Bloomberg Played Economic Fear Card For Term Limit Extension

In the run-up to the term limit battle, Bloomberg and his supporters in the Council trumpeted his economic expertise as a reason for giving him more power. The Mayor said he would guide us through because he can manage money (like his own personal wealth that quadrupled to $20 billion since he took office) and that we should trust him, blah, blah, blah. He also said we'd have more choice, but really that choice was to let him spend another $80 million for his re-election bid next year. Well now it turns out that the crisis in the city is neither as bad as he said it is and his statements hardly warrant our trust.

From The NY Times:

New York City’s annual budget deficit, he said, would swell by $500 million during the current fiscal year because of weakening tax revenues.

At the time, the worsening picture seemed to strengthen his central argument for changing term limits — a vulnerable city needed his steady hand and business background for four more years.

But some of those inside and outside the administration say that Mr. Bloomberg’s remarks were inaccurate and may have painted a more dire financial situation than was warranted. Interviews with these people show that the city does not expect any budget deficit in the current fiscal year, which began July 1.

In fact, data that was provided to the city about the same time the mayor was speaking showed the city’s tax revenue grew at an unexpectedly brisk pace during July, August and September.

That doesn't mean things are looking great for the road ahead, but Bloomberg still embellished his story of our impending economic ruin. And who else could save us from that calamity other than our Billionaire Mayor? Give him the opportunity or else, he and his minions said. Despite the riling of financial fears, many New Yorkers were coming on board to fight the Mayor in his quest to extend term limits they enacted. And even with that, the Mayor strong-armed the Council into passing the ethically-challenged legislation.

Now we find out that the grim news he was peddling wasn't all that grim, and we have yet another reason not to trust him.