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 the capital of the Western world - a city supreme in wealth, services, amenities and opportunities.
By 1975, New York City was effectively bankrupt. State officials imposed an Emergency Financial Control Board overtop of New York's budget process, temporary ending home role. Mayor Abe Beame was forced to lay off tens of thousands of workers in a desperate effort to avert an even greater financial catastrophe.
Debt.City is the story of how the world's most powerful civic government brought disaster upon itself through a decade of cooked books, misleading budgets and uncosted commitments.