Here is the synopsis of our sample research paper on NEW YORK FISCAL CRISIS - 1970S AND 2000S. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 5-page paper examines the causes of the fiscal crisis in New York City during the 1970s and 2000s. The paper also discusses what impact these crises have had, as well as how the unions have impacted the crisis policy. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTnyficr.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
The year was 1975, the "Ford" referred to was then U.S. president Gerald Ford, and the "city" was Manhattan. The issue in question was a fiscal crisis that almost brought
New York City to the edge of bankruptcy. Ironically enough, almost 30 years later, New York City is again in fiscal trouble. While critics continue to wonder why the city
didnt learn its lesson the first time around, the truth is, different causes brought about the different fiscal problems. In addition, unions played a role in trying to bring the
fiscal crisis to an end during the mid-1970s - but its uncertain as to whether the same thing will happen today. During a
30-month period in the 1970s, as a result of the crisis, more than 63,000 municipal employees were laid off including close to 4,000 policemen, 897 firefighters, 10,000 teachers and 4,000
hospital workers (Wasserman and Feiden, 2002). Garbage began piling up and crime increased (Guardian Unlimited, 2003). How did the city get into such dire straights?
For one thing, the United States itself was in the middle of a recession - just having experienced a terrible oil embargo, which inflated prices. The recession led
to declining tax revenues (Guardian Unlimited, 2003). But it wasnt just tax revenues that brought Manhattan to the brink of bankruptcy - the city itself had been borrowing from banks
for years to try to cover out-of-control operating expenses (Guardian Unlimited, 2003). Then banks refused to lend the city any more money, almost leading New York City to the edge
of bankruptcy (Guardian Unlimited, 2003). The federal government at first refused to bail out the city (leading to the infamous Daily News headline) (Guardian Unlimited, 2003). Eventually, the government did
...