A forthcoming book on the New York City Fiscal Crisis of 1975
Debt.City
A forthcoming book on the New York City Fiscal Crisis of 1975
50 years ago, New York City was on the brink
In 1945, after the Second World War, New York was considered the capital of the Western world - a city supreme in services, amenities and opportunities.
By 1975, New York City was effectively bankrupt. Mayor Abe Beame was forced to lay off thousands of workers in a desperate effort to avert a greater catastrophe.
Debt.City is the story of how the world's most powerful civic government brought disaster upon itself after a decade of cooked books and misleading budgets.