; and demographic and political changes in New York City that left the city with less wealth and more need.
The precipitating event was a decision by NYC bankers to stop lending money to the city, a move that could have caused the city to default on its outstanding loans and declare bankruptcy. The mayor then turned to the federal government for help but was turned down, in part because many in Washing-ton viewed New York City as a profligate spender that coddled its poor. In urging President Ford to reject Mayor Beame’s request for financial assistance, Treasury Secretary William Simon stressed the political dimensions of his recommendation. Any assistance, he said, should be on terms “so punitive, the overall experience made so painful, that no city, no political subdivision would ever be tempted to go down the same road.
To avert bankruptcy and restore stability, city and state officials appointed a group of businessmen, bankers, and city officials to serve as an Emergency Financial Control Board (EFCB).
The primary goal of the EFCB was to balance New York City’s budget so that the city could again borrow money from public credit markets. To achieve this goal, the EFCB mandated cuts in city services and reductions in the city workforce, the transfer of some municipal responsibilities to state government, and tax increases. In 1975, the city’s budget was about $13 billion. The EFCB asked the city to cut $200 million in spending, approximately 6% of its operating expenses, each year for 3 years. However, because of federal and state mandates for entitlement programs, debt services, and other fixed costs, the city had control over and could make cuts from only about a quarter of its budget. As a result, sectors dependent on discretionary tax levy funds experienced reductions much larger than 6%.
Agencies with health responsibilities were particularly hard hit. Between 1974 and 1977, the Department of Health (DOH) budget was cut by 20%, and by 1977 the department had lost 1700 staff members—28% of its 1974 workforce. To achieve these reductions, the department closed 7 of 20 district health centers, cut $1 million from its methadone program, terminated the employment of 14 of 19 health educators, and closed 20 of 75 child health stations and 6 of 14 chest clinics (the units responsible for TB screening and diagnosis).
At the Health and Hospitals Corporation (HHC), the agency that operates municipal hospitals, the city payroll was cut by 17% between 1975 and 1978. Between 1975 and 1980, the number of beds in HHC facilities fell by 16% and the number of days of care provided dropped by 23%.14 In 1975, HHC closed all 50 of its community-based clinics to help meet a mandated budget cut.15 In the following years, the EFCB and the mayor’s budget office gained increased control over the public hospital’s operations and fired the hospital director who spoke out against budget cuts. Between 1975 and 1985, the proportion of the HHC budget covered by the city decreased from 40% to 27%.
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1470515/
Funny, isn't it? The "deficit busters" of 1975 who "fixed" New York City sound an awful lot like the Wall Street fat cats of 2010 who want to balance the budget once again on the backs of working people and the poor.
The governor "teamed up with labor leaders to rescue New York’s finances in the 1970s."??!! No, the politicians teamed up with Wall Street to put the screws on unionized workers and some union officials lacking a backbone surrendered to the bankers and their political whores without an all-out fight.
So please don't try to pretty up something you are totally unfamiliar with.
BBI