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Mamdani Is Telling A Brazen Lie About ‘Capitalist Mismanagement’ Of New York

It’s pretty clear that all of New York’s big fiscal problems can be traced back to socialism.

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Like him or despise him, New York Mayor Zohran Mamdani is a good politician. He’s young, charismatic, and has a high-wattage smile. This is why after passing a $126 billion “balanced” city budget, he can get away with saying things such as, “Socialists just solved years of Capitalist mismanagement.” He elaborated further on this theme:

Throughout this process I have been reminded of the words of the Austrian economist, Friedrich Hayek, ‘if socialists understood economics, they wouldn’t be socialists,’” said Mr. Mamdani, the democratic socialist mayor. “If these past months have shown us anything, it is that socialists not only understand economics just as well as the capitalists who came before, but that we can solve their years of mismanagement through an embrace of our principles.

Throughout this process I have been reminded of the words of the Austrian economist, Friedrich Hayek, ‘if socialists understood economics, they wouldn’t be socialists,’” said Mr. Mamdani, the democratic socialist mayor. “If these past months have shown us anything, it is that socialists not only understand economics just as well as the capitalists who came before, but that we can solve their years of mismanagement through an embrace of our principles.

Being that this is a pretty arrogant statement, it’s worth asking what, exactly, has Mamdani done that would allow him to pretend that passing a budget — one of the most basic requirements of governance — is both a triumphal victory and a rebuke of capitalism?

First, some basic facts about New York city’s latest budget — the city is spending $126 billion for a single fiscal year. The budget was only made possible by an $8 billion bailout from the state government and deferred pension payments. According to one New York city fiscal analyst who’s bending over backwards to be fair to Mamdani, this has prompted “concerns that the re-amortization [of pension payments] could set the city up for extraordinary problems. … The Mayor who offered a promise in his inaugural address to overcome every moment of fiscal challenge with ‘ambition, not austerity’ may well find himself in contradiction to that pledge.”

The budget is basically a hellbroth of fiscal time bombs and all kinds of deeply questionable priorities. The New York Times reports Mamdani and the city council president “fought until the final hours” over how to handle a city rental assistance program “whose parabolic cost growth caused widespread........

© The Federalist